Am i doing something wrong [Selling Harborside]

[iworthman]

I have my Harborside Resort at Atlantis unit posted for sale on TUG. I've gotten a few responses to my posting. I am always quick to respond and provide as much info as I can. After the initial contact, I never hear from anyone again.

I'm wondering if the people responding are using fake emails and are actually timeshare scammers trolling for information. Or maybe when I tell them what the annual maintenance fees are it scares them off.

I just want to dump this thing so any suggestions would be greatly appreciated.

 

[TUGBrian]

it is certainly possible, as anyone can contact you through your ad not just paying members. ads are open to the public.

tis a pretty staggering MF for that property...might be what is scaring many folks off...and the one thing you cant do much about.

I see that youve paid 2015 fees already, should bold that in your ad (or put it in the title). maybe offer to cover some of the closing costs which also might be pretty hefty at atlantis as well too if im not mistaken.

 

[TUGBrian]

also post it int he bargain deals section here on the forums.

 

[DeniseM]

Is it completely paid off?

The resale market is far below the retail market - have you researched the resale market to see what the going resale price is?

In general, an off-season week/small one bedroom, will have little or no resale value, but larger units, and high season units usually have more value.

If you really want to dump it, then we do have a forum where people give away their timeshares. but a Harborside timeshare may have some resale value:

Bargain Deals Forum: http://www.tugbbs.com/forums/showthread.php?t=132509

 

[PamMo]

Harborside is very expensive to own (I own two weeks and cringe every time I pay the annual MF's), but SO many people dream of going there. When they see your ad, I'm sure they think about how great it would be to own your unit, until they find out how much the MF's are. If you own a good week (high season with lots of StarOptions, or a prime summer week), you should be able to pass it along to a new owner, but it might take some time. The MF's definitely limit the number of buyers who are willing to commit to owning there. Good luck to you!

 

[chemteach]

Even high season weeks sell at very low cost on ebay.

 

[TUGBrian]

looking at his ad its already listed for $1....but the MF is $3100...whew.

free 2015 usage though.

 

[tschwa2]

Unfortunately the fall float period which used to be called Silver but was upgraded to gold in name only has negative resale value. You don't need home resort priority for any of those weeks with the possible exception of Thanksgiving and every other resort in the system has lower MF's on the 81,000 SO needed tto exchange into a 2 br at that time of year. Maybe that is the reason that rentals at that time of year are less than MF's for owners.

Couple the high MF's with the $2000 local attorney Bahamian TS transfer that applies almost exclusively to Harborside as 99% of TS in the Bahamas are RTU's that aren't subject to that requirement, you have a recipe for disaster. As more off season owners default, the MF's continues to rise. Most phase 1 units have better view but since they are fixed week there are several weeks in both the winter and summer that are basically worthless in additional to the whole Fall season. In phase 2 the three bedroom and two bedroom both lock out and dedicated have value above the transfer cost in both the winter and summer seasons. The 1br both regular and premium rarely sell for more than the closing and transfer costs and can regularly be had for more than $1 but less than the $2500-$3000 total closing and transfer costs.

 

[MichaelColey]

Ouch, those are high MFs. No wonder you seldom see Harborside for exchange.

 

[Seaport104]

I have my Harborside Resort at Atlantis unit posted for sale on TUG. I've gotten a few responses to my posting. I am always quick to respond and provide as much info as I can. After the initial contact, I never hear from anyone again.

I'm wondering if the people responding are using fake emails and are actually timeshare scammers trolling for information. Or maybe when I tell them what the annual maintenance fees are it scares them off.

I just want to dump this thing so any suggestions would be greatly appreciated.

Harborside is a fantastic resort and anyone would love to go there. The issue is ownership there requires a significant financial commitment due to high maintenance fees ($3,000+ for a 2BR L/O) and off loading it requires $2,000+ in closing costs alone.

I don't know what season you are selling but if it is a gold or platinum week, it might be worth giving Russell Kanner of Timeshare King a call. He specializes in Harborside.

http://www.thetimeshareking.com/

 

[iworthman]

Thank you for the tip on the subject line.

 

[iworthman]

also post it int he bargain deals section here on the forums.

I assume these are separate from the Bargain Basement listings in the Marketplace?

 

[iworthman]

Is it completely paid off?

The resale market is far below the retail market - have you researched the resale market to see what the going resale price is?

In general, an off-season week/small one bedroom, will have little or no resale value, but larger units, and high season units usually have more value.

If you really want to dump it, then we do have a forum where people give away their timeshares. but a Harborside timeshare may have some resale value:

Bargain Deals Forum: http://www.tugbbs.com/forums/showthread.php?t=132509

Yes, it's paid off. I was hoping between that, the fact that I've paid for 2015, and it's available for use this year would be appealing. As others have said, the high MFs scare people off. I'll give the forums a look.

 

[iworthman]

Thank you all for your input. The reality is that whether or not the unit has resale value, I don't care. I just want out. I've spoken to Russell Kanner a few times over the past few years and he wouldn't take my unit because there is no demand for it.
As many people have indicated, 81,000 StarOptions can be had for a lot less at other resorts. Couple that with the high closing costs, and it doesn't help. My best bet is to find a current owner looking to add more options to their portfolio and could care less what season the unit is in.
The other issue is that over the past few years, since they altered the rules, I have had a terrible time booking the unit for any week other than my deeded one. Very frustrating and not a good selling point.
I'll keep plugging away and hopefully someone will come along. Does anyone know if I pester my owner's association enough that they might be willing to take it back from me?

 

[TUGBrian]

I assume these are separate from the Bargain Basement listings in the Marketplace?

yes...its just an extra place to put a free ad for more exposure.


and yes...pestering your HOA can result in a deedback...and it only costs you stamps.

 

[Ty1on]

looking at his ad its already listed for $1....but the MF is $3100...whew.

free 2015 usage though.

That would be 4 and a half weeks of vacation for me

 

[iworthman]

yes...its just an extra place to put a free ad for more exposure.


and yes...pestering your HOA can result in a deedback...and it only costs you stamps.

Any suggestions on how to go about this? Call and keep calling until I get someone who give in? Ask for someone specific?

 

[TUGBrian]

calling wont end up in anything but rejection...written letters are the way to go.