Help with Grandview Las Vegas - Rescind or not

[sandals99]

Hello,

My wife and I are in Las Vegas right now and went to the presentation and we signed a deal for a 2 bedroom (really 2 One Bedrooms) and so that works out to 2 weeks plus RCI is giving 4 bonus weeks every year, however they can not be banked. There is only one maintenance fee for $590 for the year and the sales price was $15,990. I just found this site and am now having doubts as to whether we made a good decision or not. The unit is for week 50, and the sales prices started at $30k so at $15,990 i thought it was a good deal.

Any comments or suggestions would be great. Did we pay too much? Can we get good rental $'s from the unit? How is this for trading?

thanks!

 

[falmouth3]

Yes you paid too much. Rescind, following the instructions in your information packet to the letter. If it says to send by mail, do not fax, do not fed-ex. You will be happy when you educate yourself and find that you can find another week at a fraction of the price on the resale market.

Hang around here and learn. Then, when you feel comfortable, do some shopping on the resale market.

Sue

 

[dougp26364]

Grandview is a nice resort but, by Vegas standards it's average and it's 5 miles south of the strip. Vegas is overbuilt and getting worse each year with > 10,000 new timeshare units planned by 2010, at least half of which are under construction now.

As far as exchange power you're going to be competing with the likes of HGVC's, Marriott, Wyndham and Westgate, all of which have great locations either on the strip of very close to the strip.

You could pick up a 2 bedroom Polo Towers unit probably for less than $1,000 on the resale market, have a very nice newly refurbished unit and have a GREAT location right on the south end of the strip just north of MGM Grand, Directly across the street from MGM's new City Center and just south of Planet Hollywood.

Grandview is nice but it's not in the best location and there are other programs out there that are better. For instance, you could pick up a HGVC unit probably in the $6,000 to $7,000 range and have a much better system for internal exchanges into Hawaii, Orlando and other affiliated resorts with Hilton. Hilton also trades much better through RCI than Grandview is going to trade.

For that matter, if you really want to own at Grandview just watch E-bay and pick up a unit resale for thousands less. You can probably pick up the same unit for less than $3,000.

 

[Talent312]

My wife and I are in Las Vegas right now and went to the presentation and we signed a deal for a 2 bedroom (really 2 One Bedrooms) and so that works out to 2 weeks plus RCI is giving 4 bonus weeks every year, however they can not be banked. There is only one maintenance fee for $590 for the year and the sales price was $15,990. I just found this site and am now having doubts as to whether we made a good decision or not. The unit is for week 50, and the sales prices started at $30k so at $15,990 i thought it was a good deal.

Any comments or suggestions would be great. Did we pay too much? Can we get good rental $'s from the unit? How is this for trading?

Nearly everyone here will tell you to rescind because you could do better for a fraction of the price from a private reseller. I won't tell you that you can. But I can tell you that the fact that you don't know is the reason why you should rescind.

Until you've invested the time and done the research to answer that question for yourself, you have no business spending that kind of money. Is this how you would buy a used car -- by listening to only what the salesguy told you? When you can make an informed decision for yourself, if you still want that deal, it will be available (regarless of what the salesman told you)... But my guess is that you'll find there's much better deals to be had in the resale market.

 

[BevL]

Did you go to Vegas with the intention of buying a timeshare? The car question is a good one. I guess there are people that wander onto a car lot with no intention of buying a car and walk out 90 minutes later having bought one, but not the usual way of doing things.

So, yes, rescind. As was mentioned, if you have to ask whether it's a good price, it's probably not. And that deal will still be there, regardless of what the timeshare guy said, if you decide after researching that you want to still go through with it.

However, I think chances will be slim and none that you will buy this unit from the developer once you've done some research. You may even decide that timesharing really isn't for you, although that viewpoint is quite foreign to most of the hard core types that frequent this board.

Welcome to TUG, I hope you'll find more answers here should you decide to pursue purchasing a timeshare.

Bev

 

[wbtimesharer]

Grandview is a nice resort but, by Vegas standards it's average and it's 5 miles south of the strip. Vegas is overbuilt and getting worse each year with > 10,000 new timeshare units planned by 2010, at least half of which are under construction now.

As far as exchange power you're going to be competing with the likes of HGVC's, Marriott, Wyndham and Westgate, all of which have great locations either on the strip of very close to the strip.

You could pick up a 2 bedroom Polo Towers unit probably for less than $1,000 on the resale market, have a very nice newly refurbished unit and have a GREAT location right on the south end of the strip just north of MGM Grand, Directly across the street from MGM's new City Center and just south of Planet Hollywood.

Grandview is nice but it's not in the best location and there are other programs out there that are better. For instance, you could pick up a HGVC unit probably in the $6,000 to $7,000 range and have a much better system for internal exchanges into Hawaii, Orlando and other affiliated resorts with Hilton. Hilton also trades much better through RCI than Grandview is going to trade.

For that matter, if you really want to own at Grandview just watch E-bay and pick up a unit resale for thousands less. You can probably pick up the same unit for less than $3,000.

I have a triannual points RCI points unit that I bought last year for a good price. The nice thing about the triannual is that you get 16,000 RCI points and you are an owner at the resort. If you like the resort, rescind and email me and we can discuss.

Bill

 

[sandals99]

thanks for all the replies. I think the best decision is to rescind. I will have to read the through all the documents but should i type out a letter and drop if off at their offices since i still am in Las Vegas?

thanks again.

sanjay

 

[vacationtime1]

thanks for all the replies. . . . should i type out a letter and drop if off at their offices since i still am in Las Vegas?

It is essential that you do exactly what is required by the rescission instructions; if it says to fax something to a particular number, fax it to that number; if it says to FedEx something to a particular address, you do that; etc. And be certain to do it within whatever time period applies.

If you have a choice, do whatever creates a record of delivery (FedEx, fax, registered mail, etc.).

Typing and dropping off a letter will not hurt, but it may not be effective. And now is the time to make sure that your decision to rescind gets you the result you want.

After 60-120 days of research on TUG and elsewhere, you can confidently purchase resale -- or confidently decide that purchasing a timeshare is not the right move for you.

 

[sandals99]

I just finished reading some of the documents and there is a Revocation letter but it states to send it to the developers office in Florida via registered mail or telegraph. so it looks like i won't be able to drop off it off at the Las Vegas office. Now i need to find a post office on the strip or someone here in vegas that can send a registered letter for me. Also, a quick question, is a telegraph like sending a fax?

thanks!

 

[dougp26364]

I just finished reading some of the documents and there is a Revocation letter but it states to send it to the developers office in Florida via registered mail or telegraph. so it looks like i won't be able to drop off it off at the Las Vegas office. Now i need to find a post office on the strip or someone here in vegas that can send a registered letter for me. Also, a quick question, is a telegraph like sending a fax?

thanks!

You may still be able to drop it off at the Las Vegas office but, be certain you get something in writing stating you dropped it off AND that the contract was rescinded. Of course they'll want to know why and they'll try to put you through the hard sell again to convince you to keep the contract.

Probably the best thing to do is just follow the instructions in your contract and send everything back to the address listed. Be sure to send everything back or they may charge for for whatever you keep. Also be sure to send it signed receipt with proof that you sent it and that they received it.

expect a phone call from your salesman sometime down the road as an attempt to salvage the sale. Be prepared and be firm when you tell him you decided not to spend that kind of money on a spur of the moment purchase.

 

[Laurie]

Now i need to find a post office on the strip or someone here in vegas that can send a registered letter for me.

Prepare your rescision (sp?) documents, gather up all the materials they gave you, take a taxi to *any* post office in Vegas (after a stop at a copy center), and hurry! Don't worry about spending $15 to save yourself $15,000.

As others have advised, make sure you send registered, with a return receipt so you have proof of delivery, etc.

Once you have taken care of that, come on back to TUG, to more thoughtfully discuss what might or might not meet your timeshare dreams and desires... how to go about getting what can work for you at a reasonable price... and how to make a purchase that won't cause you to absorb a huge loss, should you decide to resell down the line.

We rescinded our first developer purchase, thankfully. We ended up buying timeshares that are nothing like the one we rescinded on. And we have bought and sold several as we attempt to bring our annual costs into line with what we want and what we get - both of which do change over time. So realistic resale value is a biggie for me.

I will mention that week 50 is often one of the lowest-trading, and probably lowest-rental-value, weeks out there. Relatively few people are on vacation, and most are preparing in one way or another for the upcoming holiday. So supply far outstrips demand.

And RCI bonus weeks ... not sure what that is referring to, but if they're anything like the ones I get, substitute a "g" for the "n".

 

[sandals99]

thanks for all the help, comments and suggestions, my wife and i are really appreciative. I sent the revocation letter via certified mail and faxed a copy over as well. I got a hold of the office here in Vegas and they tried to talk me out of it and then said i could fax a copy of it to them, so i did. I got a call from the manager and he tried to talk me out of it, said $15k was a great deal and he could sell it for $20 so i then apologized and said i am firm on the decision to recsind.

thanks again!

 

[funtime]

Rescind and stick to your guns. I know you may feel like a rat right now but it is not personal, it is a business deal and you are about to find a better deal. It is an arms length transaction that allows you to rescind (undoubtedly required by Florida law) so do not feel bad that you are rescinding. That having been said, try not to darken their doorstep while you are in Vegas and try not to answer their phone calls. The less interaction the better. Funtime

 

[funtime]

Week 50 is a very low demand week usually for travel of any type. Also, do a search on ebay for Grandview and you will find a lot of people in the rental game so you would have had a lot of competition. Funtime

 

[dougp26364]

thanks for all the help, comments and suggestions, my wife and i are really appreciative. I sent the revocation letter via certified mail and faxed a copy over as well. I got a hold of the office here in Vegas and they tried to talk me out of it and then said i could fax a copy of it to them, so i did. I got a call from the manager and he tried to talk me out of it, said $15k was a great deal and he could sell it for $20 so i then apologized and said i am firm on the decision to recsind.

thanks again!

So if he (the manager) could sell it for $20,000, then exactly why was he trying to convince you to keep it at $15,000? How many people do you know that would just give up $5,000 if they realized they sold something to cheap? How about if you made a deal to sell your car for $15,000, then someone came along wanting to buy it for $20,000 after you'd struck a deal with the first person for $15,000? If that first person backed out, wouldn't you be jumping for joy at making that extra $5,000? That alone should tell you someone was selling something more than a timeshare.

Timesharing can be a great way to vacation and, there are times when buying directly from a developer isn't a bad thing. However, this was not one of those times.

Spend some time on these forums and others and learn what timeshare really is. Take time to figure out if it's a way of vacationing that will work for you and your family. Learn about the different systems of exchaning such as week's exchanges and the different point systems offered. Learn about the systems and the independant developements. Learn about the two major exchange companies and their differences. Learn about the independant exchange companies and what quality of resorts they'll take. Learn about the difference between fixed weeks, floating weeks and seasons. Most of all learn about buying resale, when it's a good thing and the few times that buying from the developer might be a good thing.

 

[wbtimesharer]

I just finished reading some of the documents and there is a Revocation letter but it states to send it to the developers office in Florida via registered mail or telegraph. so it looks like i won't be able to drop off it off at the Las Vegas office. Now i need to find a post office on the strip or someone here in vegas that can send a registered letter for me. Also, a quick question, is a telegraph like sending a fax?

thanks!

Definately drop it off at their office in addition to sending it to Florida. Make sure you have someone at the office sign 2 copies of the letter with one staying with them and the other you keep. I would also email your salesperson your intentions after you have sent the rescind letter via registered mail. As phone messages get deleted, leaving one won't be of much use.

The more trails you leave the better off you are should they try to be cute about it.

Bill

 

[wbtimesharer]

thanks for all the help, comments and suggestions, my wife and i are really appreciative. I sent the revocation letter via certified mail and faxed a copy over as well. I got a hold of the office here in Vegas and they tried to talk me out of it and then said i could fax a copy of it to them, so i did. I got a call from the manager and he tried to talk me out of it, said $15k was a great deal and he could sell it for $20 so i then apologized and said i am firm on the decision to recsind.

thanks again!

You should have replied "Excellent, I just made you $5000 dollars, what do I get for a commission". Ah, nothing like being a smart aleck.

I am glad that you were able to rescind. The Grandview is a nice resort and for some people close enough to the strip without being right in the middle of it. Plenty of spots there to choose from so sit back, study up a bit, and you will probably wind up like me owning more than I should. Luckily, I don't have a lot invested in what I own.

Bill
Bill

 

[sandals99]

thanks Bill for all the replies. looks like i have a lot of reading to do to learn about all the options and what would work best for our family. This is a great site and i'll have to spend some time reading up on things.

thanks again for all the info and help.

I did get call back from the lady at the vegas office that did all our paper work and she confirmed receipt of the revocation letter as well.

I thought it was strange that the manager said he could sell it for $20k now, i didn't get smart with him but did tell him to go ahead and sell it.

sanjay

 

[JamminJoe]

I really like Grandview, I picked up an every year week 11, 1-bedroom for $1,000 on ebay, so yes you can do much better.

 

[timeos2]

Unless it's very special don't overpay

One of the many keys to timeshare ownership - after the #1 mantra of only buy resale - is to avoid getting hung up on a specific resort unless it really offers something unique to you. In most cases, especially in areas with thousands of timeshare units, there is no need to own at any one resort as it is very easy to get there with trade or rental. Focusing in on one resort can easily lead to paying too much.

There are very limited cases where a location or a resorts features can tip the scale to make it extra desirable for your needs but you still have to work to get the best deal. Remember its the annual fees, not the purchase cost, that are the true cost of ownership. Look for a resort that has owner Board control and/or a points based system that allows easy (and often free or heavily discounted) exchange to different locations.

As an example we bought a resort with a unique location within walking distance to Disney World as our very first timeshare. It has less than 200 units and will never expand. There is a very limited number available so it will (hopefully) always have a demand. We nearly bought retail but held out and got the exact resort and use rights for 1/2 at resale (even in 1993). Then we bought a second resort, one we really liked for it's on site features and units, also resale, but it has a very generic location. So much so that they have built literally thousands of units all around Orlando. We could stay at any one of those nondescript unit on a bonus week or last minute trade for a couple hundred dollars - so it's not a good value for our $700/year annual fee. So even at resale that was not the best choice to buy. Win one, lose one.

In fact now it appears that in most cases you are far better off picking a system such as Wyndham, Diamond, Worldmark, etc that can get you a deeded ownership with a large internal trade system and priority for out of system trades. Buy a specific resort / week only if it offers a very unique opportunity.

 

[Blondie]

Just to reiterate- week 50 is probably the lowest trading week of the year. This is a waste of your money.