Manhattan Club Resales

AKE · Aug 30, 2007

Just wondering what anyone has paid for a resale... we are here right now and they are asking $43K for the 1 BR... TIA

Lucy Apple · Aug 30, 2007

I paid $18,500 two years ago, plus about $2,000 in closing costs.
But, the maintenance has risen to over $1,900 and I can't get a reservation until January!

brother coony · Aug 30, 2007

I paid $22,000 for a New years week 4 yrs ago and $16,000 3 yrs ago with 2 weekends, I have own there for over 5yrs never had a problem with reservations, and I do mine on line, just did one 30 min. ago requesting july 4 week, no conformation yet has to wait 24 hrs
brother c :rofl:

Lucy Apple · Aug 30, 2007

How do you request online? Do you mean by email?

baguiogal · Aug 30, 2007

brother coony said:
I paid $22,000 for a New years week 4 yrs ago and $16,000 3 yrs ago with 2 weekends, I have own there for over 5yrs never had a problem with reservations, and I do mine on line, just did one 30 min. ago requesting july 4 week, no conformation yet has to wait 24 hrs
brother c :rofl:

that's good to know coz we just bought ours last month flex week/points split for $17K for a jr suite. as soon as the rci points gets banked we plan to combine it with our other rci points and reserve a week for next yr.

e.bram · Aug 30, 2007

Look at Ebay. Sale prices are significantly less. About 30-40% of posters quotes.

MULTIZ321 · Aug 30, 2007

Other considerations, are I believe that offers have to pass Manhattan Club Right of First Refusal (ROFR). Then you have to factor in the exorbitant closing costs and also the very high annual maintenance fees.

Richard

stevens397 · Aug 30, 2007

You can book 12 months ahead when you book an entire week. Clearly, for those of us within driving distance, the big draw was being able to have multiple visits. But as it gets harder and harder to book, I may end up booking weeks and either using them or trading them. Supposedly it has an excellent trading value.

Everyone seems to notice that it's gotten much harder but no one seems sure why. We'll have to see how this plays out but something sure seems rotten!

Jennie · Aug 31, 2007

Here's a message I received a few months ago from a member of our club (Greater New York Timeshare Owners Group). She owns an EOY (every other year) week at the Manhattan Club.

"I had a friend call and ask if I could book a room for her for a Monday night (one night). I told her that it was not my year but I would be glad to check for her.

I called Member Services, and was told the rate would be $450. per night BUT there was no availability for the night my friend wanted.

An hour later my friend checked Hotels.com and found a room at the club for the Monday night she wanted and the price was $372. Very interesting. As a member, I get to pay more and am told there is no availability.

Just wanted to share."

catwgirl · Aug 31, 2007

An EOY studio unit was just sold on Ebay for $1826. Someone got a deal.
Auction #260152403641

Blondie · Aug 31, 2007

Like the poster above said, units are appearing on hotels.com (owned by Cendant I believe) even as owners are told there is no availability. That was my experience when I tried to rent recently. Nothing for owners, but plenty on hotels.com and since one of the benefits of MC ownership is the ability to book three day weekends, etc, well, that sort of nixes that. And, of course, the ROFR takes care of any bargains.

MULTIZ321 · Aug 31, 2007

I've noticed that last year and this year the Manhattan Club made large bulk space bankings. I'm curious if MC owners believe these bulk space bankings have also limited their ability to make short-term reservations?

Thanks

Richard

baguiogal · Sep 1, 2007

MULTIZ321 said:
I've noticed that last year and this year the Manhattan Club made large bulk space bankings. I'm curious if MC owners believe these bulk space bankings have also limited their ability to make short-term reservations?

Thanks

Richard

Hi Richard,
Sorry but please help out a newb here. How do find out that kind of info?
Lea

baguiogal · Sep 1, 2007

I've seen some MC weeks offered at ebay just this am. It's very tempting but I read in one of the ads about MC having the right of first refusal. What does that mean?
:shrug:

Rent_Share · Sep 1, 2007

baguiogal said:
I've seen some MC weeks offered at ebay just this am. It's very tempting but I read in one of the ads about MC having the right of first refusal. What does that mean?

If the price the seller is willing to sell it for is too low (in their opinion) MC has the right to purchase it at that price and resell it through their chanels.

To pass ROFR the price needs to be higher than what the Marketting company feels they can get less selling costs and expected profit. t would appear that somewhere in the High teens to 20's is that number from the posters, an $1,829 deal would never pass ROFR

It's more common with Hotel Chain Timeshares and a few high end properties where they do not want dirt cheap resales competeing with their current sales efforts at developers prices

MULTIZ321 · Sep 1, 2007

baguiogal said:
Hi Richard,
Sorry but please help out a newb here. How do find out that kind of info?
Lea

Hi Lea,

Many Tuggers will post bulk space bank sightings on the Tug "Sighting/Distressed" Forum - when you're on the Forum page, scroll down till you see the Sightings Forum and click on the hyperlink (you have to be signed in)

Richard

baguiogal · Sep 1, 2007

Rent_Share said:
If the price the seller is willing to sell it for is too low (in their opinion) MC has the right to purchase it at that price and resell it through their chanels.

To pass ROFR the price needs to be higher than what the Marketting company feels they can get less selling costs and expected profit. t would appear that somewhere in the High teens to 20's is that number from the posters, an $1,829 deal would never pass ROFR

It's more common with Hotel Chain Timeshares and a few high end properties where they do not want dirt cheap resales competeing with their current sales efforts at developers prices

Thanks for the reply rentshare.
Follow-up query: so let's say I "won" the auction with a bid of $1829 plus closing cost of $399. Then MC denied the transfer due to the low bid. Do I get back my $2228 or do I have to pay the remainder price to MC (to bring price up to par) to be able to get the title or deed.

baguiogal · Sep 1, 2007

MULTIZ321 said:
Hi Lea,

Many Tuggers will post bulk space bank sightings on the Tug "Sighting/Distressed" Forum - when you're on the Forum page, scroll down till you see the Sightings Forum and click on the hyperlink (you have to be signed in)

Richard

Thanks for the info Richard.

I like this website a lot coz it's got wealth of info that I can leran from so I joined the other day. For some reason I'm still listed as guest (trying to get it straightened out). The private forums got me curious. LOL! Eventually I'll be able to lurk down there.

Hoc · Sep 1, 2007

baguiogal said:
Thanks for the reply rentshare.
Follow-up query: so let's say I "won" the auction with a bid of $1829 plus closing cost of $399. Then MC denied the transfer due to the low bid. Do I get back my $2228 or do I have to pay the remainder price to MC (to bring price up to par) to be able to get the title or deed.

You get back your $2228

swasuth · Sep 1, 2007

baguiogal said:
Thanks for the info Richard.
I like this website a lot coz it's got wealth of info that I can leran from so I joined the other day. For some reason I'm still listed as guest (trying to get it straightened out). The private forums got me curious. LOL! Eventually I'll be able to lurk down there.

Congratulations & Welcome. You now have that ELITE Member title.

AKE · Sep 1, 2007

l would think that the ROFR is soon coming to an end as we were told that they are 98% sold out and once they are 100% sold out I would think that the developer moves on as he would have no further interest in the MC. At this point in time the cost of a unit will be whatever the market will bear so I would think that the prices will come down significantly. We just did a quick calculation on the cost of a unit today and it is hard to justify financially ... i.e. maintenance + taxes are $1400/year... to this you add the cost of your money being tied up - i.e. say that you could earn 5% annually on the $43K unit = $2150 SO the annual cost to an owner is $3550 (or $500/night)... you can rent for cheaper than that at the MC if the previous posts are true.

stevens397 · Sep 1, 2007

The numbers are correct but they're also bad for resales.

These weeks that are being "banked" with RCI - could someone explain which weeks these are? Other than members booking their own weeks and turning them in themselves, why would MC turn other weeks in? What would they get for it?

As someone who had trouble getting any weekend this last summer, it irks me to see weeks on RCI (if they came directly from MC) or for rent on other sites.

stevens397 · Jun 16, 2008

Wow - look on Redweek and you will see an original 3 weekend full suite (2 bathrooms) listed for $10,000! That, to me, is a steal. And I thought my $17,000 two years ago was an incredible deal.

Just got back from two nights and my reactions are pretty much always the same. Wish I didn't have to book way out, but that's the deal so I do it and it works. If I need something closer in, I use points and stay at a hotel.

In terms of the place, this time one of the two renovated elevators was down for one day and the other was totally out of commission. That means you use the "freight" elevators. No big problem except when you're waiting and you see it go right by your floor! The second day the one of the main ones was back in operation and all was well.

The renovated rooms are great but again - the shower fixture was anemic and not working well - on a newly renovated room!

We love the location and the comfort. We love having a suite. The price is right for us. Just seems that so little would need to be done to make it top-shelf and they just don't seem to be able to pull it off. So it's not the Ritz but it works for us.

roadsister · Jun 17, 2008

I traded into the Manhattan Club 5/3-5/10 and attended their timeshare presentation. I asked about the bulk spacebanking of units and they told me that these were owned by RCI and they were spacebanking them to get in prospective owners as they were selling off the rest of the units they control there. I toured the 2nd floor as those are all new units being completed and I think they told me they would be going through II.

Blondie · Jun 17, 2008

Right now RCI has tons of these for rent at prices $1,700-2,000 for either this summer or next- I forget. Listed under Extra Vacations...

Manhattan Club Resales

AKE

TUG Review Crew: Veteran

Lucy Apple

brother coony

Lucy Apple

baguiogal

e.bram

MULTIZ321

stevens397

Jennie

catwgirl

Blondie

MULTIZ321

baguiogal

baguiogal

Rent_Share

MULTIZ321

baguiogal

baguiogal

Hoc

swasuth

AKE

TUG Review Crew: Veteran

stevens397

stevens397

roadsister

Tug Review Crew: Rookie

Blondie