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[2011] Marriott Custom House T/S Auction Today

Beaglemom3

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I am going this morning.

www.pesco.com Click on auction calendar.


There are 23 on auction. I hope to snag a platinum or better.

Will report back.
 

joycapecod

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Good luck, this could be quite a score!

Joy
 

flyboy0681

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It seems the TS market is in a free-fall. Just how bad can it get?

I've said it many times, if the maintenance fees weren't so outrageous, I'd be inclined to buy 2 or 3 more weeks but I just can't justify shelling out $1000+ per unit every January. And as each and every one of us knows, MF's go in only one direction.
 

jont

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I am going this morning.

www.pesco.com Click on auction calendar.


There are 23 on auction. I hope to snag a platinum or better.

Will report back.

I saw one on ebay recently, think it went for about 6k.Let us know how you make out.
I would love to stay up there one spring/summer and see a sawx game.
good luck!:)
 

SueDonJ

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Hmmmm. Did Custom House also vote for a non-judicial foreclosure process this year? Maybe this inventory represents a few years worth of foreclosures due to unpaid MF and loans, and the process is easier for them now. Wonder if the HOA and/or Marriott will be there bidding with Beagle?
 

Beaglemom3

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I saw one on ebay recently, think it went for about 6k.Let us know how you make out.
I would love to stay up there one spring/summer and see a sawx game.
good luck!:)

Yes, correct. I stopped bidding on that and am I ever glad ! See below.

Thanks,
J
 

Beaglemom3

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Hmmmm. Did Custom House also vote for a non-judicial foreclosure process this year? Maybe this inventory represents a few years worth of foreclosures due to unpaid MF and loans, and the process is easier for them now. Wonder if the HOA and/or Marriott will be there bidding with Beagle?



Correctomundo !

There were 3 categories: The mortgage foreclosures - buy backs from Marriott. There were about 7 of those and they ranged from 15-17k and one went at 32k. Marriott was the lone bidder.

Then the judicials. Prices were good, but I did not want to go over 6K. Marriott was the lone bidder.

I bid on 2 non-judicials and did well. See below, please. Marriott was the bidder on the other non-judicials.
 
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Beaglemom3

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What a great day.

I was the only bidder present besides Marriott's Counsel (very, very good and nice folks from PESCO). Another man did show up at the 11 am auction, but did not have his certified or treasuer's check. So, it was just me and Marriott buying back several foreclosures that they were holding the notes on.

Here's what I got :2 non-judicials (non payment of MFs). These had the lowest opening bids.

2 Platnium weeks for $4k each. Total of $8k paid by cert check.

The great part: 125,000 Marriott Rewards pts. each =250,000 pts annually.
The best part: No ROFR as these were sold by Marriott and are not considered a secondary market resale AND (drum roll............) the points are annual as, again, this is a sale from Marriott.

I will get my foreclosure papers and do the title recording at the Suffolk County Courthouse. We have a paralegal who can get this done brilliantly.
Once that is done, I contact Marriott.

Wow, I'm a double platinum Marriott owner for $8k and it's in my beloved Boston. Can use the pts. to travel, stay in it, rent it or deposit it.

Sometimes just showing up is most of the work.

I'd be happy to help anyone with questions on the process as best I know it. I"m sure that this will be one of many timeshare auctions for various timeshare and not restricted to Marriott.

B.
 
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Beaglemom3

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I saw one on ebay recently, think it went for about 6k.Let us know how you make out.
I would love to stay up there one spring/summer and see a sawx game.
good luck!:)

Keep in touch. I can usually get Sox tickets.
 

SueDonJ

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Very nice, Beagle, congratulations! Even without seeing any of the units I think Custom House is a gorgeous property - we've been there for events and to see friends - and you can't beat the location. We live just 20 minutes south and treat ourselves a couple times a year to overnight stays at various Marriott hotels downtown; now with DC Points we'll also be looking at stray nights there.

Doesn't Custom House offer the split-week usage option for owners, too? You have so many new options!
 

Beaglemom3

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Doesn't Custom House offer the split-week usage option for owners, too? You have so many new options!


Oooooh, that's right ! I totally forgot about that aspect.

I live 25 mins. west of Boston. We need to have a Massachusetts get together - at the Custom House !
 

heathpack

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awesome score!

H
 

SueDonJ

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I saw one on ebay recently, think it went for about 6k.Let us know how you make out.
I would love to stay up there one spring/summer and see a sawx game.
good luck!:)

Keep in touch. I can usually get Sox tickets.

On top of my Bucket List is a condo lease on Comm Ave and one year's Season Tickets to the Sox, jont. That's probably never going to happen but in the meantime we try to get to five or six games a year. Tomorrow night we'll be there, I'll take some pics for you.

Beagle, with Sox tickets and Custom House entry you could start a Waiting List for new best friends! It's my idea, does that mean I get the top spot ...
 

Beaglemom3

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On top of my Bucket List is a condo lease on Comm Ave and one year's Season Tickets to the Sox, jont. That's probably never going to happen but in the meantime we try to get to five or six games a year. Tomorrow night we'll be there, I'll take some pics for you.

Beagle, with Sox tickets and Custom House entry you could start a Waiting List for new best friends! It's my idea, does that mean I get the top spot ...

One of my BFs and fellow Legal Beagle is a season tix holder. She travels with me sometimes to my timeshares (no cost to her), but then gives me nice tix to the Sox. Win-Win.
 

wuv pooh

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On top of my Bucket List is a condo lease on Comm Ave and one year's Season Tickets to the Sox, jont. That's probably never going to happen but in the meantime we try to get to five or six games a year. Tomorrow night we'll be there, I'll take some pics for you.

Beagle, with Sox tickets and Custom House entry you could start a Waiting List for new best friends! It's my idea, does that mean I get the top spot ...

No Way. Go Yankees!!!!!:D But I would love to go to Fenway.
 

Beaglemom3

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No Way. Go Yankees!!!!!:D But I would love to go to Fenway.

Okay, we Sox Luvving Tuggers will take you there, but you'll have to wear a baseball cap with a "B" on it as we wouldn't want to hurt you. :rofl:
 

joycapecod

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Great score Jeanne! Congratulations on the new ownerships!!!

Joy
 

mpizza

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Congratulations! Custom House is one of my favorites.

Best wishes for many years of happy travels!

Maria
 

TheTimeTraveler

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Thanks Joy.
I think I did well, but this is my first time into Marriott, so not totally sure.
I do like the annual points.

.


So, does this purchase have to go thru the ROFR process? I would think that at those prices that Marriott would be interested themselves so they could add them to the Trust.

Anyone know for sure?




.
 

Beaglemom3

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.


So, does this purchase have to go thru the ROFR process? I would think that at those prices that Marriott would be interested themselves so they could add them to the Trust.

Anyone know for sure?




.
I know for sure as I asked and have it in writing.

Nope. Marriott is/are the owners/sellers as these units were placed back into their "pool" They were the legal owners. So, no ROFR. They bought back their own mortgage notes. As for the judicial ones, they all sold for $1k each as no one was bidding against them, but let's say if I had bid for them, it would've gone up and up.
The non-judicial ones (no legal court action taken) were opened at $1k each. I countered at $2k, Marriott countered at $3k and then I bid $4k and won. You just don't know where it will stop, but knowing that they were non-judicials and all Marriott (actually, the HOA) wanted were the MFs brought up to date on these, I figured these would sell the cheapest and they did.
 
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jont

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Beagle

That is awesome wicked cool!
Has to be one of the best TS buys of the year. And you also managed to get more points without buying anymore points. I've been trying to solve this for well over a year. See my earlier thread about Premier status.
Seeing that Marriott was buying back units I guess availability for the custom house should be good going forward using the points system.
I might take you up on your Sox tix offer. I just have to get my wife to agree to go to a Sox game. She's a diehard yankee fan. I know, it's tough being a Sox fan in yankeeland, but oh so much fun! :D

Congrats and enjoy!

PS: should be an interesting game with the pieman on the mound for the yankees.

Looks like I might be mistaken. Beagle is talking about MRP's, not DC points, Drat!
Still a great buy!
 
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californiagirl

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Beagle, please clarify something. I took your points comment to mean Marriott Rewards points. Since they were sold by Marriott, do they qualify to be added to the destination points program?

Also, how do you find out about these auctions? I would be very interested in California properties.

Congratulations and thank you.
 
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