$1 resales - what's the catch?

[ChrisSteele]

I am shopping around for timeshare/vacation club to join. I've listened to the pitch for a few and read up on others. I came across Vistana on Red Week and noticed a number of the units going for as low as $1 dollar.

There has to be some sort of catch here.
-Why are people practically giving away their timeshares?
-Does Vistana do ROFR on resales?
-Are there perks you cannot claim if you purchase resale? (i.e MVC will not allow any resale units to join the Destination Points program)

Thank you

 

[dioxide45]

The catch is the ongoing annual obligation of MFs. Of course those that buy from the developer have the same obligation. For those $1 Vistana timeshare, they are more restricted and don't have the ability to trade through the VSN using StarOptions. Or if they do, they have a very poor StarOption to MF ratio making them attractive as a resale purchase. Vistana does have ROFR at a few of their properties.

 

[TUGBrian]

yep, these owners simply want out of their obligation to pay the annual dues year in and year out and are looking for someone else to transfer the ownership to.

nothing sinister about it, most timeshares only sell for between 0 and 10% of their original retail purchase price! however it is still important to know what you are buying. While $1 is an amazing deal compared to buying retail and saving you thousands of dollars....some timeshares might not even be worth that $1 asking price in the long run!

 

[needvaca]

There are only 5 "Mandatory" Vistana properties that retain their Staroptions upon resale. Definitely read the Stickys to learn about the Vistana system.
https://tugbbs.com/forums/index.php...comparing-staroptions-maintenance-fees.86540/
and the low seasons in these tend to have a too high maintenance fee to Staroption ratio.

But even "Voluntary" properties without Staroptions tend to get good trading value in II (Interval International)

Most Vistana properties don't have ROFR, except Westin Kaanapali (I think). Again, read the stickys.

 

[vistana101]

Yes, as others noted above, unless you purchase at one of those 5 mandatory properties, you will not get StarOptions for internal trading (but you can often find Sheraton Vistana Villages - Bella or Key West phases only - that sell for very cheap and still come with StarOptions). The one thing you will never get from a resale purchase is Marriott Gold status (minimal value) or the ability to trade your week for Marriott Bonvoy points (on the hotel side). Your weeks will also not be eligible for Elite status within the Vistana system, regardless of how many resale weeks you buy.

 

[DeniseM]

Are there perks you cannot claim if you purchase resale? (i.e MVC will not allow any resale units to join the Destination Points program)

Clarification - Vistana and Marriott are separate timeshare systems. You cannot join Marriott Destination points with any Vistana timeshare.

 

[PamMo]

My Sheraton Desert Oasis 2BR was given to me, and it's still one of my favorite timeshares (I've owned many). It's a nice resort to stay in, and it's a very good trader in Interval - getting great stays at resorts for less than it would cost to own/rent there. When the time comes that I no longer can use timeshares for travel, I plan to pay it forward and give it away to someone else. No catch.

 

[DannyTS]

The general public knows nothing about timeshares and even if many, if bought resale, are better value than renting through Expedia, they would not touch them because of the bad reputation and lack of knowledge. That leaves a relatively small pool of potential buyers that generally understand the system relatively well and will only go for the best deal possible.

The catch is that there is probably something out there that has better value. There are so many sellers and the buyers can be really picky. The only timeshares that have some resale value are those in special places and seasons where it is hard to exchange and expensive to rent. In a points system only those with the lowest annual cost per point have value.

 

[SteelerGal]

As others have indicated, ppl want out of the annual obligation for whatever reason. I have purchased $1 TS knowing the MFs are higher such as WDW. It will be a home resort for my immediate family. I have also lucked up w/ an annual SDO 1 bdrm which is for trading or rental. Have also found some great bargains via Bargain Basement as well. We are able to travel off season so I don’t need the higher seasons.