New buyer question on week\view exchanges [Ocean Beach Club in Va Beach]

[gjnick]

We're considering buying a TS in an oceanfront resort. We have options of ocean front or sunset view (no water views), both in week 42. Being new to this, I'm thinking view and weeks don't matter because we're being told it's easy to exchange and get non prime weeks and ocean front units.

The sunset view is considerably less money and I'm include to go that route. Am I being naive\cheap in my thinking, or should spend the extra money to guarantee the ocean front view?

 

[gjnick]

Developer offering "owner return" units

We went to a TS sales presentation and got the hard sale as everyone else has. When we said no and we're about to leave, the sales manager, "checked in the back" and found several what he called "owner returned" units. I called them foreclosures. The pricing is drastically lower than the initial quotes.

Question, are we being scammed with a sales ploy? Do these units exist? The developer does finance all sold properties...

 

[gjnick]

How many bedrooms

We're looking at a new TS that has three bedrooms. Its a 3 bedroom lockout, one two bedroom unit and a lock out single bedroom suite. The size suits our family and will serve us well.

Question: I don't see many 3 bedroom units out there, either for developer or by owner sales. Are three bedrooms undesirable for exchange reasons? or is it simply the initial cost of the unit that make them hard to find?

 

[DeniseM]

I don't think 3 bedrooms are undesirable, but they are probably larger than your average family needs, and they are expensive.

 

[DeniseM]

Question, are we being scammed with a sales ploy? Do these units exist? The developer does finance all sold properties...

Without knowing EXACTLY what they are offering, it is impossible to say.

 

[Seaport104]

We're considering buying a TS in an oceanfront resort. We have options of ocean front or sunset view (no water views), both in week 42. Being new to this, I'm thinking view and weeks don't matter because we're being told it's easy to exchange and get non prime weeks and ocean front units.

The sunset view is considerably less money and I'm include to go that route. Am I being naive\cheap in my thinking, or should spend the extra money to guarantee the ocean front view?

I think it comes down to personal preference and how much you value the ocean view. From an exchange perspective, makes no difference. The difference is personal use and if you try to rent it.

Personally, having an oceanview/oceanfront is a must for me but others will think differently. I just purchased a oceanfront unit in Aruba and it was more $$ but to me that's the reason why I'm purchasing it. I know I can trade in and maybe get an oceanview or maybe not but given the number of oceanfront units there, it was highly unlikely or I would have to rent at greater than the maintenance fees so I opted to buy the view I wanted to secure it.

 

[DeniseM]

Being new to this, I'm thinking view and weeks don't matter because we're being told it's easy to exchange and get non prime weeks and ocean front units.

In simplest terms - they are lying to you, it will not be easy to trade for the ocean front units - those prime units go to ocean front owners. Exchangers are at the bottom of the food chain.

We have a saying about timeshare sales people around here:

How do you tell that a TS sales person in lying?

Their lips are moving....

A gentle suggestion - tell us what resort you are talking about. I have organized all your questions into one thread for continuity.

 

[vacationhopeful]

Almost all the sales staffs without regard to WHO the developer is, OFFER the LAST PITCHED DEALS as you are trying to walk out the door. You ask are these REAL or not?

What I know is REAL is the pricing of timeshares on eBay .... I was trapped in a 10 hour car ride with NO ACCESS to the radio dials after sitting with a friend thru a Wyndham presentation -- where the friend and his wife were beaten up on the developer purchase for over $15,000 ... I was just amazed to the pressure to get them to sign. And they sign -- even though it was way MORE than the friend had told me the day before he wanted to spend (they rescinded when they got back home :whoopie. But several hours riding and just chilling in the third row of the van, thinking "there has to be a cheaper way" ... the flash of enlightenment happened --- eBay!

 

[csxjohn]

We went to a TS sales presentation and got the hard sale as everyone else has. When we said no and we're about to leave, the sales manager, "checked in the back" and found several what he called "owner returned" units. I called them foreclosures. The pricing is drastically lower than the initial quotes.

Question, are we being scammed with a sales ploy? Do these units exist? The developer does finance all sold properties...

Funny how these smooth talking lizards suddenly remembered to look in the back and found these units.

I guarantee you that you can find the same thing a whole lot cheaper on the resale market.

Why even consider going back to talk to these people when they were trying to unload the same thing to you at first with "drastically" higher prices??

Get out while your wallet is still intact and do some research. If you like the deal they're offering it will be there tomorrow and next week.

 

[csxjohn]

How many bedrooms

--------------------------------------------------------------------------------

We're looking at a new TS that has three bedrooms. Its a 3 bedroom lockout, one two bedroom unit and a lock out single bedroom suite. The size suits our family and will serve us well.

Question: I don't see many 3 bedroom units out there, either for developer or by owner sales. Are three bedrooms undesirable for exchange reasons? or is it simply the initial cost of the unit that make them hard to find?

It depends where you are looking. I just bought a 3Br lockoff at Summer Bay Resort that locks off the same way you are talking about here. I pay $60 to lock off the unit so for about $910 I get two weeks that I then turn around and get four exchanges.

Four exchanges for $910 plus exchanges are pretty cheap and I paid a whole $74 for the unit and got a free years use.

Look around a little harder and you'll find what you're looking for.

 

[vacationhopeful]

I own an OCEANFRONT unit - it is a DEEDED FIXED WEEK 1 IN A FIXED UNIT in Pompano Beach, Florida. I think I got it for $1. including all closing and transfer costs.

Week 42 is pretty empty along almost all the coasts. Too cool in Va and those northern beaches. Too empty with all the kids back in school to rent it for even covering the MFs.

Now, week 12 Oceanfront on the beaches South of Orlando - either coast. That would be decent in rentals -- week 10 would be hands down better.

 

[pacodemountainside]

Having done several sales pitches over the years this is just another way to extricate money from you.

Sales person starts at say $50K for 3 BR and works down to 1 BR EOY for say $15K.

If still NO head sales manager strolls by and mentions couple at next table over just traded in a 1 BR and he does not want to go to time and expense to put in inventory. So you just take over payments.

 

[gjnick]

Denise, thanks for the quick reply.

We're looking in Ocean Beach Club in Va Beach at a three bedroom penthouse lockout, (two bedroom suite with an adjoining 1 bedroom with efficiency kitchen. Asking price is now $25K (the remaining balance on the original note). Retail is around $60K. Bonus of 10 free weeks over the next 10 years.

I've seen 2 BR resales in that resort for as high as $14k.

There are only 4 3 bedroom penthouses in the resort, but 4 more in the sister resort next door, the Oceanaire. Both are Goldkey properties.

 

[donnaval]

I've exchanged into the Ocean Beach Club a few times. When I get an oceanfront unit I absolutely LOVE it. When I get a "city view" unit, not so much - it seems so dark and confined without that glorious view. Noisy, too. I know I'm taking my chances when I exchange so it's okay if I don't get the view - but if I owned and planned on going back repeatedly, I would definitely want the view.

 

[Egret1986]

You should probably slow down and walk away. Be patient. What's the rush?

You said it...."Being new to this,....."

Be an informed buyer. Knowledge is power.

Check this ebay listing. Might be able to negotiate. Auction has a reserve, and no telling what it is. Contact the owner and see what his reserve is.

http://www.ebay.com/itm/Ocean-Beach...91223310731?pt=Timeshares&hash=item43ce43118b

Same week, similar unit?

Check Interval's Travel Demand Index. Low trade value.

Completed auction for 2BR Week 41

http://www.ebay.com/itm/2BR-Virgini...01236536796?pt=Timeshares&hash=item462318c5dc

The 2BRs are lock-outs also. Sure, it's a Penthouse. Sure, it's 3BRs and there's only a few of them. I recently saw an Oceanaire unit for week 43 for $6,000 (2BR also).

The timeshare developer salesmen count on being able to dazzle while you're there before you have time to come back down to Earth and do your research and make an informed decision. Don't make any major decision like this in haste. Were you looking to buy a timeshare before you went on the tour? You asked if you're naive/cheap? One things for sure, if you're willing to pay $25,000 you're not cheap.

This statement indicates that you are probably naive.

"....I'm thinking view and weeks don't matter because we're being told it's easy to exchange and get non prime weeks and ocean front units."

You've got to be kidding? If week and view don't matter, I saw a week 2 on eBay (3BR) go for $97 + closing.

http://www.ebay.com/itm/3BR-Virgini...11424045304?pt=Timeshares&hash=item19f16400f8

You want to finance this thing?

"The developer does finance all sold properties..."

You're acting as if this is a great deal. It's not.

Learn about timeshare ownership first. Then, determine what will best suit your vacation needs. Lots of learning to do first before financing a timeshare.

Welcome to TUG.

 

[Egret1986]

No Sales Ploy. Yes, these units exist. Are you kidding?

We went to a TS sales presentation and got the hard sale as everyone else has. When we said no and we're about to leave, the sales manager, "checked in the back" and found several what he called "owner returned" units. I called them foreclosures. The pricing is drastically lower than the initial quotes.

Question, are we being scammed with a sales ploy? Do these units exist? The developer does finance all sold properties...

I have been a long time owner at all of the Gold Key Resorts, at one time or another. All my purchases have been resales. Most were prime or shoulder weeks. I am a current owner at Ocean Beach Club. I got an offer close to two years ago from Gold Key Resorts to attend a tour of the new OceanAire, as a valued Gold Key Owner. There was a nice cash incentive to tour. I live locally and I had wanted to see the OceanAire units.

When I emailed to schedule my tour, I was told that I was not eligible to take advantage of the offer. I promptly wrote Gold Key Resort's corporate offices regarding the offer to attend a tour, and then being told that I was ineligible and wanted to know why. I was called within a few days and was asked when I would like to attend the promotion. I have a small presence buying and reselling timeshares in Virginia Beach. At the time of the tour, I owned four Gold Key timeshare weeks. I believe that I was initially denied the opportunity to attend because all were resale purchases. Purely speculation on my part.

Resort - Impressive. I believe the salesman quoted a price of $130,000 for a July week. :rofl: He said that this is a place Pharrell Williams stays when in town. Name dropper.

I shared that I bought and resold VA Beach timeshares. I just knew that I wouldn't get the hard-sell. He tried though. I found the tour and subsequent sales pitch interesting.

To make this long story shorter, I will cut to the chase.

He said that he knew I wouldn't buy retail, but that he believed that they had a couple of units that had been traded in that I might be interested in. I told him to show me what he had. He quoted me a similar price to the one you got for a similar week in a 2BR unit. No, thanks. He had my timeshare weeks printed out. They offered me a deal on trading in three of my summer weeks at various Gold Key Resorts in exchange for this 2BR OceanAire off-season week (41, I believe), plus $12,000 cash. I thanked him for his time and picked up my check. I will not go on these tours while on vacation. It takes away too much vacation time. But I had an afternoon with nothing planned and I got to see the new units, and I was well compensated for my time.

They take trades on upgrading your ownership within the Gold Key Resorts group. These were probably what you were offered. He had a nice printout of that inventory that he showed me and the pricing for those weeks.

 

[Egret1986]

Sorry...But I can't stop.

We're looking at a new TS that has three bedrooms. Its a 3 bedroom lockout, one two bedroom unit and a lock out single bedroom suite. The size suits our family and will serve us well.

Question: I don't see many 3 bedroom units out there, either for developer or by owner sales. Are three bedrooms undesirable for exchange reasons? or is it simply the initial cost of the unit that make them hard to find?

Can your family easily travel during week 42? Are you tied to the school year for travel? If you cannot use the week of ownership, then there is no guarantee that you will get this size unit in exchange. I will say that in Virginia Beach two bedrooms are rare except at some of the Gold Key Resorts. Three bedrooms are only available at OBC and OA. And, yes; probably the initial cost when bought from the developer made more folks go for the 2BRs.

Also keep in mind that after your initial purchase that you will have an annual maintenance fee. Please check out this last link to an eBay listing for a rental for Week 41. Same size unit. Currently, there is one watcher, which is me. If it gets a bid, it will be only one; but that is doubtful. So, essentially, this person will probably not even cover the whole maintenance fee, even if he manages to get a bidder.

http://www.ebay.com/itm/Virginia-Be...91325503284?pt=US_Lodging&hash=item2c8be37f34

 

[RuralEngineer]

VA Beach

The only value for VA timeshares is weeks 20-32. I like to both use and rent my units. I own three weeks at Ocean Beach Club.

Stephen

 

[gjnick]

Thanks to all who replied, you saved me from making a big mi$take

Well, you and the folks on TUG have certainly helped me avoid a bad deal. Thanks very much for taking the time to reply. It's greatly appreciated.

I'll back off that deal, continue my research and find what's best for us.

 

[Egret1986]

Gold Key Resorts are some of the best timeshares in Virginia Beach

Well, you and the folks on TUG have certainly helped me avoid a bad deal. Thanks very much for taking the time to reply. It's greatly appreciated.

I'll back off that deal, continue my research and find what's best for us.

They just sent out letters to owners at Barrier Island Station Kitty Hawk that they have acquired this resort. Still don't know what all that means. I'm optimistic. I'm a very happy owner, but resale is the way to go.

As with many TUGGERs, my first two timeshares were developer purchases. That was back in the early 80's before the internet.

Glad to hear you've decided to research first.

Timeshares have provided my family with years of vacation enjoyment. I'm definitely pro-timeshare, but making an informed decision is the way to go!

Good luck to you!

 

[harveyhaddixfan]

They just sent out letters to owners at Barrier Island Station Kitty Hawk that they have acquired this resort. Still don't know what all that means.

I got the same letter. Hopefully it means they are going to dump some money into the resort. It would also be nice to be able to trade into the other Gold Key resorts!

 

[Egret1986]

I'm there with you.

I got the same letter. Hopefully it means they are going to dump some money into the resort. It would also be nice to be able to trade into the other Gold Key resorts!

I do feel like they will put some real money into the resort in order to try to bring the standards up in order to sell timeshares. My resort map show lots of "future" buildings, which were never built. So, there's lots of property to be developed into timeshares.

I see it as a real positive for the resort. :whoopie: