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New Owner...is this a good deal?? Please Respond

KeithA16

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Hi All-

I recently took a trip down to Orlando and stayed at the Vistana Villages...I enjoyed it so much that I decided to buy a timeshare. I bought a 2 bedroom lock off. My intention was not to use it in Orlando so much as the other places that looked appealing to me. However, now I'd like some input on what kind of deal this was. I have been reading this thread among other things and I really don't know.

I bought this with the mindset that I will have it forever, it can make going to very expensive areas of the world more affordable, and it is a flexible plan. I would look on the SPG website and see $500-900 a night in the Carribean or Scottsdale and think that would be way too much for me, but I can buy a timeshare now and it would become more doable especially many years from now well after I finished paying it off (minus fees). I am in my late 20's and I don't have a large family yet...so I figured if I bought now and paid it off by my mid 30's I would have a lifetime to enjoy it and really get bang for my buck...so I bought it more-so as a long term investment to make really nice vacations realistic for years to come. Could I get some thoughts on this?? I assume many of you are much more seasoned than myself, so any input would be greatly appreciated, and will help me decide whether to keep it or hold off for a little while. Thanks so much.
 

DeniseM

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LisaRex

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Please rescind immediately. You can buy a similar unit in the Sheraton Vistana Villages Bella or Key West sections and you'll get 81,000 SOs annually for ~$2500.
 

SteveS1

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As a fellow New Jerseyan I'll be among the first to suggest that if you bought your timeshare from the salesman at the Villages then you should rescind. It is absolutely true that there is a good chance you will save money on better vacations in the long term by owning a timeshare, but buying from the developer you are paying for something you can get for about 90% or more cheaper on Ebay and elsewhere. Timeshares in general and Starwood in particular have many types of ownerships and options, and the few links at the top of this forum are a great way to start learning, but first thing you should do is rescind from the develper purchase so you can start with this one:

http://tugbbs.com/forums/showthread.php?t=74493
 

KeithA16

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Rescind immediately? It's really not worth it?? How would that work, for example if I wanted to use a villas such as the ones in the Carribean or Scottsdale, how would I find this information to book a trip?
 

LisaRex

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Rescind immediately? It's really not worth it?? How would that work, for example if I wanted to use a villas such as the ones in the Carribean or Scottsdale, how would I find this information to book a trip?

You use the same method you'd use if you bought from the developer. The key is to buy a mandatory resort.

Seriously, you will kick yourself if you don't rescind. There is so much to learn, and you'll be so happy you found this site before you threw away thousands of dollars.
 

DeniseM

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Rescind immediately? It's really not worth it?? How would that work, for example if I wanted to use a villas such as the ones in the Carribean or Scottsdale, how would I find this information to book a trip?

The same exact way you reserve if you buy from the developer - you call Owner Reservations and make a reservation.

PLEASE read the info. I posted above about rescinding - you only have a few days to do it.

BTW - forget most of what the sales person told you - they lie.... ;)

The problem is not with the resort - the problem is that you pay about 80% more when you buy from the developer... On top of that, aren't you making payments and paying high interest? :eek:
 
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PamMo

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Rescission information is included in your paperwork. You need to follow the instructions carefully. If you are within the time period and can rescind, DO IT NOW! Owning a Starwood resort works beautifully for many of us here on this forum, but we try to be smart about it. You can save a lot of money by buying a resale unit at SVV. For example, a 2BR lockoff in the SVV Key West phase (mandatory SVN resort which gives you StarOptions) can be had for much less than what you paid: http://www.ebay.com/itm/300850915570?ssPageName=STRK:MEWAX:IT&_trksid=p3984.m1438.l2649 You'd get 95,100 StarOptions to trade for other resorts in SVN.
 

KeithA16

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Understood...thanks so much to all who responded, I am really glad I took a look here....I don't think it's necessarily a "bad" deal, it's just that there are better ones out there and its takes awhile for it to become a good deal...and it may never come. I know a lot of families and friends that have timeshares and they all seem to like them, but I can definitely wait and try out the resale market before I buy. I do think I will take your advice, thanks so much for the responses!
 

DeniseM

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It is a bad deal - because you paid way too much - don't do it!

Timeshares ONLY go down in value - it will NEVER become a good deal - don't believe what the sales person told you!
 

PamMo

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Understood...thanks so much to all who responded, I am really glad I took a look here.... I do think I will take your advice, thanks so much for the responses!

Hooray for Tuggers!!!! Another one saved!!!!!!:cheer: And in only twenty minutes, too! ;)
 

ValleyGirl

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Great Decision !!!

We bought a 2BR lockout on E-Bay for $900. Later "retroed" it (bought another property from the devloper for at least 20K) to get full benefits incluing counting for Elite membership.
 

DavidnRobin

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It is a bad deal. If you ever do decide to buy from SVO you are going to want to own a resale first anyway (to requal it), and this is rarely advised unless you want 5*/PFL status, and have lots of time and money to vacation.

Congrats on finding TUG in time - many do not.
 

Eagle7304

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KeithA16-
If I would have known about Tug before we bought our timeshare it would have saved us a WHOLE lot of money. Read all about timeshares and then make educated decisions....Buy where you want to go!!! And then if you can't trade it then you can always go there for vacation. :clap:
 

KeithA16

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You guys are great! Thanks for the help...we all have a lot to learn sometimes I'm glad I found out now... However, now that I know I can get a timeshare for 1-3,000, how would you all rate this timeshare if thats the case? For example, the one on ebay now can be had for 3,600 or less and is for 95,000 options.
 

grgs

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YFor example, the one on ebay now can be had for 3,600 or less and is for 95,000 options.

I think the buy it now price is too high, but the opening bid price is reasonable. Here are the ebay sales prices for this unit for the last 3 years:

2/9/2010 2 bd LO EY Prime 2,912
5/17/2010 2 bd LO EY Prime 2,850
6/17/2010 2 bd LO EY Prime 2,125
7/12/2010 2 bd LO EY Prime 1,875
7/16/2010 2 bd LO EY Prime 2,025
10/2/2010 2 bd LO EY Prime 2,455
10/7/2010 2 bd LO EY Prime 1,025
1/24/2011 2 bd LO EY Prime 1,072
3/9/2011 2 bd LO EY Prime 2,137
3/30/2011 2 bd LO EY Prime 1,175
7/5/2011 2 bd LO EY Prime 810
9/15/2011 2 bd LO EY Prime 4,251
9/20/2011 2 bd LO EY Prime 1,751
11/28/2011 2 bd LO EY Prime 1,537
2/5/2012 2 bd LO EY Prime 2,800
2/5/2012 2 bd LO EY Prime 2,350
3/7/2012 2 bd LO EY Prime 3,000
4/10/2012 2 bd LO EY Prime 2,550
4/19/2012 2 bd LO EY Prime 2,551
1/16/2013 2 bd LO EY Prime 3,000

In addition to the final bid price, don't forget to add in closing costs and the 2013 maintenance fees. I'm surprised their not collecting the fees at the time of sale.

Best wishes,

Glorian
 

PatDexter

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You guys are great! Thanks for the help...we all have a lot to learn sometimes I'm glad I found out now... However, now that I know I can get a timeshare for 1-3,000, how would you all rate this timeshare if thats the case? For example, the one on ebay now can be had for 3,600 or less and is for 95,000 options.

I think you can find a better deal if you're patient. There have been plenty of eBay opportunities on mandatory resorts with 81k options over the last few months.
 

Quiding

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I am so jealous of you finding tug within the rescinding time.
I also bought at svv from the developer. Oh how much I have learned after that. Especially not to believe a salesman ;)
It just sucks to be honest, I have paid so much more than I had to :(

If you don't decide to rescind, I can hop on the first plane to you, do all the paperwork and tben you can buy my 2 (!) Units for 50% ;)

To be honest, I feel sick and embarrassed for how much I paid.

And I am 27, I was thinking the same way you are about long term etc. But it can be so much cheaper...
 

jeff01

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As another fellow New Jerseyite, I would advise you to rescind now and then take your time and read some of the old threads, there is lots of good information. If you have questions, just ask - everyone here is very helpful. There is no need to rush into buying something this instant, the resale prices aren’t going up overnight. I bought my first 2 timeshares from the developer before I found this forum and learned the in’s and out’s of Starwood’s program. Once you fully understand the system and the difference between mandatory and voluntary properties re-read the advice everyone has given and I guarantee it will make a lot more sense.
 

LisaRex

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You guys are great! Thanks for the help...we all have a lot to learn sometimes I'm glad I found out now... However, now that I know I can get a timeshare for 1-3,000, how would you all rate this timeshare if thats the case? For example, the one on ebay now can be had for 3,600 or less and is for 95,000 options.

There are a few advantages to getting the unit worth 95,700 SOs. First is that it's a lockoff, so it's larger than a regular 2 bdrm. (Note that it also has higher MFs.) It's nice to have a lockoff if you ever want to travel with another family because you'll each have your own separate, adjoining, villas. Think of adjoining rooms in a hotel, with one side having a full kitchen and the other having a kitchenette.

Another advantage of a lockoff vs. a non-lockoff is that you can split the two sides, if you want. You can stay in one side and then use the SOs of the other side to exchange to another SVO property. Or you can deposit the 2nd side into Interval International, and get a 2nd week someplace else. Or, you can stay in one side for week 1 and then the other side for week 2, which means you can stay for 2 weeks.

All sounds great, right? Okay, now let's get to the downsides of owning in Orlando. First of all, Orlando is teeming with timeshares. With a $15 membership at Redweek.com (a rental/sales site for timeshare owners), you can rent just about every week in Orlando (with the exception of a few very popular weeks) for very close, or even below, MFs. For instance, there are 66 rental listings currently at SVR, all ~$1000 for a 2 bdrm unit. Just contact the owner and rent the week from them. No contract required! (Tug also has a marketplace, though it's not as prolific as Redweek.)

The second downside is that you'll only get 95,700 SOs for your entire 2 bdrm lockoff (51,700 SOs for the 1 bdrm premium side and 44,000 SOs for the 1 bdrm side). If you look at the StarOption chart (which you should have in your Owner's packet, but is also downloaded in the Owner's Resource sticky above), you'll see how limited you are with only 95,700 SOs. You'll never be able to book a 2 bdrm in platinum season, for instance. If you use one side, you'll only have 44,000-51,700 SOs remaining, which really limits where you can go.

For maximum flexiblity, most of us target 2 bdrm platinum season lockoffs, which are worth 148,100 SOs.

Sooo, my advice is to first of all, take care of the recission immediately. Then, take a deep breath and relax. There's a ton to learn. And I personally GUARANTEE you that when you're ready to buy, there will be a ton of inventory to choose from. Do your homework and pick the one that suits your needs the best.

FYI, here is the floorplan of the Key West lockoff unit you're looking at on ebay. The site is very helpful if you want to check out other SVO resorts.

http://www.starwoodvacationownership.com/sheraton_vistana_villages/twobedroom_lockoff_kw.html
 

sjsharkie

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I think the buy it now price is too high, but the opening bid price is reasonable. Here are the ebay sales prices for this unit for the last 3 years:

Glorian--

Where are you able to get the ebay transaction data for such a lengthy period of time? I'd like to get some other data on other SPG and Marriott properties, but eBay only shows the last 2 or 3 months or so.

Is this something you track separately or through a 3rd party site? I'd be interested in finding out how to do this.

Thanks,
Ryan
 

Ken555

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For instance, there are 66 rental listings currently at SVR, all ~$1000 for a 2 bdrm unit. Just contact the owner and rent the week from them. No contract required! (Tug also has a marketplace, though it's not as prolific as Redweek.)

The TUG marketplace is also a good place to find low cost, or virtually free, timeshares at this and other resorts (hint hint). :D
 

KeithA16

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Lisa- Thanks so much for all the information....this morning I took care of the rescission, and I do plan on monitoring this site and keeping up with the benefits/downfalls for a future purchase. I truly appreciate your help in addition to everyone else's. Keep up the good work.
 
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