"Bargain Basement" classifieds???

[swimca]

I have been "gone" for awhile from TUG, although have been a member without interruption for about 10 yrs. my question is: Why am I seeing TUG Classified "for sale" listings for $1.00 etc? Are these people just trying to get out of their timeshare at any cost? Are there any unique risks for purchasers other than the usual risks of purchasing any timeshare? It appears that, for the cost of taking over the Maintenance fee, a buyer could get an amazing deal on a Red property that would be usable to stay in or to trade. your thoughts please.
Thanks.

 

[ace2000]

It appears that, for the cost of taking over the Maintenance fee

That's the key, right there. You can now rent many weeks cheaper than it costs to own.

 

[Ridewithme38]

That's the key, right there. You can now rent many weeks cheaper than it costs to own.

IMO, this is why the new RCI Weeks system is so great, my MF's ARE more then i can rent my week for...But because of the TPU's i get for it(about 53), i can get about 3 weeks for that Maintenance fee

Even including all the costs of those 3 weeks and the RCI membership for a year..it's only $490.66 a week or if i only use it for two weeks, thats still $641.50, good luck finding a rental cheaper then that outside of RCI...and you can't be a member of RCI without owning

My other week(i'll never exchange) isn't as profitable since its a non-lockoff every odd year...but i can still get 31 TPU's which with careful planning can get me two weeks or one week a year...at a cost of about $839.33 a week

Thats 4 weeks a year at an average cost of $577.82 per week, you can't beat that in the rental market

 

[DeniseM]

I have been "gone" for awhile from TUG, although have been a member without interruption for about 10 yrs. my question is: Why am I seeing TUG Classified "for sale" listings for $1.00 etc? Are these people just trying to get out of their timeshare at any cost? Are there any unique risks for purchasers other than the usual risks of purchasing any timeshare? It appears that, for the cost of taking over the Maintenance fee, a buyer could get an amazing deal on a Red property that would be usable to stay in or to trade. your thoughts please.
Thanks.

Because of the economy, there is more supply than demand on the resale market, and there are some very nice timeshares being given away.

 

[ace2000]

Because of the economy, there is more supply than demand on the resale market, and there are some very nice timeshares being given away.

So, once the economy picks up, we'll see resale prices start to increase? I'm very skeptical.

 

[RX8]

So, once the economy picks up, we'll see resale prices start to increase? I'm very skeptical.

When the economy is bad, people circle the wagons, spend wisely and give up the luxuries, which includes vacations and Timeshares. Demand is low and people have trouble giving away Timeshares.

As things improve, those with steady jobs will once again look for luxuries. If the demand for Timeshares pick up, the resale values will increase as well.

This of course is all in theory....

As most are aware, there are other variables at play here. Renting vs MF cost of owning, poor value timeshares regardless of economy (off season/low demand weeks), concern of lifetime commitment (what happens to me at next down economy?)

 

[Beefnot]

Perhaps it is also due to a broader, but necessary, cyclical turnover of inventory that is finally happening. The 80s was the advent of timesharing, and now we're 25-30 years later and those original purchasers are now in upper middle age to senior citizens. Their kids are grown, they may be on defined incomes, and/or they may be unable to travel as much due to health. Combined with the poor economy, there may be a glut of inventory that needs to get reallocated to some new blood, the similar demographics that snapped up timeshares in 25 years ago. Maybe it takes 5-10 years for that re-allocation to happen after the economy turns, and perhaps a healthier timeshare market, at least for another 25 years until the current generation of new blood also gets old.

 

[Ridewithme38]

Perhaps it is also due to a broader, but necessary, cyclical turnover of inventory that is finally happening. The 80s was the advent of timesharing, and now we're 25-30 years later and those original purchasers are now in upper middle age to senior citizens. Their kids are grown, they may be on defined incomes, and/or they may be unable to travel as much due to health. Combined with the poor economy, there may be a glut of inventory that needs to get reallocated to some new blood, the similar demographics that snapped up timeshares in 25 years ago. Maybe it takes 5-10 years for that re-allocation to happen after the economy turns, and perhaps a healthier timeshare market, at least for another 25 years until the current generation of new blood also gets old.

10 years + 25yrs from now i will be looking to get out of my Timeshares...i'll be 66 and looking at ways to streamline my income to prepare for retirement...plus my daughter will be 42, so no need for huge rooms when its only me traveling

I'm the next generation of Timeshare owner

 

[e.bram]

You are not going to steal a prime red week TS. But what has happened is the seasonal TSes with 8 prime weeks and 44 dog and near dog weeks are having a lot of bailers causing the MFs to go up. Then the near dog weeks bail causing the MFs to go even higher. All except the prime week (ie summer Cape Cod & ski season weeks) now want to get out w/o defaulting. Ergo a lot of dollar weeks. It will be a terminal situation for many TSes, better economy or not.

 

[Ridewithme38]

You are not going to steal a prime red week TS.

I bought a Week 27(4th of july 50%) in Virginia and a week 34(week before school starts) in Myrtle Beach last year for about a dollar each...those are both very prime red weeks...people are absolutely giving prime red weeks away

 

[RX8]

I bought a Week 27(4th of july 50%) in Virginia and a week 34(week before school starts) in Myrtle Beach last year for about a dollar each...those are both very prime red weeks...people are absolutely giving prime red weeks away

If prime red weeks are being given away, what does that say about the dog weeks at those resorts? Wouldn't this type of location have a larger risk of owners walking away or even worse for the resort, sending the TS off into the sunset on a one-way cruise (viking) ship?

 

[ronparise]

If prime red weeks are being given away, what does that say about the dog weeks at those resorts? Wouldn't this type of location have a larger risk of owners walking away or even worse for the resort, sending the TS off into the sunset on a one-way cruise (viking) ship?

At least the prime weeks can be given away. With the off weeks you cant even do that.

I went to a presentation yesterday by Timeshare Relief Inc. They had folks lined up for their offer, they would take your timeshare if you gave them 3 years mf, plus closing costs, plus transfer fees plus 8%.

 

[e.bram]

Ride:
Is your Myrtle Beach week an oceanfront unit in a oceanfront resort??? If not , it is not prime.

 

[DaveNV]

At least the prime weeks can be given away. With the off weeks you cant even do that.

I went to a presentation yesterday by Timeshare Relief Inc. They had folks lined up for their offer, they would take your timeshare if you gave them 3 years mf, plus closing costs, plus transfer fees plus 8%.

And then all those highly-valued t/s weeks will show up on ebay for a $1, right? Something very wrong with this model...

Dave

 

[Ridewithme38]

Ride:
Is your Myrtle Beach week an oceanfront unit in a oceanfront resort??? If not , it is not prime.

I intentionally avoid oceanfront, because of the added expense and the limiting of demand...when you are a short walk from the beach instead of right on it, people don't immediately think "Oh, its not summer, i don't want to go there" they explore "Broadway at the beach" the "Ripley's Aquarium" and all the amazing year long open sites... IMO if it was on the beach, in an oceanview room, it would be a worthless location for anyone but some 80yr old retired couple who wants to sit in the room and stare out the window...Only people near their death bed would be sitting inside on vacation staring out the window when they can actually GO OUTSIDE and do things

e.bram, my week is the final week before school starts in most of the nation, it is the last chance for families to travel, its at a resort with a dedicated childrens splash pool and events galore...I can't think of ANY reason it wouldn't be considered Prime, the week after that, we'll that's obviously not prime

ETA: Don't know why i'm not saying...I own at Sheraton Broadway Plantation...off the beach, but right next to some amazing year round places

 

[ronparise]

Ride:
Is your Myrtle Beach week an oceanfront unit in a oceanfront resort??? If not , it is not prime.

mr bram

you are a little off base here: we are not talking about comparing the best rooms in the best locations at one resort to the best weeks at another resort; rather we are comparing the best weeks at one resort to the worst weeks at the same resort

Rides point is valid. He bought the best week at a resort for a dollar...what does that mean for the worst week at that same resort?

Just like your beloved ocean fronts.....If they are worth something on the open market, my guess is that the rooms at the same resort, overlooking the dumptster are worth significantly less. And the fact that the dumpster view owner pays exactly the same maintenance fees as the ocean view owner, is an invitation to default....and thats a problem

 

[rrlongwell]

I ...Only people near their death bed would be sitting inside on vacation staring out the window when they can actually GO OUTSIDE and do things ...

You are decribing Westwinds with the beach view. You badly overstated my age since you said only old people of a certain age would like that or people near the death bed. I hope I do not fall in the later catagory.

 

[ampaholic]

As an example: Here is one I have never expected to see, a summer week at Lake Condos - Big Sky.

As "Dead Red" as any timeshare anywhere - even RCI steals these summer weeks when they are deposited - they then "extra vacation" them for $1200 or nearly double the MF.

Man ... too bad my DW outlawed me buying anything but amplifiers on eBay. :ignore:

 

[SeniorDirector]

I went to a presentation yesterday by Timeshare Relief Inc. They had folks lined up for their offer, they would take your timeshare if you gave them 3 years mf, plus closing costs, plus transfer fees plus 8%.

Besides TRI, there are a lot of affiliates and sub-corps that do the same thing in a different name. It's not illegal, just very expensive and little risky.

Before you give in and pay up to $6,000 make sure they actually take title out of your name and into someone else's name. That's the biggest risk. Until then you're still on the hood for all future fees.

There are a couple of charities that will accept deeds transferred into their name for a fee. However, they are a lot less expensive. If you're considering using TRI, do a little research to get it done cheaper.

 

[e.bram]

Ride:
You are on the island. where is absolutely the most valuable property(maybe like oceanfront King's Point). On the beach and it's value hasn't dropped much even with the economy.

 

[gnorth16]

At least the prime weeks can be given away. With the off weeks you cant even do that.

I went to a presentation yesterday by Timeshare Relief Inc. They had folks lined up for their offer, they would take your timeshare if you gave them 3 years mf, plus closing costs, plus transfer fees plus 8%.

Some people would rather pay someone else to do their work than put in a bit of effort on their own. Even some of the most undesireable weeks/locations (IMO of course) have been given away on TUG.

Did you talk with anyone signing up at TRI?
Could you profile some of the people/sentiment/situations that were discussed?
What was your purpose going there?

 

[e.bram]

Ride:
I like to go to sleep listening to the waves breaking on the beach and eat my meals looking out over the ocean. Try it sometimes you might like it as well.
I can look at the squirrels scampering around from my house.

 

[e.bram]

Ron:
My comments defining PRIME were meant in an absolute sense. Not per each TS.

 

[Ridewithme38]

Ron:
My comments defining PRIME were meant in an absolute sense. Not per each TS.

So in your opinion, the only prime summer weeks are available at resorts on the beach??

 

[tombo]

Ride I am not that old. Ebram and I usually have different opinions, but this time I agree with ebram 100% (shocker).

I am rarelly in the room during the daylight hours. I get up and go somewhere and do something every day I am on vacation (SIGHTSEEING, SWIMMING, HIKING, THEME PARKS, ETC), but if I am going to the beach I want an oceanfront room.

I don't want to have a glimpse of the ocean between buildings, a short walk to the beach, or a parking lot view on the other side of the resort from the ocean. I want oceanfront or I don't want to go to the beach. I will take a hospitality rated ocean front room every time over a gold crown room without an ocean view.

When I wake up in the morning I want to see the ocean as I eat breakfast and drink my coffee. At night I want to have my night caps on the balcony looking at the ocean and listening to the waves. My blood pressure drops quickly as I listen to the waves from my balcony. For me a beach week is not prime if it is not oceanfront. JMHO.