Grand Chateau LV - not sure what to do

[Lves2raft]

Hi all, hopefully this is the right place for this question. I own at grand chateaux (bought via resale 2 years ago) it’s a platinum week. Typically I have exchanged using II (Aruba, Thailand, Hawaii) but for the next few years I don’t see any possibility of going on long vacations. Both my elderly parents are moving in with me and will need constant care.

Is there any way to use redweek or something to at least break even on the maintenance fee or am I better off just selling the timeshare?

 

[Big Matt]

You shouldn't have trouble renting your week. You can do it on redweek, here on TUG, or whereever you can. You may not make a lot of money, but it can defray the maintenance fees. You can always trade it for Bonvoy points, but that's a really bad deal money wise. Selling it gets you out of it, and if you don't care about the money, that will be the easiest way to get rid of the headaches. You can always buy again later if you want.

 

[dioxide45]

You can always trade it for Bonvoy points, but that's a really bad deal money wise.

They won't be able to do that since it was bought resale post 2010 and isn't enrolled.

 

[Lves2raft]

You shouldn't have trouble renting your week. You can do it on redweek, here on TUG, or whereever you can. You may not make a lot of money, but it can defray the maintenance fees. You can always trade it for Bonvoy points, but that's a really bad deal money wise. Selling it gets you out of it, and if you don't care about the money, that will be the easiest way to get rid of the headaches. You can always buy again later if you want.

Thanks! I did talk to the realtor this morning who I bought it from. I bought it for $3,000 plus $800 closing costs and I guess she is saying it’s only worth maybe $950? My maintenance fee is $1500-$1600 a year.

When it comes to rental - am I only able to rent out that specific Marriott property ? Or is it better to exchange into another Marriott property and try to rent that? I don’t need to make a profit - I’d be happy just breaking even until I can travel again.

 

[dioxide45]

Thanks! I did talk to the realtor this morning who I bought it from. I bought it for $3,000 plus $800 closing costs and I guess she is saying it’s only worth maybe $950? My maintenance fee is $1500-$1600 a year.

When it comes to rental - am I only able to rent out that specific Marriott property ? Or is it better to exchange into another Marriott property and try to rent that? I don’t need to make a profit - I’d be happy just breaking even until I can travel again.

You can only rent out your home week. You should be able to get more than that if you sell it on your own. If you sell it through a broker, they will take a commission that will cut into what you get. The cheapest annual 2BR on Redweek right now is $2900. So you should be able to get close to what you originally purchased it for. Just do it yourself and go through a closing company like LT Transfers.

 

[pedro47]

I bet your restate broker will buy it back from you at $950.00. LOL

 

[DRH90277]

Your options are pretty limited to "sell it, use it, use it as lock-offs, rent it out, or exchange it through Interval for your use (rental prohibition)." I suggest you look hard at renting it with satisfaction in getting coverage of the maintenance fees. The maintenance fees are pretty low.

Sell it - I bought one for $2,500 last year for trading through Interval. I suspect one could be bought for less pretty easily. I later enrolled this week which now yields 3,275 points.

You might also look at the buy-up features through Interval. I'd do the lock-off to a studio and a 1 bedroom. I would then pay $59 to upgrade the studio to a 1 bedroom. Because you did not deposit the 1 bedroom part with Interval, you could likely rent it out and get a good portion of your maintenance fee from this rental, say $1,200 to $1,500. You would then have a left over 1 bedroom to exchange through Interval for a better 1 bedroom like Hawaii, Boston, MountainSide, Timber Lodge, etc.

I am quite amazed at what we have learned to do with our portfolio of weeks and points. The Marriott and Interval personnel are quite creative and helpful with their suggestions.

 

[dioxide45]

Isn't renting in Las Vegas like renting in Orlando? The place has no shortage of hotel rooms to compete against. 150,000 of them in fact. I think it would be a break even situation at best.

 

[DRH90277]

Isn't renting in Las Vegas like renting in Orlando? The place has no shortage of hotel rooms to compete against. 150,000 of them in fact. I think it would be a break even situation at best.

Yes, but GC does rent and it is quite easy to get the week you want even late in the game. I mention this because one can get reservations for big event periods.

This fellow has a keep or sell decision and the prospects of maneuvering this to an acceptable rent in relation to the low maintenance fees is pretty good. I would hold back on the sell and try to make this work "cash wise" as I think the risk is low and it would keep my options open.

 

[DRH90277]

I bet your restate broker will buy it back from you at $950.00. LOL

I'd bet a bunch of us on this site would grab this quickly at $1,500 to $2,000. Marriott might exercise the ROFR but it's then done.

 

[TolmiePeak]

Isn't renting in Las Vegas like renting in Orlando? The place has no shortage of hotel rooms to compete against. 150,000 of them in fact. I think it would be a break even situation at best.

I'm pretty shocked at the prices people are renting out their weeks at GC. Plenty of people are asking for $300, 400, 500 a night for the 2 bedrooms. I've stayed there once and sure it is a bit nicer and a better location than the HGVC Boulevard that we usually stay at. But the prices are way higher at Marriott. HGVC is always discounting their rooms in Las Vegas.

 

[dioxide45]

I'm pretty shocked at the prices people are renting out their weeks at GC. Plenty of people are asking for $300, 400, 500 a night for the 2 bedrooms. I've stayed there once and sure it is a bit nicer and a better location than the HGVC Boulevard that we usually stay at. But the prices are way higher at Marriott. HGVC is always discounting their rooms in Las Vegas.

Looking at Redweek, I see a lot of listings but only a few marked as rented. So, asking prices doesn't equal rates. Many listings may not even rent. The few that showing as are rented are for under $200/night. There is one that is closer to $250/night, but that is during Formula 1. There are also dozens of listings for the timeframe around F1. The cheapest being under $400/night in a 2BR. Another problem with Vegas is that many people don't want 7-night stays. Thus why one is competing against the 150K hotel rooms.

$200 a night won't even break even. $300 might make a bit of a profit. I don't know how long Redweek keeps "rented" listings out there after they have rented. So it is possible that there have been many more that have rented that I am not seeing. But given what is on Redweek right now, rentals there don't look that promising. We also need to consider that occupancy rates in Las Vegas are WAY down this year.

That isn't a market that I would want to try and rent a timeshare week in. Better to just sell it and buy again later if the desire is there. It isn't like the week is enrolled in Abound and is lost forever. Someone would have to pry our enrolled weeks out of our cold dead fingers, but since there is nothing lost to sell and rebuy later then it makes sense to just sell now.

 

[Dean]

I'd bet a bunch of us on this site would grab this quickly at $1,500 to $2,000. Marriott might exercise the ROFR but it's then done.

I would put $1500 as the high end even with closing costs. Even then I'd want a favorable situation for next years week/fees. I think the $950 was pretty much on target for actual value to the seller.

 

[Lves2raft]

Hi all, valuable information. I would be happy to break even on maintenance fees. But you say I can only rent out my home week? I don’t know what that means. In looking at my deed I don’t have a home week. It just says two bedroom standard platinum annual. How would one go about renting out? Do I first find a suitable “week” to book - make the reservation on Marriott and then go to Redweek to rent it out?

I would rather cover the maintenance cost and not lose it as opposed to just selling it and losing half the value.

 

[dioxide45]

Hi all, valuable information. I would be happy to break even on maintenance fees. But you say I can only rent out my home week? I don’t know what that means. In looking at my deed I don’t have a home week. It just says two bedroom standard platinum annual. How would one go about renting out? Do I first find a suitable “week” to book - make the reservation on Marriott and then go to Redweek to rent it out?

I would rather cover the maintenance cost and not lose it as opposed to just selling it and losing half the value.

It just means you rent out a week at Grand Chateau. You can't exchange for something else through II and rent that out instead.

 

[Lves2raft]

It just means you rent out a week at Grand Chateau. You can't exchange for something else through II and rent that out instead.

Ok so how do I know which week I am renting out? Someone mentioned home week but I don’t think I have one of those.

 

[dioxide45]

Ok so how do I know which week I am renting out? Someone mentioned home week but I don’t think I have one of those.

Home week is any week in your season. So in the case of Grand Chateau Platinum, I think it can be any week from 1-51.

 

[Lves2raft]

Ok, thanks. So the idea is to book a week (or two weeks using the lock off) and then go to Redweek or something and try to rent it out.

 

[Lves2raft]

Home week is any week in your season. So in the case of Grand Chateau Platinum, I think it can be any week from 1-51.

How do I find which weeks are “valuable” I see someone mention the F1 race.

 

[TheHappyWanderer]

I vote for sell and rebuy later if you find that you want it again. Especially if it might be 5 years or more before you are able to travel again. Unless you don't mind dealing with renting it out. Some people don't mind the hassle. I have never enjoyed it one bit personally.

 

[TolmiePeak]

Looking at Redweek, I see a lot of listings but only a few marked as rented. So, asking prices doesn't equal rates. Many listings may not even rent.

Agreed. Doesn't Redweek charge you to post rentals? Why would someone even bother then? Just hope they will get lucky that someone will pay an outrageous price?

 

[jme]

I know this thread is not about buying to trade, rather buying to rent, but the article I reference below still applies.
Link to article online today regarding tourism in Las Vegas........I've always had a bad feeling about considering a lockoff there....
That's why 15 years ago I chose another location to buy a lockoff for trading.
Plus if I ever want to occupy at the location I chose instead of trading, I can easily drive to my resort, rather than having to fly to Vegas.
And actually we do stay there annually, but we get that week by other means while trading both lockoff units.
Lots of reasons to consider carefully where one buys for any reason, even trading. Vegas, Europe, St Kitts, etc, etc.

Las Vegas tourism drops sharply as some visitors claim 'casinos are empty' amid rising costs

The tourism decline in Las Vegas, Nevada, continues with hotel occupancy down 6.5% and room rates dropping as high prices are keeping visitors away from Sin City.

www.foxnews.com

 

[pedro47]

To the OP, I would rent the week of July fourth .

 

[5finny]

Hi all, hopefully this is the right place for this question. I own at grand chateaux (bought via resale 2 years ago) it’s a platinum week. Typically I have exchanged using II (Aruba, Thailand, Hawaii) but for the next few years I don’t see any possibility of going on long vacations. Both my elderly parents are moving in with me and will need constant care.

Is there any way to use redweek or something to at least break even on the maintenance fee or am I better off just selling the timeshare?

How long do you think the "next few years" is likely to be
The longer you think you will be unable to use the week the more desirable a sale becomes

 

[Pamplemousse]

Hi all, hopefully this is the right place for this question. I own at grand chateaux (bought via resale 2 years ago) it’s a platinum week. Typically I have exchanged using II (Aruba, Thailand, Hawaii) but for the next few years I don’t see any possibility of going on long vacations. Both my elderly parents are moving in with me and will need constant care.

Is there any way to use redweek or something to at least break even on the maintenance fee or am I better off just selling the timeshare?

Ask around and see if a friend might like a trip. You can make an exchange on II and buy a guest certificate so they can use it.
You can’t publicly rent an II exchange but a private arrangement with a friend is your own business.