Marketplace - Unrealistic Prices

[jhac007]

..........and then there are some that would pick a 20K week over some free on cheaper ones out of ignorance (meaning lack of knowledge) using the theory that "they got the best one because they paid more"!

 

[breezez]

I posed the question of TS resale realtors a couple months ago and unfortunately created an unintentional firestorm from a few Tuggers. However, it was regarding this same subject. I saw an ad for a particular property listed by a private Tugger for $1.00 and another ad for the same unit type at the same resort for I believe $10,000.00. The ads were on the same page! My question was why do timeshare realtors even bother to list these extremely over priced ads unless their collecting a fee to sell the TS unit? The only thing I can think of is the owners are either very uninformed, elderly or desperate; maybe all of the above. Several years ago my 85yr old aunt paid $1,500.00 to a TS resale realtor to sell her very undesirable unit. Of course she received “zero” offers. The TS resale person listed it on several sites including TUG, RedWeek, etc.; therefore full filling his legal obligation to list her unit. I realize there are possibly a few honest TS resale people, but one must wonder why they would even be in the TS resale business because there is certainly very minimal (if any) potential for profit, other than the up front commission. I, like another Tugger commenting on this subject, contacted a TS resale realtor and made an offer that was realistic. The realtor emailed back telling me my offer was too low and he knew the seller would not entertain my offer. It’s really too bad that TS owners don’t read all the good info here at TUG prior to shelling out good money to pay someone to sell their timeshare.

A realtor is required by law to present all offers to their property holders they represent. Just because they are listing vacation intervals does not exempt their obligation to bring all offers forward.

 

[e.bram]

I offered $500.00 for a TS SMTN was asking $6000.00 which was accepted.

 

[Panina]

I offered $500.00 for a TS SMTN was asking $6000.00 which was accepted.

What were your closing costs? What did you get?

 

[e.bram]

Closing costs including commission, deed preparation and recording, Wyndham transfer were $1400.00
The TS was week 28 unit 14(two story town house 20 feet from bay waterfront)called Wyndham Newport Overlook in Jamestown RI.

 

[JudiZ]

Wyndham Newport Overlook - I love it! I think you got a great deal even with the closing costs.

We have friends who own in the same resort that we do. Originally, they bought a ski week in February. Then they decided they wanted a different week when their children were off the school schedule. I mentioned that I had seen some resales but they weren't interested. Then, as they had grandchildren, they decided that they wanted a summer week instead. Each time they bought/changed their week, they paid the resort about $10,000. For the record, they were happy with every transaction. When I said that we had bought a unit there as well, they asked when, where and from whom. When I said that we bought ours from a fellow Tugger, they were confused. Surely there is something wrong or different about our unit. I never mentioned the price. Probably better not to. I avoided discussion about it. They are as happy as clams with what they have. I have no interest in "enlightening" them. I tired once and they made it clear they weren't interested. I know for certain, however, that if they ever decide to sell, they will be convinced that their timeshares is worth no less than $10,000. Sometimes people just can't believe that what they own is virtually worthless.

Judi

 

[e.bram]

Judi:
Remember the closing costs included the deed recording fees and taxes and Wyndham owner transfer. Not trivial and unavoidable.

 

[1Kflyerguy]

One of my favorite Ebay ads. 7000 2 bedroom platinum every other year at Las Palmeras. Starting bid? $22050.

https://www.ebay.com/itm/Timeshare-...691760?hash=item2600f32430:g:KnMAAOSwYq5bXPYp

I agree and have noticed this ad as well. Believe they have come down a bit since they first listed it.

Las Palmas is new resort, so they can't have owned very long. Either they purchased and quickly decided timesharing is not for them.. but don't realize or can't yet accept the resale valuation.

Or its possible they have a loan on the unit, and need to clear enough to pay that off.

 

[dayooper]

I agree and have noticed this ad as well. Believe they have come down a bit since they first listed it.

Las Palmas is new resort, so they can't have owned very long. Either they purchased and quickly decided timesharing is not for them.. but don't realize or can't yet accept the resale valuation.

Or its possible they have a loan on the unit, and need to clear enough to pay that off.

It was first listed at $29000 and they have been dropping it sense.

 

[cd5]

We have a buy/sell section in our Embarc Facebook group. We've had members blaming us for the price points sell at (usually between $10-$30 a point)
- which is actually pretty good considering many timeshares can't be given away!. (average # of points owned is usually around 200, fees are about $6.50usd per point). When you try to explain to these people that it is a combination of no or very low ROFR exercised by the developer (in our case DRI) and market value, they really don't want to know anything about it and become angry at us for "taking advantage of people". Unfortunately this has happened several times although the majority of members trying to sell "get it". None is so blind as he who will not see...

 

[scootr5]

I offered $500.00 for a TS SMTN was asking $6000.00 which was accepted.

What were your closing costs? What did you get?

I made a similar offer on a Quarter House unit. They quoted me a whopping $2500 in closing costs, and told me the risk of ROFR was extremely high at that price offer. When I declined and said that QH had no ROFR, the gentleman handling the emails got very snarky and replied that "Every resort has the option for ROFR. It just depends if they want to activate it or not."