First time buyer: Should I rescind?

Fishman · Mar 10, 2006

I just bought an EOY Gold at Park City Marriott Mountainside on Tuesday, the 7th, for $10,140 and it comes with 50,000 bonus points. I am brand new to timeshares and bought on the spot. I have returned home and began some research and see that I can by a resale that is an annual gold at the same resort for $6900 but, of course, no points. Should I have bought from the developer or should I rescind and by a resale or should I rescind and do more research? I really need some advice and fast!!

Thanks for all your help.

cindi · Mar 10, 2006

Absolutely rescind. Now. Follow the instructions exactly.

And then do a LOT more research before you buy. IF after researching, you decide you want the points, that deal will still be there.

But there is a ton of great information on here, and you need to be a much more informed consumer before you go ahead and buy.

Stefa · Mar 10, 2006

Recind. 50,000 points aren't worth very much.

Whether you buy developer or resale, you should do your research first and not buy on a whim. Evaluate your current and future travel needs and make your decision based on that.

Dave M · Mar 10, 2006

I'm not sure it's clear that you should rescind.

The 50,000 points are worth between $500 and $1,500 depending on which TUGger's calculations you use. That narrows the effective price difference. Thus, from a value standpoint the logical question is whether the opportunity to exchange the use of your week for Marriott Rewards points, a privilege you enjoy by buying from Marriott, is worth that remaining difference. Only you can decide. It would be well worth that price difference for me. I’m guessing that this forum’s points guru, pwrshift, would buy a week from Marriott with such a small price differential (versus resale price) in a flash!

A couple of additional points....

If you saw a resale advertised for $6,900, it's almost certain you can buy one for less than that, because asking prices for resales are just that - asking prices. Negotiation is the game to play when it comes to resale purchases.

It sounds as though you are pretty sure that you want a Mountainside Gold. Great! If so, I believe your simple choice is as I stated. If not, then I would echo Cindi's and Stefa's recommendations to rescind.

Stefa · Mar 10, 2006

I thought you couldn't trade an EOY for points. How does that work?

grupp · Mar 10, 2006

You can probably purchase a every year gold week for around $6,000 maybe less. So the value on the resale market of an EOY is maybe $3,500 or so.

I would agree with your idea to rescind and do some more research. If you dicided you want to purchase from Marriott and get the points, you most likely will be able to get the same deal at a later date.

Gary

Dave M · Mar 10, 2006

Stefa said:
I thought you couldn't trade an EOY for points. How does that work?

There is no prohibition against trading EOY weeks for points. If there were, Marriott might have a tougher time selling them, since that trading privilege is the primary advantage over a resale week!

If it's a resort where trading for points is allowed EOY, an EOY owner could presumably trade for points with every other use (i.e., every four years).

dive-in · Mar 10, 2006

Are you aware of when the Gold season is? If you were there this week you were probably skiing. It is currently Platinum (ski) season. Gold is the middle of June to the end of September. Not much snow then.

You will have a difficult time getting into Mountainside during Platinum season with a Gold week.

somerville · Mar 10, 2006

I don't see a small price differential between a EOY unit for $10,140 and an every year unit for $6,900. If an EOY unit sells for 60% of an every year unit, that makes an every year unit worth $16,900 from the developer. The difference in price is now $10,000. The ability to convert your week to Marriott Rewards points would not be worth that differential to me.

Fishman, you need to decide if there is any value to you in being able to convert your week to Marriott Rewards points. If not, you should consider rescinding and buying resale. You may also want to consider a Platinum week if you are a skier. If you do rescind, you may also want to slow down and do some more research before taking the plunge. FYI, there are a number of resellers who specialize in Mariott resales. You can find them by searching the forums.

CaliDave · Mar 10, 2006

You can get a Gold Summit Watch annual for $5K