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this year's rental market ? [South Carolina]

jont

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I'm interested in hearing what folks experiences have been in renting their unit(s) this year, particularly for South Carolina. For the past 10 years, with no problem, I have been renting out my platinum ocean view unit in Marriott's Ocean Watch. This year has been the exception. I have a good week and am asking a fair price but have not received any interest in the unit. I have noticed a glut of units available on redweek and am wondering if the rental market is being over saturated? any thoughts?
 

GregT

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I'm interested in hearing what folks experiences have been in renting their unit(s) this year, particularly for South Carolina. For the past 10 years, with no problem, I have been renting out my platinum ocean view unit in Marriott's Ocean Watch. This year has been the exception. I have a good week and am asking a fair price but have not received any interest in the unit. I have noticed a glut of units available on redweek and am wondering if the rental market is being over saturated? any thoughts?
Hello Jon,

I didn't have a problem renting my excess Hawaii weeks and the experience was the same as in previous years. I have noticed a glut of weeks available for rent for Ritz STT and think it was Destination Point reservations now being rented for a hefty premium. Perhaps South Carolina is seeing the same, where more reservations than normal are being absorbed by owners seeking to rent them. I hope that's not the case. Good luck and let us know how it turns out.

Best,

Greg
 

hangloose

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Jon,

Not sure. If priced fairly, I'd imagine Plat at Ocean Watch in summer should be high demand. It is a great resort! Same as HHI in summer at beachfront locations (Grand Ocean, Barony, Surfwatch, Monarch). When is your check-in?

For my Hawaii weeks, we used last year, but are renting for 2019 year use. My KoOlina 3BR OV rented very quickly for a summer week. My Maui 2BR OF for a similar summer week had absolutely no interest at all up until 45 days out from reservation. Then, I had about half a dozen inquiries at 45 days out for the Maui week. It rented at a lower price than I expected but still a fair price. I think for Hawaii in 2019, those traveling from afar (US. East Coast, etc) booked 12 months+ in advance, while those traveling near (US West Coast) waited to book until 45 days out (often through a broker)....with few booking in those middle months.

I imagine most traveling to Ocean Watch....are East Coast and can drive. Thus, they could wait until last minute to book? This is why the South Carolina properties always tend to have high occupancy in summer...easy and great beaches to travel to from all along the East Coast.

If getting within 30 days, perhaps drop price and post on multiple locations to get the highest visibility (RedWeek, VacationCandy, VRBO, TUG Marketplace, Facebook, etc)?

My 2 cents.
 

TheTimeTraveler

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jont; There's a lot of money out there this year and I don't think people are as worried about getting something like in previous years. I'm confident you'll rent it, but it may be closer to the actual date.

I'm sure you are worried about it but be patient....




.
 

Swice

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I was within days of giving up and depositing in Interval. Rented at a decent price to another owner who couldn't use their week because of family calendar issues. Now, that owner is trying to rent.
 

cds62

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I have been renting my Ocean Watch points out for the past 10 years. Recently I have been reserving 5 night stays in July and up until this year, all have rented. This year, I had 5 reservations and rented 3 of them and they consisted of an ocean front and 2 oceanside reservations. From what I have seen on RedWeek as well as VRBO, there are way more listings then in previous years so i'm sure that is having an impact across the board.
 

sparty

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Wow I confirmed your observation. If you pareto the summer weeks, maybe all weeks, you see the number of listings across all weeks is very high. CDS62, if I understand your post correctly you had 5 July check-in reservations you listed ? Wow! If all listers are renting 5X, no wonder. I rent 1 week.

FWIW - I "bought" a Sheraton out west that many consider a dog, I rented it almost instantly which then produced a profit of $200 for the entire purchase. (The 1 rental covered the entire purchase costs + $200 in my pocket).

After reading your post I think I may be delusional in my recent rental market euphoria.
 

jont

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Thanks for your help and insight. I listed it on a few other sites. If I don't rent it I will just have to use it, which is not necessarily a bad thing.
 

LUVourMarriotts

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I purchased MOW resale last year. Recently, I wanted to see if the asking prices have changed much, from last year. I went to a few resale sites, including the one I purchased through, Concierge. I noticed there are WAY more resales at MOW this year than there were last year. I wonder if it has anything to do with the 2nd special assessment in 3 years. I know a lot of folks were complaining like crazy on TUG and on the FB groups, when that happened.

I wonder if the owners that have it up for sale also asked the agencies to rent it out for this year, to get some additional money for it. Maybe that is why there is so much more rental inventory this year? Just a total guess.

Good luck!!
 

Bucky

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I purchased MOW resale last year. Recently, I wanted to see if the asking prices have changed much, from last year. I went to a few resale sites, including the one I purchased through, Concierge. I noticed there are WAY more resales at MOW this year than there were last year. I wonder if it has anything to do with the 2nd special assessment in 3 years. I know a lot of folks were complaining like crazy on TUG and on the FB groups, when that happened.

I wonder if the owners that have it up for sale also asked the agencies to rent it out for this year, to get some additional money for it. Maybe that is why there is so much more rental inventory this year? Just a total guess.

Good luck!!

Haven’t checked recently myself but I would assume there are plenty of disillusioned Gold season owners that didn’t buy insurance and lost the use of their weeks the last couple of years due to hurricanes! Anyone that doesn’t buy the insurance when planning a vacation during the hurricane season, is just looking for trouble IMO. The assessments were relatively minor considering the damage and really were one time charges. These are all things we took into consideration many years ago when we purchased our two gold weeks resale.
 

bazzap

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Haven’t checked recently myself but I would assume there are plenty of disillusioned Gold season owners that didn’t buy insurance and lost the use of their weeks the last couple of years due to hurricanes! Anyone that doesn’t buy the insurance when planning a vacation during the hurricane season, is just looking for trouble IMO. The assessments were relatively minor considering the damage and really were one time charges. These are all things we took into consideration many years ago when we purchased our two gold weeks resale.
A great idea IF you can buy insurance to cover this.
For us folk resident outside of the US, in the UK anyway, MVC and their partner TravelGuard do not offer this and noone I have been able to find locally offers anything even nearly comparable.
 

lisa3635

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My gold grand ocean and barony weeks rented a little later this year but i rented them for a little more than previous years.
 

Dean

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Haven’t checked recently myself but I would assume there are plenty of disillusioned Gold season owners that didn’t buy insurance and lost the use of their weeks the last couple of years due to hurricanes! Anyone that doesn’t buy the insurance when planning a vacation during the hurricane season, is just looking for trouble IMO. The assessments were relatively minor considering the damage and really were one time charges. These are all things we took into consideration many years ago when we purchased our two gold weeks resale.
For most situations travel insurance isn't worth the cost, it's like title insurance for a timeshare, little risk and minimal but wasted cost. Now if one has more risk due to family or other situations or sufficient volume, that can be different. The return to the costumer for extended warranties is around 14-15%, the rest is profit, commissions and marketing, I suspect timeshares are the same or worse. If one has a large enough trip or sufficient volume, there can be an economy of scale. Marriott's insurance covers all reservations so those of us that have a lot of travel/volume can improve the odds. Just because a hurricane might happen for a single week does not make it worth it IMO.
 

silentg

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I was within days of giving up and depositing in Interval. Rented at a decent price to another owner who couldn't use their week because of family calendar issues. Now, that owner is trying to rent.
Did you encourage them to put an ad on TUG for their rental? Did you find them on Marketplace?
I’ve rented a place in Myrtle Beach from a TUG member, it worked out for us since we had to cancel our original trip because Mother in Law passed. I have had so many good experiences with TUG marketplace!
Silentg
 

CalGalTraveler

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For most situations travel insurance isn't worth the cost, it's like title insurance for a timeshare, little risk and minimal but wasted cost. Now if one has more risk due to family or other situations or sufficient volume, that can be different. The return to the costumer for extended warranties is around 14-15%, the rest is profit, commissions and marketing, I suspect timeshares are the same or worse. If one has a large enough trip or sufficient volume, there can be an economy of scale. Marriott's insurance covers all reservations so those of us that have a lot of travel/volume can improve the odds. Just because a hurricane might happen for a single week does not make it worth it IMO.

Agree on travel insurance for domestic travel. I beg to differ on title insurance for timeshare purchases. It's not about saving your initial cost. It's about getting your deed filed correctly and unencumbered so you are not stuck with paying MF for life years down the road when you cannot sell or deedback because your title is clouded.

Here is a recent thread on the topic:https://tugbbs.com/forums/index.php...e-do-i-need-this-for-my-hgvc-purchase.287982/

And a horror story: https://tugbbs.com/forums/index.php...al-transfer-of-timeshare.289190/#post-2275135

IMHO avoiding the $300 cost of title is penny-wise and dollar foolish.
 

Lisa8192

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I’ve rented one of my summer Barony weeks for the past few years. I just post it on Facebook and ask friends to share. That was I know it’s a friend, or a friend of a friend. It’s been pretty easy to rent.. so far! Probably just jinxed myself ;)


Sent from my iPhone using Tapatalk
 

Dean

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Agree on travel insurance for domestic travel. I beg to differ on title insurance for timeshare purchases. It's not about saving your initial cost. It's about getting your deed filed correctly and unencumbered so you are not stuck with paying MF for life years down the road when you cannot sell or deedback because your title is clouded.

Here is a recent thread on the topic:https://tugbbs.com/forums/index.php...e-do-i-need-this-for-my-hgvc-purchase.287982/

And a horror story: https://tugbbs.com/forums/index.php...al-transfer-of-timeshare.289190/#post-2275135

IMHO avoiding the $300 cost of title is penny-wise and dollar foolish.
Unless there are red flags or a big purchase, we'll have to disagree. One can get the old deed prior and one can get the information that will often suggest there are other issues like divorce, bankruptcy, etc. It's not there there's no risk but the risk for the cost is not generally reasonable, IMO.
 

CalGalTraveler

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Unless there are red flags or a big purchase, we'll have to disagree. One can get the old deed prior and one can get the information that will often suggest there are other issues like divorce, bankruptcy, etc. It's not there there's no risk but the risk for the cost is not generally reasonable, IMO.
Of course you can DIY anything. Some ppl sew their own clothes because they have more time than money, or enjoy the hobby.

It's true that lowest risk is if the prior deed/association paperwork was filed by the developer and you can match line by line. But it's painstaking work and developers can make mistakes too.

Caveat emptor if the property was resold once or more before because the third party deed factories have no legal review and can make serious legal mistakes along the way with incorrect property descriptions etc. which can cloud your title and the prior sellers are nowhere to be found (or dead) so next to impossible to file a corrective deed.

You will be spending a lot more than $300 if you are paying lawyers to clear up title because the developer refuses to deedback your clouded title, or you are paying the MF on this albatross every year until you die because you cannot sell. That $1 bargain TS wont be such a great bargain anymore.
 
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MOXJO7282

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I think it's the many options people have with Airbnb and the like that is luring renters to other sites. I also think Redweek itself is affecting owners because they have the "Redweek Full Service Team" ads that no doubt also lures the skittish away from renting directly from an owner and who knows what else they may be doing to direct the traffic behind the scenes to their ads.

Also more owners have figured out they can rent too so you have more competition.
 

Dean

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Of course you can DIY anything some ppl sew their own clothes because they have more time than money or like the hobby.

It's true that lowest risk is if the prior deed/association paperwork was filed by the developer and you can match line by line. But it's painstaking work and developers can make mistakes too.

Caveat emptor if the property was resold once or more before because the third party deed factories have no legal review and can make serious legal mistakes along the way with incorrect property descriptions etc. which can cloud your title and the prior sellers are nowhere to be found (or dead) so next to impossible to file a corrective deed.

You will be spending a lot more than $300 if you are paying lawyers to clear up title because the developer refuses to deedback your clouded title, or you are paying the MF on this albatross every year until you die because you cannot sell. That $1 bargain TS wont be such a great bargain anymore.
As I said, we'll have to disagree on the reasonableness of title insurance as a routine though there are situations where it is more appropriate. IMO there are ways to evaluate the situation and risk that one should do anyway and the idea that title insurance is a golden ticket is simply wrong. And there are remedies in most cases even if there are issues. It's not that there' no risk but that the risk is usually dramatically small and can be controlled in other ways, things one should check out anyway.
 

cds62

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Wow I confirmed your observation. If you pareto the summer weeks, maybe all weeks, you see the number of listings across all weeks is very high. CDS62, if I understand your post correctly you had 5 July check-in reservations you listed ? Wow! If all listers are renting 5X, no wonder. I rent 1 week.

FWIW - I "bought" a Sheraton out west that many consider a dog, I rented it almost instantly which then produced a profit of $200 for the entire purchase. (The 1 rental covered the entire purchase costs + $200 in my pocket).

After reading your post I think I may be delusional in my recent rental market euphoria.
Yes I had 5 July reservations booked for five night stays (Sunday-Friday). We own a lot of Marriott points, so when we aren't going to use them I rent them out. OW has always been a easy rent for us, since it is an easy drive for a large amount of people, but this year it was more difficult. I have been renting OW for about 10 years. We love going to Myrtle Beach, so much so we purchased a second home there so that is why I rent out our points. I have watched the rental listings over the years and there as been an increase in the amount of rentals on both RedWeek and other sites like VRBO which is making the competition greater.
 
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