Thanks For The Vistana Information!
I considered myself somewhat of an experienced person when it comes to real estate investment. Timeshares - well that, I found out, is an area that I was totally ignorant in. However, these postings have been a real eye-opener!
My wife and I recently purchased a 2 bedroom unit in the Vistana Resort Orlando (Falls) from the original owners and got quite a good deal. Primo week (#25) and unit locked in. We recently visited the resort to check out our new purchase and agreed to attend the sales presentation to get the "discount" tickets to DisneyWorld, Epcot, etc. BTW - we found out on the last day we were there, when we visited the WalMart (located about 2 mi from the resort) that we could have received the same, if not better, discount prices than what we got by sitting through the presentation. Also check the Web for discount tickets.
When we informed our slick salesperson at the end of the 1.5 hour presentation that we were really not interested, we were then visited by the sales manager who proposed the following "deal" for the Amelia project - supposidly they are now selling for $27,000 but pre-construction price is $24,000 plus they would give us $7,500 for the unit (which is what the orig owners paid for it - NOT even close to what we paid - We got it for MUCH less). Sounded like a great deal. HOWEVER, a word to the wise (acutally a couple) - ASK about the recission period - they conveniently forget to mention this AND ask about what plan you are on (gold or platinum). DON'T let all the "points" offered go to your head either. Remember there is a difference between hotel points and resort points. II member ship for life sounds good but it is only good for this resort and dependent on what week Sheraton assigns you. After we got home I looked and saw that we were in the Gold plan which is limited to 17 weeks and if you have school age children or grandchildren, not at all conducive to their vacation times. Our supposed top salesperson did not explain the difference between gold and platinum seasons and did not expalin the difference between voluntary and mandatory resorts (thanks for the info on that!). When we got home we called the Sheraton Customer care line and received more pertinent information from them than during our 2+ hours with the salesperson. Bottim line - we are going to rescind and keep our 2 bedroom (not a lock-out, older, but clean and close to all attractions) unit that is locked in to Week 25 and I can deposit it with II or any other without hassle.
Thank all of you on the TUB BBS for your invaluable input and valuation.
We currently own a Marriott timeshare at Ko Olina (Oahu) and found that experience absolutely delightful. Anyone interested in finding out more let me know. Our rep was totally low key, knowledgeable and professional. Plus we have the Platinum season!
One last thing - we also recently received an "invitation" to visit the Princeville Resort on Kaua'i - the 5 night deal. Does anyone have any positive/negative thoughts on this? And, since we are rescinding on the Orlando deal will this disqualify us from taking advantage of this deal?
Thanks again to everyone!!