Get out from under my Hyatt Timeshare

[codispdp]

I have a [timeshare] I am looking to get rid of. I originally spent 14 K on a 2 bedroom unit 05/08/11 1400 points. I have tried Ebay several times with no success.

If I can get some of my money back that would be great if not what is the best way to get out of it?

Thanks

 

[LisaH]

How much did you list it on eBay? List it for $1 as the beginning price and let the market decide its worth.

 

[yumdrey]

You can post your Hyatt timeshare in bargain basement (see above stickies).
And I also sent you a PM!

 

[codispdp]

I started at around half of what I payed for it 7k

 

[JeffW]

I started at around half of what I payed for it 7k

Too much for a 1400 pt unit. Do a search on ebay for Hyatt timeshare sales (you can place an ongoing search - it'll email you whenever new similar items are listed). Then follow the price for 1400 pt units. You'll definitely be able to get some money (and way more than $1!), but likely closer to maybe $4500.

Jeff

 

[codispdp]

Is there a way to donate it for a tax write off

 

[ondeadlin]

I follow every Hyatt auction on eBay and feel pretty confident predicting your week is worth between $1500 and $4500 on eBay, probably closer to the low end. If you really want to sell it you should list it on eBay with a $1,000 starting bid and hope for the best.

I know it's bitterly disappointing given what you paid for it. What you have now is basically a forced commitment to pay $1,000 or so in fees every year. If you're not going to use the week, you're better off escaping the fees at any price.

You won't make any more money donating it because the donation basis isn't what you paid for it, but the current market value (i.e. $1,000 to $4,500).

 

[JeffW]

Is there a way to donate it for a tax write off

Technically probably yes, though likely it's probably auto-rules: you'd need to provide an precise value for. You can't just say, "I bought it for $14k, it's probably worth $7k now."

Jeff

 

[codispdp]

Thanks for all your input, I will give Ebay a try again after the holidays with a lower starting price and hope for the best.

We are trying to book something for 2012 winter but haven't had much luck (Like every other year) for the weeks we wanted.

 

[Tia]

Most likely need to try and book a few months earlier, before everyone else does.

 

[yumdrey]

Thanks for all your input, I will give Ebay a try again after the holidays with a lower starting price and hope for the best.

We are trying to book something for 2012 winter but haven't had much luck (Like every other year) for the weeks we wanted.

Ebay is the fastest way to sell a TS. And your week should get bidding if you put start price low.

 

[heathpack]

Thanks for all your input, I will give Ebay a try again after the holidays with a lower starting price and hope for the best.

We are trying to book something for 2012 winter but haven't had much luck (Like every other year) for the weeks we wanted.

I am surprised by your comment. Even at this late date, there is club availability at Pinon Pointe, Hacienda del Mar, and Wild Oak Ranch. Of course you bought a low season week and are trying to trade into high season for many of the resorts (Key West for example), so you are limited to most likely to 1 BR units & not all resort have 1 BR units.

In II, there are plenty of nice 2 BR weeks you could grab between Dec 21 & Mar 21 (ie winter): Palm Springs, Cancun, Kauai if you like warm. Bangkok if you like exotic. Orlando or Disneyland Paris if you like theme parks. Vegas if you like to gamble. All of these suggestions are for equivalent level of TS that are available RIGHT NOW.

Or deposit with SFX and get yourself a nice Grand Mayan unit in Mexico, a Hilton Week in New York City. Or Santa Fe. Or Tahoe.

I'm not sure if you actually want to sell or if you want a TS but just need help understanding how to use it?

H

 

[funtime]

I would not "throw away" your Hyatt. Deposit your unusued 2011 week in II and/or search to find what is available and then deposit. Then try to get a really good week for 2012 as that will help sales. Also, put it on Redweek which brings higher prices (but is slower) than ebay. Ebay sales are for the desparate. Also, learn how to use your week. You can potentially rent if for 1,000 or more to wipe out your maintenance fees if you snag a good week. While it takes some effort to lean the ins and outs and also get involved in renting on Redweek - yes and even on Craig's List - a little "sweat equity can help you with maintenance fees until this economy turns around and is really not that hard. Funtime

 

[Rev1442]

Thanks for all your input, I will give Ebay a try again after the holidays with a lower starting price and hope for the best.

We are trying to book something for 2012 winter but haven't had much luck (Like every other year) for the weeks we wanted.

Do you have an outstanding mortgage on this unit, or, did you pay in full at time of purchase?

 

[timeos2]

I follow every Hyatt auction on eBay and feel pretty confident predicting your week is worth between $1500 and $4500 on eBay, probably closer to the low end. If you really want to sell it you should list it on eBay with a $1,000 starting bid and hope for the best.

I know it's bitterly disappointing given what you paid for it. What you have now is basically a forced commitment to pay $1,000 or so in fees every year. If you're not going to use the week, you're better off escaping the fees at any price.

You won't make any more money donating it because the donation basis isn't what you paid for it, but the current market value (i.e. $1,000 to $4,500).

This is exactly where you stand - assuming that the week is fully paid off and up to date on annual fees. Regardless of time, and yours is a very low demand thus low points, resort or system quality, etc the fact is that $1000+ per use year in annual fees are a big detriment to ownership. Perhaps worth it IF you USE the week regularly - but why would anyone pay much simply to take on the chance of that use and the obligation to those ever rising fees?

This is not unique to Hyatt - every timeshare ownership, weeks, points whatever - is only a value if you plan to use it thus making those annual costs worthwhile. But there is little to no value to purhase cost as all it does is make you the responsible party for the annual fees. There will be no recovery when YOU sell as the overall market for timeshare is saturated.

Use it or give it away and be thankful you no longer have to pay and plan to try to use it. That is the best you will do now. The $14K is gone and hopefully you have learned a rough lesson in unplanned expenses for future value. It's only as good as what you get out of it in use minus the ongoing obligation. Thats why virtually no "new", developer based purchase of a timeshare makes sense. Even a resale purchase has to be carefully considered regardless of upfront expense. Any money paid for purchase is likely gone forever so it only makes sense to minimize that number.

Good luck whatever you decide to do.

 

[JeffW]

..Regardless of time, and yours is a very low demand thus low points, resort or system quality, etc the fact is that $1000+ per use year in annual fees are a big detriment to ownership...

The extra 'killer' with Hyatt is annual fees are assessed per week, but trading ability is determined by the number of points. On a cost per point basis, it's almost always better to buy a higher point unit, since totaling purchase cost + annual fees, then dividing by points, gets you better numbers for the long run.

Also contributing is that now some Hyatt resorts have almost a low point level of 1800 points, meaning that's what you need to own to trade into them. 1400 (and less) point weeks is enough restriction that many people don't want to bother with them.

Jeff

 

[aboonie]

Is there a way to donate it for a tax write off

You can only write off FMV. Which by the looks of things, it could very well be $1.00. http://www.redweek.com/resources/articles/donating-timeshare-to-charity
In addition, if you call a specific charity to offer the TS, they will refer you to "donateforacause.org" Charities don't want the hassle of trying to sell a timeshare. So, I contacted "donateforacuse.org" and they wanted me to pay closing fees, appraisals and maintenance fees a year in advance in case it takes that long for the TS to sell. It all added to $2,000. UPFRONT! That didn't sit well with me. They are going to do the same that every other re-seller of TS does: sell it on Ebay. I sold mine on Ebay for $455. I paid for the closing and transfer fees $179.00. Moreover, charities are not taking all TS. They are selective.

 

[funtime]

Take a drink "from the hair of the dog!" Sell yours and go trolling on ebay for a cheap 1800 point week. Funtime
PS - this is best advice for a timeshare addict such as myself.

 

[ondeadlin]

The extra 'killer' with Hyatt is annual fees are assessed per week, but trading ability is determined by the number of points. On a cost per point basis, it's almost always better to buy a higher point unit, since totaling purchase cost + annual fees, then dividing by points, gets you better numbers for the long run.
Jeff

You could also look at this as the extra bonus if you do buy a higher value week.