Free Wyndham Kingsgate - Jan. 2011
I had a posting here on the "Bargains" forum as well as in the TUG Marketplace. The person who's acquiring my Wyndham Kingsgate (fixed wk #18; 3BR lockoff) responded to my posting/ad in the Marketplace.
We've finalized the transaction and the closing agent is now in the loop working on the paperwork, so all should be good towards a "done deal."
I thought for purposes of archieving, I'd post a bit more about this particular timeshare unit.
It was originally purchased by a couple from Maryland in June 1991 for $12,300. I was in Williamsburg over Thanksgiving in November 2001. With my very first timeshare being a 20 year "right-to-use" that would be expiring after 2002, I was in the market to buy a new TS.
Staying at Wyndham Patriot's Place, I did the Governor's Green tour and even signed a contract to purchase 105k points for $12,100 . . . telling my sales rep that I had an appointment the next day with a local timeshare resale office and that if I found a better deal, I'd be rescinding this purchase with him. He chuckled and said "you won't find a better deal in this city or I'd have bought it."
Well I did. I met with the resale company in Williamburg. He had a lot of options listed including points and fixed weeks with Wyndham (Patriot's Place and Kingsgate). We agreed that due to the way I traveled the fixed week option would be best for me and that this 3BR lockoff provided the best value.
I paid $5,000 for the timeshare plus the MF's for their 2001 spacebanked use ($444 was the amount of the MF at that time). At that time, I knew nothing about TUG or for that matter resales in general. My sister had suggested I check them out before buying another TS from the developer/Wyndham.
Anyway, looking back and knowing what I know now, even $5,000 was probably way too much to pay. With that being said, I was happy with the 11 years of use I have had with it. Sure there was those three years of high special assessments, and an escalating MF ($444 in 2001 to $764 in 2011) but all in all, we enjoyed owning and vacationing at Kingsgate.
The 3BR lockoff provided us with good additional value due to the ability to actually get two vacation weeks out of each year's ownership. Even at $764 today, it's not a bad deal.
I do think this ownership is a great illustration of the devaluation of timeshares in general . . . purchased in 1991 for $12,300; resold for $5,000 in 2001 and given away free 10 years after that.
