Bought 57th Street NYC this week and can rescind - should I?

[Cubby Bill]

I bought 57th street in NYC and can rescind within New York's 7 days if I do it ASAP. Looking at resale prices on this and others (possibly Hilton resale site) I am wondering if I should. Here is the deal. I made it approximate since I suspect Hilton also belongs to this web site.


Purchase price $18K, deeded 57th street NYC

10000 bonus points

Every other year (odd) usage

Maintenance fee estimated at $1800.

1 bedroom Studio plus Gold

Possible perks VIP Gold status, RCI which I do not think I would use, Hilton club discounts and maybe rental opportunities.


Based on price for every other year, and Bonus points I thought it was ok. Embracing buyer’s remorse I am now reading what I should have read earlier. I do like the property for visiting NYC but it seems I can get all benefits of ownership except bonus points for a lot less via buying a resale. It also seems cheaper to just rent on Hilton's hotel web site (although I would lose owners lounge). I am flexible on when I travel.

One thing I do not understand is why are the annual fees so different? The fees I was quoted were much higher than what I have reviewed on this site by others for more points same location. This Hilton NYC seems to have a fairly good resale (I think a current listing on this site is $10K) and with 10000 points that does compensate some of the higher price. I also think that when I submit my rescind letter they will call and counter with a lower price and/or more points.


Right now I am thinking of rescinding and taking more time to research, since I just joined I thought I would seek more experienced advice. Based on NYC resale it seemed not to bad. Thanks

 

[vacationtime1]

You spent $18,000. You have doubts (well taken doubts). You are thinking of doing further research.

Listen to your gut. Rescind.

Your preliminary research is taking you in the right direction: it is cheaper resale.

 

[Karen G]

Keep in mind that what others are asking for their resale units does not actually mean that's what the units are actually selling for. Rescind now while you still can. If, after you've thoroughly researched your purchase, you still think you got a good deal, you can always buy from the developer. You have just this one chance to rescind--take it or you'll own something that may not be the best for you.

 

[CalGalTraveler]

Rescind, Research, (buy) Resale.

Congrats on finding TUG in time. This is a terrible deal with an EOY of only 3750 points (in fact I have never heard of an EOY sold at W57 so this must be a new toehold to lower the buy-in to NYC.)

The maint fee is an estimate. They would rather be on the high side than get sued. You would pay this EOY so 900 a year average. The MF is set per unit size (i.e. studio, 1 bdrm). Does not matter if resale or not.

 

[travel maniac]

Have no idea about the property but +1 to what others have said - RESCIND. The timeshare will always be available at a later date but you only have a short window to rescind.

The way to evaluate the value is to look at ACTUAL SALES PRICE from recent sales and NOT ASKING PRICE.

Not sure what the HH points are worth these days (experts can chime in) but to put it in perspective 10k HH bonus points maybe worth $200 ($0.02 x 10k)?

Good luck with whatever you decide and keep us posted.

 

[CalGalTraveler]

You can get an Annual 3750 studio gold for 9k or less if you shop hard and are willing to wait. Better yet, for $12 - $18k you can get an annual 5250 platinum studio for same Maint Fee (but annual.)

Check out TUG and redweek for listings

 

[ccwu]

I bought 57th street in NYC and can rescind within New York's 7 days if I do it ASAP. Looking at resale prices on this and others (possibly Hilton resale site) I am wondering if I should. Here is the deal. I made it approximate since I suspect Hilton also belongs to this web site.


Purchase price $18K, deeded 57th street NYC

10000 bonus points

Every other year (odd) usage

Maintenance fee estimated at $1800.

1 bedroom Studio plus Gold

Possible perks VIP Gold status, RCI which I do not think I would use, Hilton club discounts and maybe rental opportunities.


Based on price for every other year, and Bonus points I thought it was ok. Embracing buyer’s remorse I am now reading what I should have read earlier. I do like the property for visiting NYC but it seems I can get all benefits of ownership except bonus points for a lot less via buying a resale. It also seems cheaper to just rent on Hilton's hotel web site (although I would lose owners lounge). I am flexible on when I travel.

One thing I do not understand is why are the annual fees so different? The fees I was quoted were much higher than what I have reviewed on this site by others for more points same location. This Hilton NYC seems to have a fairly good resale (I think a current listing on this site is $10K) and with 10000 points that does compensate some of the higher price. I also think that when I submit my rescind letter they will call and counter with a lower price and/or more points.


Right now I am thinking of rescinding and taking more time to research, since I just joined I thought I would seek more experienced advice. Based on NYC resale it seemed not to bad. Thanks

The price is set. If you rescind, they will not offer lower price. Not their practice.

I saw on eBay the other day, a resale of annual 12.6 k on sale is cheaper than 18k. It all depends on your future plan. The resale points does not qualify for elite. But most people on this site does not think elite worth it.

 

[Panina]

Hi, Welcome to Tug. If you have to ask you know the answer, Rescind. Learn everthing about it prior to purchase. Glad you found us in time. After rescinding, if you decide to buy resale you will save money and get more.

 

[Passepartout]

You might be able to find an open post office today, but if tomorrow is day 7, you are screwed. Rescind today, then research at leisure. Buy resale. Remember, there is no such thing as a NEW timeshare.

Jim

 

[Cubby Bill]

I am typing Rescission letter now. The 10,000 points were HGVC Bonus points not HH. I also have gold for Hilton via Am Ex. The 10000 seemed to make it a better deal almost 2 1/2 years of bonus points plus the 3750 for this year. It does seem that NYC Hilton's have better resale though obviously at a discount to purchase price. Thanks for all the advice.

 

[Cubby Bill]

By the way does anyone know they gave me a portfolio and some other stuff should I ask for an address on where to send materials or just send a really fat envelope and include rescission letter?

 

[vacationtime1]

Just send the letter. Send it registered so you can prove you sent it (unless today is your last day to rescind and the post offices are closed; in that case, send by regular mail and another copy by FedEx so you have the all-important proof of mailing). Remember that everyone who signed the purchase agreement must also sign the rescission letter.

I wouldn't worry about returning the portfolio or other swag. You can ask for an address in your rescission letter, but they probably won't care.

 

[brp]

You can definitely do better. Possibly not as low as some of the folks here are listing because HGVC may well exercise ROFR on the lower-priced offerings. But you can certainly get better than this to pass ROFR.

Cheers.

 

[Passepartout]

Just send the letter. Send it registered so you can prove you sent it (unless today is your last day to rescind and the post offices are closed; in that case, send by regular mail and another copy by FedEx so you have the all-important proof of mailing). Remember that everyone who signed the purchase agreement must also sign the rescission letter.

I wouldn't worry about returning the portfolio or other swag. You can ask for an address in your rescission letter, but they probably won't care.

Not Registered, send it Certified w/return receipt. Registered is a different animal.

 

[JohnPaul]

Two things.

1) I think the $1800 MF includes your club fee (which is paid every year).

I own two studios. My MF on one is $1516 and my MF on the other is $1821. The difference is the all inclusive club fee.

2) Hilton does ROFR (Right of First Refusal) at this property. I tried to buy an every year platinum studio (5250 points per year) for $15,000 and Hilton used ROFR to buy it instead. I was able to pass ROFR on a $20,000 bid for the same thing.

ROFR experience can vary greatly for a variety of factors. The point is to show that not all low prices you see for W 57th St will result in you getting the unit for that price if ROFR is exercised.

 

[Cubby Bill]

I have sent me cancellation in and have not heard from them yet. I also faxed it. It seems that the biannual for 18K with 10,000 HGVC points wasn't bad. Most of the asking prices are between 10 and 15K but with no bonus points and similar MFs.. Having said that since we do not have a specific time to be there (we are flexible), renting maybe be a better option, about the cost of annual MF with no out of pocket purchase costs. We are nearing 70 and it may just be easier to rent. Thanks for everyone's input it has been interesting finding this site and exploring. I will be smarter before I attempt to buy again.

 

[Nomad420]

I have sent me cancellation in and have not heard from them yet. I also faxed it. It seems that the biannual for 18K with 10,000 HGVC points wasn't bad. Most of the asking prices are between 10 and 15K but with no bonus points and similar MFs.. Having said that since we do not have a specific time to be there (we are flexible), renting maybe be a better option, about the cost of annual MF with no out of pocket purchase costs. We are nearing 70 and it may just be easier to rent. Thanks for everyone's input it has been interesting finding this site and exploring. I will be smarter before I attempt to buy again.

I originally thought it wasn't a bad deal until I saw it was for every other year, you could probably find an annual contract at $18K, I have been doing a little looking and there is not a lot of inventory on the retail market for 57th St. but give it some time and you will see numbers probably lower than $18K for an annual contract plus fees of course. Maybe I missed it but was it a 5250 point package?

 

[RX8]

Purchase price $18K, deeded 57th street NYC

10000 bonus points

Every other year (odd) usage

Maintenance fee estimated at $1800.

1 bedroom Studio plus Gold

I...plus the 3750 for this year.

I am not so certain that you were sold a 1 BDM Plus Gold. Your 3750 points correlates to a Studio Plus, not 1 BDM Plus. Since you have an EOY you can roughly say you paid the equivalent of $36,000 for an annual 3750 Studio Plus. To give you an idea how that compares, there is an annual 3750 Studio Plus at Seth Nock's website with a listing price of $15,000.

 

[lvtraveler]

Rescind Rescind Rescind! Much better deals out there in resale.

 

[Cyberc]

I have sent me cancellation in and have not heard from them yet. I also faxed it. It seems that the biannual for 18K with 10,000 HGVC points wasn't bad. Most of the asking prices are between 10 and 15K but with no bonus points and similar MFs.. Having said that since we do not have a specific time to be there (we are flexible), renting maybe be a better option, about the cost of annual MF with no out of pocket purchase costs. We are nearing 70 and it may just be easier to rent. Thanks for everyone's input it has been interesting finding this site and exploring. I will be smarter before I attempt to buy again.

As other have noted you should rescind and you did. Within a few days you should get your deposit back.

Also a Biannual means twice a year. Every other year is Biennial.

A timeshare is a long term commitment and taking your age into consideration buying a timeshare might not be the best way to spend your money.

 

[Cubby Bill]

Thanks Cyberc I have come to the same conclusion that renting is probably a better option. My contract was for a studio plus, biennial every other year usage. I also appreciate clarification on English usage. Semi annual, biannual, and biennial are words that I get wrong when I'm to lazy to use a dictionary to clarify (although there are also others). It is interesting my age is really apparent when it comes to athletics (1/2 marathons), but I normally don't acknowledge it as a limitation, but as I mentioned earlier, renting, VRBO and hotels maybe a better option given costs. Thanks again.

 

[brp]

It is interesting my age is really apparent when it comes to athletics (1/2 marathons)...

mrs. brp and I are both on the verge of touching 60 and do half marathons as ell (one coming up this weekend, in fact). I would be quite happy to continue doing them at any pace in another decade

Cheers.

 

[Cubby Bill]

Just thought I would update. They charged my CC on May31st and reversed it on June 5th. They never contacted me. Thanks everyone for the advice. Now I have to figure out if it is better renting this HGVC location through this site or just using the normal Hilton honors reservation site. I think the only difference is that I may get to use the owners lounge if I rent through TUG. I'll go to the renting forum to figure it out. The cancellation was easy and painless following everyone's advice. Thanks again.

 

[Talent312]

The only contact that you might have gotten would be from a sales-weasel trying to keep the deal alive.
Thankfully, you escaped that annoyance. But congrats on a wise move to rescind.