Best way to getting rid of my Sabal Palms weeks

[Frisbeeace]

After 22 years as a Sabal Palms owner I don't find neither the old system or the new Destination program useful anymore for reasons that I've discussed extensively in this forum during the last years.

I want to sell my weeks and Marriott's Resale Operations offers me: "$4,300 less $500 administrative and processing fees. At closing, your approximate net proceeds will be $3,800". As a foreign owner, I'm also subject to a 10% tax withholding.

So, my question is if there is any better and equally fast way to get rid of my 2 weeks. I will really appreciate your advice. Thank you.

 

[vacationhopeful]

Suggest you post an ad in the TUG MARKETPLACE asking a fair price and terms ... you seem to know what the market is and you can certainly ASK QUESTIONS as to how to handle the closing with a closing company ...

Also, as a private sale, you might be able to avoid some fees?

 

[BocaBoy]

I have a family member who is also getting rid of a Sabal Palms red week he has owned for many years. He is using the MVCI buy-back you described. It is clearly the easiest and safest way to accomplish the goal and $3800 in your pocket is probably more than you are likely to net elsewhere in today's market.

 

[Password is taco]

Is that $3800 for each week or total for both weeks?

 

[bogey21]

Marriott's Resale Operations offers me: "$4,300 less $500 administrative and processing fees. At closing, your approximate net proceeds will be $3,800". As a foreign owner, I'm also subject to a 10% tax withholding.

My how times have changed. I bought a Sabal Palms Week Pre-Construction and had Marriott sell it for me about 5 years later. I think I received something like $14,500 less a 20% commission. One offset is that you got more use out of your Week.

George

 

[BocaBoy]

Is that $3800 for each week or total for both weeks?

$3800 for each red week.

 

[BocaBoy]

My how times have changed. I bought a Sabal Palms Week Pre-Construction and had Marriott sell it for me about 5 years later. I think I received something like $14,500 less a 20% commission. One offset is that you got more use out of your Week.

George

I sold one Sabal Palms red week back to Marriott about four years ago for $11,400, less a $500 fee. It was in the early days of the Destination Club when they needed Sabal Palms weeks badly (Sabal Palms has no ROFR). Their prices plummeted shortly thereafter.

 

[Saintsfanfl]

The other option is a brokered resale with the same department. Marriott will sell it for you to a third party. Just ask for the listing price and you want to be on the wait list. Don't believe their lies on how long it will take. Just give it a try for a few months. I have never had to wait long since they started buyback and ROFR's. Not even one month.

If you have a red season week the list price is $9,700 but they will take 40%. $5,820 is still a better price than the buyback. You are also very unlikely to get a price with a private resale that is even better than the net buyback.

 

[rthib]

I would take into account Maint fees.

Most folks don't like late year purchases because they get hit with maint fee right off and don't get any usable usage this year.

So take into account any Maint fee and then figure out if the delta from what Marriott is offering vs what closed deals have sold for at this time of year.

 

[Password is taco]

I would take into account Maint fees.

Most folks don't like late year purchases because they get hit with maint fee right off and don't get any usable usage this year.

So take into account any Maint fee and then figure out if the delta from what Marriott is offering vs what closed deals have sold for at this time of year.

I thought maintenance fees are due first of the year (so Jan. 2016)? Then first year usage would also be 2016.

 

[Saintsfanfl]

I thought maintenance fees are due first of the year (so Jan. 2016)? Then first year usage would also be 2016.

True, but most people just don't think that way. They are blinded by cash and only see getting a bill right after purchase. It's along the same lines as someone wanting a free timeshare for $1 vs one that has a small value for $500. They ignore the impending maintenance fee bill and any increase because that part is in the "future".

This logic is also part of the reason why we have a flooded resale market. This thinking leads people to buy a timeshare at full price and then abandon it later.

 

[jpc763]

Redweek.com has 3 weeks listed right now for $6000 asking price.

I don't think I can see completed listings on Redweek.

There is nothing on Ebay and nothing in TUG right now.

 

[BocaBoy]

The other option is a brokered resale with the same department. Marriott will sell it for you to a third party. Just ask for the listing price and you want to be on the wait list. Don't believe their lies on how long it will take. Just give it a try for a few months. I have never had to wait long since they started buyback and ROFR's. Not even one month.

If you have a red season week the list price is $9,700 but they will take 40%. $5,820 is still a better price than the buyback. You are also very unlikely to get a price with a private resale that is even better than the net buyback.

There is no Sabal Palms wait list now so one can list immdiately, but they have sold only three Sabal Palms red weeks in the last 12 months. There are currently five such weeks listed for sale. If one is ambivalent about paying an extra year or two of maintenance fees for the usage that year(s), and if it is acceptable to wait to get your money out for a couple of years, the resale option could make sense. If you feel you are not getting enough value for your maintenance fees, however, then going the resale route probably does not make sense, in my opinion.

 

[Saintsfanfl]

There is no Sabal Palms wait list now so one can list immdiately, but they have sold only three Sabal Palms red weeks in the last 12 months. There are currently five such weeks listed for sale. If one is ambivalent about paying an extra year or two of maintenance fees for the usage that year(s), and if it is acceptable to wait to get your money out for a couple of years, the resale option could make sense. If you feel you are not getting enough value for your maintenance fees, however, then going the resale route probably does not make sense, in my opinion.

How can you tell how many they have sold in the last year?

 

[SueDonJ]

True, but most people just don't think that way. They are blinded by cash and only see getting a bill right after purchase. It's along the same lines as someone wanting a free timeshare for $1 vs one that has a small value for $500. They ignore the impending maintenance fee bill and any increase because that part is in the "future".

This logic is also part of the reason why we have a flooded resale market. This thinking leads people to buy a timeshare at full price and then abandon it later.

I'm sorry but nitpicking like this is ridiculous. At what point do we take responsibility for enabling/fostering some of the buyer demands that have contributed to the dismal timeshare resale market?

"If you buy late in the Use Year then you can expect to be billed shortly for the following year's MF." Reasonable people should understand that.

 

[BocaBoy]

How can you tell how many they have sold in the last year?

When you call to ask about listing a week for sale they now routinely tell you how many of that particular week they have sold in the last year. At least they have done it the last two times I have called, including just two or three days ago when I called to get information for someone else. If they don't offer up this information unsolicited, I am sure they will tell you if you ask. I think this disclosure is a relatively new practice within the last year or so.

 

[bogey21]

There is no Sabal Palms wait list now so one can list immdiately, but they have sold only three Sabal Palms red weeks in the last 12 months. There are currently five such weeks listed for sale.

Back when I sold Marriott was setting prices for all resale Weeks they were handling. I was something like Number 36 on the list to sell but they had a decent Rental Program back then and they rented my Week for me for 3 or 4 years with the Net to me greater than my MF so I didn't mind the wait.

George

 

[Saintsfanfl]

I'm sorry but nitpicking like this is ridiculous. At what point do we take responsibility for enabling/fostering some of the buyer demands that have contributed to the dismal timeshare resale market?

"If you buy late in the Use Year then you can expect to be billed shortly for the following year's MF." Reasonable people should understand that.

It is a reality for many uninformed timeshare buyers. I have personally dealt with this several times and I haven't even been in timeshares very long. Unfortunately many people just aren't reasonable.

 

[Frisbeeace]

Thank you all, specially BocaBoy for all the valuable information. Still not sure what to do but most likely will accept the buy back offer by the end of the year.

 

[Saintsfanfl]

Thank you all, specially BocaBoy for all the valuable information. Still not sure what to do but most likely will accept the buy back offer by the end of the year.

It costs you nothing to list it now through Marriott resales, then if it doesn't sell by the end of the year you can opt for the buyback. They will give you your maintenance fee back unless you want to keep 2016 usage.

 

[NYFLTRAVELER]

I would not expect much demand for this property on the resale market. Respectfully, this is a worn and weathered property which has the look and feel of a 1970s Howard Johnson's motor lodge meets 1980s Florida retirement community. There are much nicer/fresher TS properties in the Orlando area (Marriott & otherwise). Other than the sometimes access to the Orlando World Center or using this ownership as a "trader" I do not see the charm or desire of being an owner at this property..... With that being said, take the $3800 and run.

 

[bogey21]

......Other than the sometimes access to the Orlando World Center or using this ownership as a "trader" I do not see the charm or desire of being an owner at this property....

What's this about "sometimes access"? When I owned a Sabal Week I had 100% access to the World Center.

George

 

[rovitm]

I would not expect much demand for this property on the resale market. Respectfully, this is a worn and weathered property which has the look and feel of a 1970s Howard Johnson's motor lodge meets 1980s Florida retirement community. There are much nicer/fresher TS properties in the Orlando area (Marriott & otherwise). Other than the sometimes access to the Orlando World Center or using this ownership as a "trader" I do not see the charm or desire of being an owner at this property..... With that being said, take the $3800 and run.

I stayed at this property once and enjoyed it. The villa was large and updated. It's not Lakeshore Reserve but it is not a HoJo either. It's a good base if you are going to the Disney Parks. We enjoyed the Marriott Complex and used their pools and slides.

 

[Fairwinds]

What's this about "sometimes access"? When I owned a Sabal Week I had 100% access to the World Center.

George

Still true