# Newbies - Deciding to Sell Mizner Place or Not



## dbseattle (Oct 3, 2011)

We recently inherited a timeshare at Mizner Place - week 35 (just east of Ft. Lauderdale) and are trying to figure out if we want to keep it or sell it.  I don't know much about it as we don't have the papers yet, the only other thing I know about it is that the units are floating.  

Also, everything I know about timeshares is from reading the information the TUG website and this forum.  I am a total neophyte in the way of timeshares.  I started by checking out timeshares for sale, rent and exchange.  I see very few listings for Mizner Place in any of those categories - but lots of listings for the two vacation villages a mile or so north of Mizner Place.  Does this indicate anything in particular? Does it mean the people love Mizner Place and want to hang onto it, making it more valuable than the very, very low resale rates I see for the other two?  Or does it mean that Mizner PLace is of so little value that no one even wants to try to sell it? 

In deciding to sell or not, I am also trying to figure out if week 35 at Mizner Place would get us exchanges for places that we would rather go to, like Arizona, Oregon, northern CA, Mexico.  How can I find out the exchange 'value' of our timeshare.  

Any help with this is most appreciated!!!


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## vacationhopeful (Oct 3, 2011)

I go to Ft Lauderdale all the time. But I want a beach area in the Winter. Your Week 35 is late Aug (remember Hurricane Irene this year almost HIT Ft Lauderdale that week) and I was a Marroitt Beachplace on a cheap last minute exchange.

You can get a GREAT beach week very near the ocean in Snowbird season for $1 with free closing and transfers. I don't think your area of Ft Lauderdale nearer the Everglades (and gators) is a higher demand or worth more.

Can you decline this inheritance?


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## vacationhopeful (Oct 3, 2011)

PS East of Ft Lauderdale is called the Atlantic Ocean.


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## dbseattle (Oct 3, 2011)

*Oops*

I meant west of Ft. Lauderdale  

It's in Weston about 15 minutes from Ft. Lauderdale.


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## dbseattle (Oct 3, 2011)

*Can't decline*

It is part of a trust and we have been told that we have to take the timeshare in order to release the other parts of the trust.


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## Passepartout (Oct 3, 2011)

Unless you feel bound by emotional attachment to the person or family of the person who willed it to you, I'd sell, give or otherwise divest myself of this. Not that I have anything against it, but frankly, if you want AZ, OR, MX, that's where you should own. Many people who own FL timeshares have faced large 'special assessments' due to hurricanes, and just the higher maintenance in that locale. Plus, if you own ANYPLACE other than where you want to vacation, sure, you can exchange, but you have to pay an exchange fee of a hundred and a half or so every time on top of RCI or II membership. If I were you, and I wanted a timeshare, I'd look at Worldmark, or Vacations Internationale. Both are well managed, have SOME value, even in this TS market, and have a significant percentage of their resorts in areas where you want to go. Internal trades cost nada or very little and there's really no need to join a big exchange.

Just my usual $.02 and that's about what it's worth.

Jim Ricks


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## vacationhopeful (Oct 3, 2011)

I just sampled your resort. If you have a lockoff unit and you deposit it separately for 2012, you would get 9 TPUs and 9 TPUs for each size.  So $89 to join RCI, and $99 to combine those 2 deposits to get 18 TPUs.

You can get a decent 1 week exchange with 18 TPUs plus spending another $199 in Hawaii if booked 12 months in advance.

So $387 PLUS your maintenance fees.

I have also gotten for 9 TPUs offseason 2bdrs in Orlando at Wyndham Bonnet Creek as an exchange.

If you use 2 years worth of TPU, you would have onsite - DVC 2 bdr for 1 week. I think I could sleep much better at Bonnet Creek.:ignore: 

If you hang around here, you would enjoy this gift by learning how to best use it.


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## puppymommo (Oct 3, 2011)

dbseattle said:


> In deciding to sell or not, I am also trying to figure out if week 35 at Mizner Place would get us exchanges for places that we would rather go to, like Arizona, Oregon, northern CA, Mexico.  How can I find out the exchange 'value' of our timeshare.



Looking at the RCI deposit calendar, it appears that Mizner Place week 35 has very low exchange value. I can't be 100% sure without knowing the exact unit number, but it is showing 9 TPUs for a 1 bedroom, and 12 TPUs for a 2 bedroom.

TPU =  trading power units, with is RCI's "currency" for exchanges.  To put it in perspective. high end trades like Manhattan Club in New York City can cost up to 60 TPU.


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## dbseattle (Oct 4, 2011)

*Thank You!*

Thank you to everyone who replied to my plea!  I had rather come to the same conclusion that Mizner Place is probably not big on anyone's hit list as far as resale or internal trades.  That said, there is always a market for something - even if it takes awhile to sell.

Thank you for the information about unexpected costs due to hurricanes.  But I do have a question about that.  I figure if there are 100 units and upkeep costs are charged by the week; at $10 per owner per week that comes to $52,000.  Has anyone on this forum had to pay an extra cost due to hurricanes and how much has that actually come to?

I also checked out the TUG reviews for Mizner Place and while there aren't a whole of them, the place gets a high review overall.  We may just make a point to vacation out there at least once to see what it's like.  Being more nature-oriented, I would probably like the Everglades more than the urban beach scene (but who can resist the ocean!).  My only dread is the August weather (okay - and alligators), being from Seattle makes it hard to spend time in a 24/7 steam bath.  

Again - thanks to all for replying, it really did help take the stress off not being sure about what we are getting and will be helpful in the decisions we'll make about the timeshare.

Diane


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## vacationhopeful (Oct 4, 2011)

dbseattle said:


> ...  My only dread is the August weather (okay - and alligators), being from Seattle makes it hard to spend time in a 24/7 steam bath.



Diane,
You will survive August in FL. You will love icy Tiki Bar specials! 

Is you unit a lockout type? Is the deed in your name? If so, join RCI, and get a Getaway or Last Call Vacation (using cash to book might be $199 for the week) into Minzer Place ... Beginning of Dec is really cheap in FL. Sign up for Groupon for Ft Lauderdale and look for some touristy deals.


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## dbseattle (Oct 4, 2011)

Thanks for the recommendations, Linda!  We don't have the papers yet, so we don't know exactly what we have.  But, based on what I've read about Mizner Place and knowing the relatives who bought it, it is probably a lock-out.  And yes, the deed will be in our names. 

I would like to go down there, but  didn't really know how to start; seeing as I was wondering if there was a way to trade for a different week.  I have been to FL in the beginning of December before (the gulf side) and it was lovely.  The only down side I can see to going will be having to return to Seattle rain after that! 

And thanks for the tip about Groupon - I had completely spaced that out. 

I do have another question that you might be able to help with.  I was wondering if would be a good plan to rent out the smaller side of the lock-out while using the larger side.  Have you ever done that and how did it work out?

Diane


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## vacationhopeful (Oct 4, 2011)

vacationhopeful said:


> I just sampled your resort. If you have a lockoff unit and you deposit it separately for 2012, you would get 9 TPUs and 9 TPUs for each size.  So $89 to join RCI, and $99 to combine those 2 deposits to get 18 TPUs.
> 
> You can get a decent 1 week exchange with 18 TPUs plus spending another $199 in Hawaii if booked 12 months in advance.
> 
> ...



Reread my earlier post.  

Remember, you just stated you wanted to visit Minzer Place to check it out. That is fine, just do it as cheap as possible - by using a $179-199 RCI Getaway Special in FL's offseason. Most likely your annual MFs will be in the $750-900 range. Better to deposit each side of your lockoff (costs nothing other than having a paid up RCI membership). It would get you the TPUs quoted above* IF* you deposit them 9 months in advance of your Week's checkin date.
A Getaway special actually costs you LESS than the exchanging fee to use your week. But you have to be a MEMBER of RCI and you can only be an RCI member if you own a timeshare when you set up your RCI account.

Offseason - such as early DEC or MAY - is great weather. And the pools are heated if a DEC night might be a little cool.


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## vacationhopeful (Oct 4, 2011)

You won't have much luck renting that unit. The rental season in South FL is Week 52 and then Feb thru Easter (after all the Spring Breaks, if it is an early Easter). Spring Breaks include Spring Training for the baseball teams also.

Learn to EXCHANGE!


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## dbseattle (Oct 4, 2011)

Thanks Linda.  Obviously I have so much to learn.  I really appreciate your mentoring.  Clearly I would have made a lot of mistakes with this! 

Once we get the paperwork, I will contact RCI and start working on getting that early December week. 

Diane


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## Talent312 (Oct 5, 2011)

I would not worry too much about hurricanes in Florida.
I've lived in Florida nearly 55 years (that does date me!).

The chances of a hurricane striking any one spot is remote.
South Florida building codes are the strongest in the nation.
The expense for repairs is usually absorbed by insurance.
Insurance premiums are built into the annual MF structure.

They might evac the beaches, but not a place that far inland.
At worst, you might simple have to hunker down for a bit.


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## Rent_Share (Oct 5, 2011)

dbseattle said:


> It is part of a trust and we have been told that we have to take the timeshare in order to release the other parts of the trust.


 

I would reconfirm that there isn't a mechanism to dispose of it as "worthless" inside of the trust


Could just be a lazy trustee who wants to pass the problem


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## Passepartout (Oct 6, 2011)

dbseattle said:


> Thank you for the information about unexpected costs due to hurricanes.  But I do have a question about that.  I figure if there are 100 units and upkeep costs are charged by the week; at $10 per owner per week that comes to $52,000.  Has anyone on this forum had to pay an extra cost due to hurricanes and how much has that actually come to?
> 
> Diane



Diane, you are just dreaming if you think $10 per week owned is about all that special assessments can be. Here is a thread on one in Hawaii going on right now. Water damage- not unlike what can occur in a hurricane or other tropical storm: $5893 per unit/week! 

http://www.tugbbs.com/forums/showthread.php?t=156633

Jim


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## dbseattle (Oct 10, 2011)

Rent_Share said:


> I would reconfirm that there isn't a mechanism to dispose of it as "worthless" inside of the trust
> 
> 
> Could just be a lazy trustee who wants to pass the problem



I have to agree with you there.  The trustee's first recommendation was to have us pay $2,000 up front (taken from the trust) to have someone he knows take care of giving it away to a nonprofit.  That didn't sound right to me - even before I found TUG.  After looking through information on TUG, I figured that if we had gone along with him, we would be out $2,000 and still end up owning the TS!

I suspect that if we do decide to sell on the resale market, we will still lose money - but probably less than $2,000.


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## dbseattle (Oct 10, 2011)

Talent312 said:


> I would not worry too much about hurricanes in Florida.
> I've lived in Florida nearly 55 years (that does date me!).
> 
> The chances of a hurricane striking any one spot is remote.
> ...



Thank you for that info.  I am glad to hear that building codes are stringent in that area. 

Another poster virtually laughed at me for thinking repair fees (special assessments) could be low following a hurricane and gave the example of a TS in HI.  But - that place is being torn down to the studs and rebuilt completely.  Unless there was an apocalyptic hurricane in south FL, I doubt the newly build Mizner PLace would need that level of maintenance.

But perhaps there more experienced TS owners are still laughing at me with that last statement.  If so, I would love to hear from them as we are still trying to decide to keep or sell!


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## jhac007 (Oct 12, 2011)

This may or maynot help your decision but is other good insight and discussion.  The unit in my comments that I am referring to is a Mizner Place unit, however realizing the seasons are different.  See the link below.

Jim

http://tugbbs.com/forums/showthread.php?t=156931


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## bogey21 (Oct 12, 2011)

dbseattle said:


> It is part of a trust and we have been told that we have to take the timeshare in order to release the other parts of the trust.



If you declined wouldn't the Trustee have to dispose of the Week?  It may delay things but I think the other parts of the Trust would eventually be released.

George

PS I just noticed that you live in Seattle, 3,500 miles away from South Florida.  If I lived that far away, I would tell the Trustee that I want nothing to do with the Week.


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## Cheryl20772 (Oct 12, 2011)

dbseattle said:


> But perhaps there more experienced TS owners are still laughing at me with that last statement.  If so, I would love to hear from them as we are still trying to decide to keep or sell!


We own a week in Daytona.  It's a cement wall building which was once a hotel with outside walkways and converted into TS.  We've owned since 2001 and our experience is that Daytona gets affected by a hurricane about every 3 or 4 years.  The only time we got a special assessment was after Charley in 2004.  We were required to pay the deductible on the insurance before any repairs could begin.  It amounted to about $200 per week owned (If I recall correctly).  They had to repair water damage to a lot of the furnishings and units and replace the roof.  That storm tested a lot of structures in Daytona that year.  Many never recovered and today are vacant lots.  The economy continues to beat that area down.  Looked at another way, there's a lot of room for growth in Daytona now.  We are hoping the new roof is stronger than the old one; so it won't come off again in the next hurricane.  Here's a clipping on that storm's track http://www.hurricanecity.com/images/charleyarticle.jpg  Statistically, Daytona is due for another hurricane hit in 2012.  We are hoping not to have to pay fees again.


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## chriskre (Oct 13, 2011)

Diane,
If you don't want to pay RCI joining fees just yet, I believe that Platinum Interchange will take this week.  You could lock it off and get at least two if not more vacations from it.  They've got some nice places that you could exchange this into on the west coast closer to where you live including Hawaii.  For example they've got a few things in Oregon and Washington state right now.................................

Eagle Crest Redmond, OR
United States 4/8/2012 4/15/2012 2BD/6 
Eagle Crest Redmond, OR
United States 4/1/2012 4/8/2012 2BD/6 
Otter Rock Timeshares Otter Crest, OR
United States 11/16/2012 11/23/2012 1BD/4 
Rockaway Beach Resort Rockaway Beach, OR
United States 9/7/2012 9/14/2012 1BD/4 
Schooner Landing Newport, OR
United States 11/2/2012 11/9/2012 1BD/4 
Schooner Landing Newport, OR
United States 11/16/2012 11/23/2012 1BDL/6 
Schooner Landing Newport, OR
United States 10/19/2012 10/26/2012 1BDL/6 
Schooner Landing Newport, OR
United States 10/12/2012 10/19/2012 1BDL/6 

Blue Heron Union, WA
United States 1/27/2012 2/3/2012 2BD/6 
Lake Chelan Shores Chelan, WA
United States 9/28/2012 10/5/2012 1BD/4 
Lake Chelan Shores Chelan, WA
United States 11/5/2012 11/12/2012 ST4/4 
Lake Chelan Shores Chelan, WA
United States 11/4/2012 11/11/2012 ST4/4 
Snowater Glacier, WA
United States 5/18/2012 5/25/2012 1BD/4 
Snowater Glacier, WA
United States 2/3/2012 2/10/2012 1BD/4 
Surfcrest Condominiums Copalis Beach, WA
United States 2/24/2012 3/2/2012 1BDL/6 
Surfcrest Condominiums Copalis Beach, WA
United States 1/13/2012 1/20/2012 1BDL/6 
Wapato Point  Manson, WA
United States 1/6/2012 1/13/2012 2BD/6 
Wapato Point  Manson, WA
United States 1/6/2012 1/13/2012 1BD/4 
Wapato Point  Manson, WA
United States 3/30/2012 4/6/2012 1BD/4 
Wapato Point  Manson, WA
United States 12/21/2012 12/28/2012 ST4/4 
Windjammer Condominiums Ocean Shores, WA
United States 3/11/2012 3/18/2012 2BD/6 
Windjammer Condominiums Ocean Shores, WA
United States 11/9/2012 11/16/2012 1BD/4 
Windjammer Condominiums Ocean Shores, WA
United States 10/19/2012 10/26/2012 1BD/4 
Windjammer Condominiums Ocean Shores, WA
United States 11/2/2012 11/9/2012 1BD/4 
Windjammer Condominiums Ocean Shores, WA
United States 10/7/2012 10/14/2012 1BD/4 
Worldmark Surfside Inn Ocean Park, WA
United States 10/8/2012 10/15/2012 2BD/6 
Worldmark Surfside Inn Ocean Park, WA
United States 10/8/2012 10/15/2012 1BD/4 



....as well as Hawaii that you might enjoy better than being in the middle of Swamp Land in Western Broward County.   

Honestly this is actually a nice resort but would definitely be nicer if it had a beach close by.  I've stayed there a few times as opposed to taking a hotel room for conferences and I believe that all the units are lock offs, but there are definitely better choices for visiting South Florida so I'd think this would be best used to trade with a company that doesn't have trade power requirements like Platinum Interchange or Trading Places.


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## ronandjoan (Oct 30, 2011)

chriskre said:


> Diane,
> If you don't want to pay RCI joining fees just yet, I believe that Platinum Interchange will take this week.  You could lock it off and get at least two if not more vacations from it.  They've got some nice places that you could exchange this into on the west coast closer to where you live including Hawaii.  For example they've got a few things in Oregon and Washington state right now.................................
> 
> ....as well as Hawaii that you might enjoy better than being in the middle of Swamp Land in Western Broward County.
> I'd think this would be best used to trade with a company that doesn't have trade power requirements like Platinum Interchange or Trading Places.



Good idea, and Platinum Interchange does NOT have a membership fee and a lower exchange fee so you would save  a lot there in your travel costs.  
BTW, we stay in Seattle a lot and just got back from the Windjammer at Ocea Shores and it was very nice, not ocean front, but near the ocean and very enjoyable.


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## chriskre (Oct 30, 2011)

ronandjoan said:


> Good idea, and Platinum Interchange does NOT have a membership fee and a lower exchange fee so you would save  a lot there in your travel costs.
> BTW, we stay in Seattle a lot and just got back from the Windjammer at Ocea Shores and it was very nice, not ocean front, but near the ocean and very enjoyable.



Yeah, I'm definitely seeing value in the alternates and especially Platinum Interchange.  I am trying them out so we'll see how I do.  Ampaholic seems pretty happy with them and he's getting good trades.  They sure seem nice enough on the phone.


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## Mel (Oct 31, 2011)

dbseattle said:


> Thank you for that info.  I am glad to hear that building codes are stringent in that area.
> 
> Another poster virtually laughed at me for thinking repair fees (special assessments) could be low following a hurricane and gave the example of a TS in HI.  But - that place is being torn down to the studs and rebuilt completely.  Unless there was an apocalyptic hurricane in south FL, I doubt the newly build Mizner PLace would need that level of maintenance.
> 
> But perhaps there more experienced TS owners are still laughing at me with that last statement.  If so, I would love to hear from them as we are still trying to decide to keep or sell!


While $5,000 per week is very high, your estimate of $10 per weeks is very low.  While the best run resorts will have insurance that should cover most damage, there is going to be a deductible, and you and the other owners will each chip in to pay that deductible (unless they have structured the reserves such that they can be used for that purpose).  And if the reserves are structured to cover your deductible, it means higher annual fees (you either pay it prorated over the life of the timeshare, or as a lump sum assessment than the resort is damaged.

I suspect what you're saying about the trust is that the timeshare is owned by the trust, and you have a choice to accept the whole trust or none.  In that circumstance, I would accept it, and try to sell or give the week away.  If you can't sell it right away, you might use it to sample what RCI and some of the other exchange companies have to offer, as a way to decide where you would prefer to own.


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