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Has anybody deposited their week with Grand Pacific's Rental program?

Discussion in 'US - West Coast Timesharing' started by skimble, Apr 6, 2012.

  1. skimble

    skimble TUG Member

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    This year, I've decided to deposit my Grand Pacific Carlsbad Seapointe summer weeks (July) into the Grand Pacific Rental program.
    I have not read much about the experience of others when doing this. When I talk with Grand Pacific, they say summer weeks are gold. And, I know this to be true-- especially week 30 in Carlsbad.
    They rent through Resortime, and they claim to be very successful. GPR offers an exchange credit in GPX if my week does not rent (more than 4 nights.)
    Have any of you had any experience using them?
     
  2. DaveNW

    DaveNW TUG Review Crew: Expert TUG Member

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    I'll be curious to hear what sort of reply you get. I'm still looking to own at Coronado Beach Resort, so this topic is especially interesting to me.

    Dave
     
  3. slomac

    slomac TUG Member

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    I did use the rental program twice and both times they were able to rent my week, but usually it was not until the last minute. My weeks were Spring Break last year and the time before it was a mid June week. I only ended up netting about $600 last year and that was for a 2 bedroom ocean view unit. The time before (2 years before that) it was a one bedroom garden view week in mid June and I got about $700. This time around I decided to deposit my week with RCI and I got 41 TPU which I think is worth more than the $ I got from having them rent it. They keep over 1/2 of what they receive from renting it and you do get a 1099 for the rental income so you have to claim it on your taxes. I think you will do much better with a summer week than I did but I still think you can do much better on your own.
     
  4. skimble

    skimble TUG Member

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    That does not sound good... $700 is not even enough to cover maintenance fees. Fees are in the mid-$800's. And, a 1099 is only a detriment if you make income. Once you deduct $700 from the 1099, don't you have a loss?
    It'll cost me $50 to rescind my weeks from GPR... I think I might do that if they've not been rented.
     
  5. slomac

    slomac TUG Member

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    It definitely did not cover my maintenance fees but we live right by the resorty so we use it all the time for day use so I don't feel too bad. You are right I was able to write off the maintenance fees against the 1099 but now that it shows on my tax return every time I go to refinance I have to provide all this extra info on my timeshare. You may be able to get more for your rental but I don't think you will make money. Probably will break even at the most. I would try and rent it yourself on redweek or craiglist. July weeks are high demand here in Carlsbad.
     
  6. presley

    presley TUG Review Crew: Expert TUG Member

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    I would only rent through them as a last resort. They only give you 60% of what they rent it for. GPR owners who are Resortime members can get bonus time on Resortime at owner rates for all the GPR resorts. Would that mean that if they rent it to an owner for cheap, you'll only get 60% of the bonus time rate?

    Can you list your week on your own and see which rents faster? If you rent it privately quicker, you will make more money. Will they let you rescind at any point?
     
  7. skimble

    skimble TUG Member

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    I'm wondering now... Resortime is offering July at CSR for $328/night. That's nearly $3K for the whole week. 60% of that is a pretty good ROI.
    I cannot rescind once they start renting days.

    There's another confounding issue, and that's competition.
    People who own Hilton points can book a Seapointe week and rent it out through the GPR rental program. (Diamond owners might have this same privilege.) So basically, if there's a July week out there to be traded at CSR Mar Brisa, or GPP, those owners have the opportunity to rent those weeks legitimately. And, they can deposit them into GPR's rental program.
    When I was in the timeshare presentation for Mar Brisa, the salesperson told me I could do this. I questioned the validity of this, but it turns out he was correct. Hilton owners own points and an unspecified location.... they can book anything with their points, and they have the right to rent it (because they own it.)
     
  8. klpca

    klpca TUG Review Crew: Veteran TUG Member

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    Keep us posted - I'm interested in this option. We bought an EOY week 32 at Seapointe and for 2013 I may try to do a trade into Coronado using their internal trade, but I've thought about renting instead. I'll be interested in hearing your results.
     
  9. skimble

    skimble TUG Member

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    I don't have much confidence in the internal exchange option. When you look at the GPX inventory, it's devoid of prime inventory.
    And, the internal exchange priority that once existed through RCI has disappeared. You can get about 50 TPU for that week in RCI Weeks, but you will not be able to trade back into the Coronado Beach Resort for that same summer time period.
    Coastal Grand Pacific inventory in RCI is limited to October to February for Weeks and RCI Points users. They've put a filter on the system. If you own HGVC Points or Diamond Points, (or if you're a board member) this filter is removed.
     
  10. klpca

    klpca TUG Review Crew: Veteran TUG Member

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    This is what worries me - I'd me upset if I deposited a prime summer week and then couldn't get anything in exchange. If that is the case, we'll just use our week.

    I'm trying to avoid RCI for a couple of reasons - cost being the primary one. How many TPU's would I need to pull a summer week in Coronado? Or is it that there just aren't any summer weeks available for exchange? Or do traders in other systems (HGVC/Diamond) have priority over weeks exchangers? Thanks for your helpful information. I just can't wrap my head around RCI.
     
  11. skimble

    skimble TUG Member

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    From what I've ascertained, there are summer weeks available, but RCI gives priority to HGVC and Diamond, maybe even Wyndham. It doesn't make sense because it does not encourage prime deposits.
    My aunt just booked her Indian Wells week-- early March. There is no better time to be in Indian Wells, and if you try to find a resort to stay at, there are premiums to pay, availability is low, and the RCI system is deplete. RCI offers higher exchange values for that time-- they know there's high demand. This is when the Indian Wells Masters Tennis Tournament-- The BNP Paribas happens. She used to be able to pull anything in the RCI system when she deposited this week.
    She's older now, understands little about the trading system and how it's changed. She deposited an Indian Wells week last year (late Spring, not great) and she got 13 TPU. She deposited a prime early March week (during the tournament) and she got 23 TPU. This is the same week that used to pull about 150K week options with RCI-- not any more. Now, she's into it for two years worth of maintenance fees or about $1600 plus the amount she spent to combine deposits- $110. So, for $1700, she has 36 TPU. In the past, she's used her IW week to pull August GPR coastal weeks. It's not possible-- not even with her prime deposit. It's not possible because RCI has filters. And, if she deposited with GPX, there's none available.
    RCI is going to lose that March deposit from her. Wait... they're not going to lose it because it's a floating resort, and the place is run by GPR... GPR will deposit the week and assign it to whomever. This sucks.
     
  12. Jan Handlers

    Jan Handlers TUG Review Crew: Veteran TUG Member

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    Successful renting

    We own a July 4th (most years) weeks at Grand Pacific Palisades. We have rented it three times. We have always covered maintenance fees. Two of the times, we made $300 more than our maintenance fees. Pretty happy with the results in that we could not use the week and have enough other RCI units deposited.
     
  13. unomos

    unomos Guest

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    I also own a summer week (in August) with Grand Pacific Resorts and ended up with almost a $1,000 income from the rental program last year. I also considered the idea of using craigslist to rent my week but was reminded that it would be me held responsible if there were any damages done or items stolen from the room. I would also just as soon save myself the headache of dealing with callers, setting the rates, not to mention exchanging such large amounts of money while holding no contract to protect me and escrow companies are a pain. Even if the income you receive does not cover your maintenance fees in full, it still offsets them significantly which is a huge relief. Personally, I was really happy with the program and found it very easy to use. In addition to that it offers you either a banked week with GPX or opportunity to use the nights yourself in case of non-rental, so you really can’t lose.
     
  14. klpca

    klpca TUG Review Crew: Veteran TUG Member

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    Thanks for posting your experience. It's good information.
     
  15. skimble

    skimble TUG Member

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    That doesn't seem right though... GPR gets over $300/night. After their 40% cut, shouldn't you have gotten more?
    A few years ago, they were asking $399/night for summer in prime summer coastal resorts.
    I don't mind the rental risks. I've never had a problem... been renting units for 7 years now, and I have about 10 coastal units to rent.
    I handed a couple over to GPR because I want to try them (and I have a lot on my plate right now.) I know there's good potential for a better return than what I typically get.
    I don't want to cover maintenance fees... I could easily get that on Craigslist. When I talk with GPR, they're optimistic-- especially about summer weeks. I just want to know what real timeshare owners are experiencing. Covering maintenance fees is easy... I could put it out to my friends and get that. (And then, at least I'd be doing them a favor.)
    Thank you for your response... I'm hoping for better testimonies than this.
     
  16. presley

    presley TUG Review Crew: Expert TUG Member

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    How do they deal with only renting out partial weeks? If they rent out 5 nights, do you get to use the other 2 if you want to? Or, does the room just stay empty?
     
  17. slomac

    slomac TUG Member

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    They will let you use any nights that are not rented but you usually don't know until the end. Keep in mind that the Resortime rental rates do change so even though they say $399 a night now what they actually rent may be less. Also if there is a last minute cancellation you are out the $. I agree it is a no hassle program but not meant to be a way to make money. Probably the best you can do is cover your maintenance fees,
     
  18. Cathyb

    Cathyb Tug Review Crew: Rookie TUG Member

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    Internal exchanges

    We own at Carlsbad Inn and last year we received a 'free' week from RCI (long story) and was able to get Coronado summer week because of the Grand Pacific priority status.
     
  19. skimble

    skimble TUG Member

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    Cathy,
    That was last year. The system has taken a 180 on us in the past 6 months. Unless you are willing to stay at GPR resorts in winter, you will not be able to find weeks like this anymore. (At least not with the way the system is functioning now.) The way RCI is operating their filters remains to be seen. They may release the remaining Spring and Summer weeks for 2013 at the 6 month mark... who knows. In the past, Diamond has had a contract with RCI that held Diamond resort weeks exclusively for their owners to exchange into until the 6 month mark.
    Anyway, I used to be able to book summer weeks too... there's not enough TPU in any of our accounts to break through the RCI filters.
     
  20. presley

    presley TUG Review Crew: Expert TUG Member

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    Skimble, do you know if your week has rented?

    I sent an inquiry asking if I could rent a partial week and they said no. I'm not sure if I want to use them to rent my week or not. I know they may rent the room for $300/night, but if an owner books it via Resortime, it would only be $179./night or less.
     
  21. skimble

    skimble TUG Member

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    I left my Redweek ad up, and I got a bite. So, I called Grand Pacific to see if they had rented my week yet, and they hadn't, so I pulled them-- both of them. It's about 1 1/2 months until check-in. It makes me nervous knowing they haven't rented a single day out yet.
    So... I'm eating the $50 to withdraw it. I made $1250 on my rental.
    I still have my week 28 up. Nobody on Redweek has rented a Seapointe. In fact, it's looking bleak for a lot of rentals.
     
  22. presley

    presley TUG Review Crew: Expert TUG Member

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    Congrats on getting your week rented. I can't imagine why Seapointe hasn't been snatched up, yet. I love that place.
     

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