Bought [Starwood] timeshare- now having doubts...

[fresca]

While on Maui last week, I went to the Westin (Startwood Vacation Network) sales and bought a Kauai Princeville week a year for $49,900. I was attracted to using the exchange (SVN), less likely using Interval International, but definitely the Starwood Preferred Guest points to travel to places in Europe and Asia that do not have timeshares. We get 141,000 options and 88,000 SPG points (available every other year).
My concerns after coming home and reading on TUG are these:
-it may be difficult to get the villa I want, when I want. If I do not call exactly 8 months in advance, will that Cancun villa be gone, and I'll end up going to myrtle beach?
-The hotel points are nice as an alternative, but you could always just pay for the hotel
-and lastly, am I a sucker to buy from the developer. I can't determine in the 18 hours I have left to rescind whether I could buy a resale and then join the network, trade in SVN, AND participate in SPG points. I assume I would not be in the GOLD status with a resale. (The developer gave us gold status and 100,000 points)
Any thoughts in the next 18 hours would be nice. I apologize if much of this material is available in the threads, but my time is running out...

 

[Icarus]

If you are having doubts, rescind now before it's too late. You can always purchase it later if you decide later that you really want it.

Personally I think 50k is a lot of money for a timeshare week, and the MFs are so high there, you should really only consider buying in Hawaii if you intend to occupy at your home resort every year.

-David

 

[DeniseM]

(I'm going to move your post to the Starwood board.)

You are absolutely right - you should rescind for lots of reasons. The main one is that you can buy resale at this or another Starwood resort for a lot less money.

My own experience - we bought a Starwood TS on Maui for $44K preconstruction, and now it is only selling for $30K on the resale market.

I expect the Princeville TS to depreciate even more because it is not a mandatory resort - in other words, if you sell it, the new buyer would not be able to exchange it in the SVN.

You should rescind, and follow the directions in your paper work exactly. Even if you eventually decide you do want this deal, it will still be there next week, next month, and next year, and for less money.

And, if you buy resale at one of the 5 mandatory resorts, you will still be part of the SVN & be able to exchange - see the Members Resources Sticky for more info.

Gold SPG Status isn't worth much, by the way, and there are other ways to get it. If you want Starpoints, just get a Starwood AMEX card.

Please take your time and do your homework. You will be much happier if you make an informed decision and don't buy under pressure. A good place to start your research is the Owners Resources Sticky at the top of this board.

Good luck!

 

[UWSurfer]

Ditto.

49K is a aweful lot of money for a single week. Buying resale we paid less than half that for our 3-1/2 weeks combined...2 of which are HGVC.

Rescind now...take your time to research and get what you want a price you won't kick yourself for spending.

Even in the end you decide to buy what you have now, you'll sleep alot better knowing you researched it completely.

Rescind now!

 

[SDKath]

Rescind now. Then buy something cheap ($3-$5,000) on resale (eBay?) and then go back to the developer and requal your resale purchase. That makes the developer purchase worth while. Katherine

 

[grest]

Just want to echo what others are saying: rescind immediately, then come back and learn from this site...lots of helpful people who can answer your questions. The kind of money you are talking about is too much to spend when you are not sure. Welcome to TUG!
Connie

 

[Bill4728]

Rescind now. Then buy something cheap ($3-$5,000) on resale (eBay?) and then go back to the developer and requal your resale purchase. That makes the developer purchase worth while. Katherine

Buying from the developer can make sense but let me illistrate what Kathy is saying.

You buy Princeville (WPOR) from the developer for $50K, Then find you'd like another week, so you buy Mission Hills (WMH) in Palm Desert but since you now know about resale, you buy resale and save 80%. But since you bought first from Starwood then resale, your WMH is not in SVN and you get no hotel points for it.

But If you buy WMH first ( resale) then WPOR ( from the developer) the WMH week is "retro" or "requalified" into SVN and you get options and hotel points for both units.

Hope that helps

 

[rocky]

Recind. No question. You can change your mind and buy again later if you really have to have a developer purchase. But you can save 10's of thousands buying resale. Please don't learn the expensive way like the rest of us!

 

[teepeeca]

I sure hope they can rescind---using the "proper method". Don't forget that this is a "federal holiday" --- the post offices ARE NOT open !!! Maybe by telegram, with a follow-up by registered letter??? Also maybe a recorded telephone call??

And, another thing. The OP stated that they get the points every other year. Does this mean that they bought an EOY for the $49,900? Sounds like it to me. Not sure, but I have heard that an every-year at Princeville was around $75,000+.

Tony

 

[Dave M]

I sure hope they can rescind---using the "proper method". Don't forget that this is a "federal holiday" --- the post offices ARE NOT open !!!

That could be a problem, assuming - as suggested by the OP - that today is the deadline (the 7th day). The only options allowed by Hawaii law are to mail the recision today or deliver it today. Might be tough to deliver it today unless you get on a plane.

§514E-8 Mutual right to cancel. Within seven calendar days after the execution of the contract to purchase an interest in a time share plan, or within seven calendar days after the purchaser's receipt of a disclosure statement required by this chapter, whichever occurs later, either party may cancel the contract without penalty by mailing or delivering a notice of cancellation to the other party at an address specified on the contract. The notice of cancellation shall be effective upon mailing or delivery to the other party at the address specified on the contract.

Other than certain tax filings and tax payments (§231-21), there doesn't seem to be any exception in Hawaii law that would allow a "next business day" mailing.

If I were canceling, I would call and ask for a fax number and fax it today, followed by a "confirming" cancellation via certified mail tomorrow. Then I would hope for the best.

 

[SDKath]

I'll take that plane ride for you right now and deliver it by hand, if you wish. Katherine

 

[DavidnRobin]

Rescind - and the recission note does not go to HI - it goes to SVO in Orlando. You can fax both places (SVO Sales at WKORV and Orlando) - I did this successfully - also call and let them know - and send them the notice by mail also (overnite delivery).

If you are a baseball fan (As , Giants), and like Scottsdale area - you could buy WKV (RESALE!) and go work the system from this point. I often tell people that WKV resale is the best start for a foray into SVO.

Rescind, Research, Resale (& Requal)...

 

[califgal]

Also regarding trading in your starOPTIONS for starPOINTS in the hotel system......it's not worth it. You've paid 50K for a beautiful 2 bdrm villas and pay high maint. fees and then turn it in for 88K starpoints and you get the run of the house small hotel room for barely 1 week depending what starpoint deals are offered at the time of booking. Also Starwood keeps increasing the required points for stays and creating higher hotel categories .

 

[Dave M]

Rescind - and the recission note does not go to HI - it goes to SVO in Orlando.

True. But because the purchase was made in Hawaii, the recision is subject to Hawaii law as to timing and method of the recision, unless the developer wants to be more lenient.

 

[DavidnRobin]

True. But because the purchase was made in Hawaii, the recision is subject to Hawaii law as to timing and method of the recision, unless the developer wants to be more lenient.

I rescinded a SVO contract (for WKORV-N OF from the Sheraton Poipu sales office) - the recission notice that was part of the TS package was to be sent to Orlando, but I sent to both - including faxing, including calling. They accepted the recission notice via Fax to the Poipu sales office.

Luckily, like peatman, I found TUG upon my return - and that's when it all began...
{...there was Cowboy Neal at the wheel of the bus to Nevereverland"}

sorry - couldn't help myself.

 

[jenniferhu]

SVN guarantees a place to sleep...

If you are worried about getting a week you want - don't. Starwood guarantees you a place to stay. If you can't get a 2 bdr on Maui at Westin - they will find you accomodations which are equal to what you relinquished. It helps to trade within SVN and you shouldn't have many problems. Of course the earlier you book the better. $50k is a lot of money, but you do get to trade on SVN and use points and options etc. Just depends on your financial situation - can you afford this? Do you really want to finance your vacations for the next 20 years?

I agree with purchasing a resale but always always purchase where you want to vacation.

 

[DeniseM]

Starwood guarantees you a place to stay. If you can't get a 2 bdr on Maui at Westin - they will find you accomodations which are equal to what you relinquished.

Hi Jennifer - Welcome to the Starwood board!

Are you a Starwood owner?

I'm not clear on what you mean in the above quote? Starwood doesn't make any guarantees about getting the week you want - not even at your home resort, unless you own a fixed week. And I've never heard of them finding alternate accommodations for someone.

Since the OP bought a TS at the Starwood resort on Kauai, he would have no priority for the Starwood on Maui. That would be a Star Option exchange and he would have to call at 8 mos. and see what was available. If nothing was available, he would have to find alternatives. Even at your home resort, if you don't make your Resv. between 12 and 8 mos. out, there are absolutely no guarantees that you will get a Resv.

 

[fresca]

Thanks!

Thank you everyone for the input. I just got back from Fedex/Kinko's. My contact said by midnight 1/22/08 I should deliver, mail or telegram them my cancellation. They should have it before noon tomorrow. I will also call/FAX if needed.
I hope to partake of timesharing, perhaps even through Westin's network, but not on their terms, with $25,000 of my $50,000 going to marketing.
Now I can research the broader market. I see reviews of locations on TUG, but not reviews of the networks or holding companies themselves. Any intel on which company (Starwood, Marriot, etc) provides the best experience and maintenence of their properties? I read a post by unhappy people in St. John describing deteriorating properties and unresponsive SVN management...

Thanks again!!

 

[pointsjunkie]

Rescind now. Then buy something cheap ($3-$5,000) on resale (eBay?) and then go back to the developer and requal your resale purchase. That makes the developer purchase worth while. Katherine

you are getting it!!!!

 

[stevens397]

Peatman-

As others said (and you were obviously listening!) this is a game and you are learning the rules. I bought Kierland from the developer. It was my second timeshare and I had already learned about resales.

But I wanted Kierland and bought it preconstruction for $27,000. I got 125,000 Starpoints plus the additional 27,000 for putting it on my Starwood AMEX. Those 152,000 Starpoints (way before the current devaluations) gave me vacations worth over $7,000 - that's in real dollars - so my net was $20,000 and I could get more for it today.

But with today's prices, it's harder and harder to rationalize unless you [1] insist on the location and want it NOW or [2] ou use it to requalify another resort bought at the right price. Average the two and you probably have a great deal.

BTW - a question I haven't heard answered. Once a unit is requalified, does it keep that status through progressive resales or just for the current user?

 

[pointsjunkie]

if it was a V resort when it goes up for sale again it is back to being V. that' why you get less money on the resale market for it.

 

[DavidnRobin]

Good for you. Be careful in interpreting reviews and systems.

Some systems work well for some and not for others.

Reviewers also have different ideas of vacations and resorts/rooms - and different intentions/agendas (both ways).

I own at WSJ - and, believe me, while I am 'squeaking' - we also look forward to our WSJ/STJ visits more than anywhere else. These things are relative - it is a great place and the resort is also very nice. Resorts in the Carribean get abused by their enviroments - and upkeep is tough. STJ is a special place - and some may be tough on WSJ... it is still a great resort (for some... like us).

Anyway... we choose SVO because it works great for us. If you find the same is true for you after researching - consider resale WKV as your first buy. We didn't - WKV was our 3rd resale, but knowing what I know now - this would be my advice... to me.

Good Luck.

 

[SDKath]

Any intel on which company (Starwood, Marriot, etc) provides the best experience and maintenence of their properties? I read a post by unhappy people in St. John describing deteriorating properties and unresponsive SVN management...

Thanks again!!

I am relatively new to the whole TS idea but I have done a LOT of research over the past 5 years (we were ready to by WKORV preconstruction back in 2004 but then I got preggars). I think Starwood has the highest quality resorts from what I have read. I have been to a few (all on the West Coast) and I have been to a number of Marriotts on the West Coast as well. There is no comparison. I think the Starwood properties are way nicer. I also love their hotel chain and although many people are down on the whole Starpoints idea here, I am planning on using it a lot eventually for short stays (3-4d) at Starwood hotels I have come to love and pay a premium for otherwise.

We are now in escrow on a resale (WMH) and then looking to purchase from the developer for the requal, probably later in the year. And we are looking for a high demand "event" week which are frequently only available from the developer, especially if we want a fixed unit too. Soooo, it will make it worthwhile for us to shell out top dollar at that point.

Katherine

 

[DavidnRobin]

BTW - a question I haven't heard answered. Once a unit is requalified, does it keep that status through progressive resales or just for the current user?

No - SVN does not transfer upon sale of a requaled V resort - just like if owned as an original buyer. They do not switch rules for this - and is covered in the OM.

WKV Plat 2Bd LOs are running $20-22K

Robin and I have 320K SPs - and we only bought WPORV EOY from SVO - can't wait to use them before they drop too much in value.

 

[london]

Timeshare Ownership

If you have doubts about your ownership, best to take your loss and sell your week or points.

Other options for use or rental are also available.

Comments?