Getting out of our timeshare.

[spinone98]

We have a unit in a small complex (10 units) in Eagle River, Wisconsin. I’ve liked staying there, but the place is dying a slow death. Last year the board sent a survey to the owners about shutting it down different options. I voted to shut it down. Nothing happened, I think due to a lack of responses or having a quorum for the owners and board meeting (you can attend and vote via proxy).

I paid my maintenance in January and asked the lady what happened with the vote. She wasn’t sure, but said she thought it was coming up again in December. I then asked her about an opt out that I heard a couple years when I stayed there. She said it was still available. It’s 1000 dollars. I just paid my maintenance of 775, so only 225 more. Side note, my maintenance has risen over 50% in the last 5 or 6 years. 775 now after a long period of 500. Not horrible, but noticeable. You can see the place dying. The last time we were there on my prime summer week (30), it was less than half full for the first part of the week. The last 2 days, we were the only one‘s there.

So my question is, because I see the writing on the wall, take the opt out for 225, or hope it shuts down on its own? Is there a financial benefit for waiting? The downside of waiting is if this took several more years and I keep paying a larger share of the cost, I could find myself paying a lot more in fees.

 

[Passepartout]

Flip a coin. Maybe attend the owners' meeting and if a vote isn't taken to sell out, give 'em the thou$and and walk. If they vote to liquidate and distribute the proceeds to current owners, stay and ride it out.

We have a soft spot for Eagle River. My FIL caddied there in the ''30s and helped start Trees For Tomorrow.

Jim

 

[silentg]

What is the name of your timeshare?

 

[Panina]

We have a unit in a small complex (10 units) in Eagle River, Wisconsin. I’ve liked staying there, but the place is dying a slow death. Last year the board sent a survey to the owners about shutting it down different options. I voted to shut it down. Nothing happened, I think due to a lack of responses or having a quorum for the owners and board meeting (you can attend and vote via proxy).

I paid my maintenance in January and asked the lady what happened with the vote. She wasn’t sure, but said she thought it was coming up again in December. I then asked her about an opt out that I heard a couple years when I stayed there. She said it was still available. It’s 1000 dollars. I just paid my maintenance of 775, so only 225 more. Side note, my maintenance has risen over 50% in the last 5 or 6 years. 775 now after a long period of 500. Not horrible, but noticeable. You can see the place dying. The last time we were there on my prime summer week (30), it was less than half full for the first part of the week. The last 2 days, we were the only one‘s there.

So my question is, because I see the writing on the wall, take the opt out for 225, or hope it shuts down on its own? Is there a financial benefit for waiting? The downside of waiting is if this took several more years and I keep paying a larger share of the cost, I could find myself paying a lot more in fees.

I would pay the $225 and have no worries.

 

[bogey21]

If Week is no longer of use to you, I'd pay the money and be gone. It would be a nice clean exit...

George

 

[DaveNV]

If it dies a slow death, you could be on the hook for maintenance fees, and who knows whatever other special assessments, for several years until it finally dies. I'd say just pay the $225 and get out now, then not worry about it.

Also, the 50% increase in MF recently may be to cover the fees for other owners who have stopped paying. Going forward, things might continue to increase every year till the place shuts down. More reason to get out now.

Dave

 

[moonstone]

I vote pay the extra and get our while you can as well. Many years ago a timeshare near our home started on the downwards slide. People were not given the opportunity to get out and saw their maintenance fees go from around $600 Cndn to well over $2000. Cndn per year due to the number of owners who just stopped paying. The weeks couldn't be given away either. The ones who hung on until the end got nothing except a final large maintenance fee bill.

~Diane

 

[PcflEZFlng]

With no hesitation, I would pay the $225 and be out of it.

 

[CPNY]

We have a unit in a small complex (10 units) in Eagle River, Wisconsin. I’ve liked staying there, but the place is dying a slow death. Last year the board sent a survey to the owners about shutting it down different options. I voted to shut it down. Nothing happened, I think due to a lack of responses or having a quorum for the owners and board meeting (you can attend and vote via proxy).

I paid my maintenance in January and asked the lady what happened with the vote. She wasn’t sure, but said she thought it was coming up again in December. I then asked her about an opt out that I heard a couple years when I stayed there. She said it was still available. It’s 1000 dollars. I just paid my maintenance of 775, so only 225 more. Side note, my maintenance has risen over 50% in the last 5 or 6 years. 775 now after a long period of 500. Not horrible, but noticeable. You can see the place dying. The last time we were there on my prime summer week (30), it was less than half full for the first part of the week. The last 2 days, we were the only one‘s there.

So my question is, because I see the writing on the wall, take the opt out for 225, or hope it shuts down on its own? Is there a financial benefit for waiting? The downside of waiting is if this took several more years and I keep paying a larger share of the cost, I could find myself paying a lot more in fees.

Pay the 225. And get out! If it’s dying a slow death you’ll be paying its hospice care for a period of time. The maint fees will keep increasing. Get out now!

 

[TheTimeTraveler]

We have a unit in a small complex (10 units) in Eagle River, Wisconsin. I’ve liked staying there, but the place is dying a slow death. Last year the board sent a survey to the owners about shutting it down different options. I voted to shut it down. Nothing happened, I think due to a lack of responses or having a quorum for the owners and board meeting (you can attend and vote via proxy).

I paid my maintenance in January and asked the lady what happened with the vote. She wasn’t sure, but said she thought it was coming up again in December. I then asked her about an opt out that I heard a couple years when I stayed there. She said it was still available. It’s 1000 dollars. I just paid my maintenance of 775, so only 225 more. Side note, my maintenance has risen over 50% in the last 5 or 6 years. 775 now after a long period of 500. Not horrible, but noticeable. You can see the place dying. The last time we were there on my prime summer week (30), it was less than half full for the first part of the week. The last 2 days, we were the only one‘s there.

So my question is, because I see the writing on the wall, take the opt out for 225, or hope it shuts down on its own? Is there a financial benefit for waiting? The downside of waiting is if this took several more years and I keep paying a larger share of the cost, I could find myself paying a lot more in fees.

You may want to wait until it shuts down, but why wait for the likely inevitable? Pay the $225 while the offer is still on the table!



.

 

[easyrider]

Flip a coin. Maybe attend the owners' meeting and if a vote isn't taken to sell out, give 'em the thou$and and walk. If they vote to liquidate and distribute the proceeds to current owners, stay and ride it out.

We have a soft spot for Eagle River. My FIL caddied there in the ''30s and helped start Trees For Tomorrow.

Jim

This seems like the right move.

Bill

 

[spinone98]

Thanks for the replies. I just wanted to confirm my feelings I had if I should leave.

@Passepartout, it’s prohibitively hard to go there just for a meeting. It‘s 4-5 hours from MSP and ORD. I’m 2000 miles away for driving.
@silentg, Treehouse Village.

 

[CaliGirl08]

Have you asked for prior meeting minutes? Can you telephone into the meetings since it is a small group? If you want out, pay the fee. If it is dying, can the owners request to sell off property and split any gain? If there is a loss, then the owners may have to split that too.

 

[CalGalTraveler]

Get out now while you can.