• The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 30 years!

    Join Tens of Thousands of other Owners just like you here to get any and all Timeshare questions answered 24 hours a day!
  • TUG started 30 years ago in October 1993 as a group of regular Timeshare owners just like you!

    Read about our 30th anniversary: Happy 30th Birthday TUG!
  • TUG has a YouTube Channel to produce weekly short informative videos on popular Timeshare topics!

    Free memberships for every 50 subscribers!

    Visit TUG on Youtube!
  • TUG has now saved timeshare owners more than $21,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $21 Million dollars
  • Sign up to get the TUG Newsletter for free!

    60,000+ subscribing owners! A weekly recap of the best Timeshare resort reviews and the most popular topics discussed by owners!
  • Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    All T-shirt options here!
  • A few of the most common links here on the forums for newbies and guests!

Getting out of our timeshare.

spinone98

TUG Member
Joined
Nov 15, 2009
Messages
21
Reaction score
1
Points
213
Location
Tacoma, WA
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

TUG Review Crew: Veteran
TUG Member
Joined
Feb 10, 2007
Messages
28,644
Reaction score
17,466
Points
1,299
Location
Twin Falls, Eye-Duh-Hoe
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

TUG Review Crew: Expert
TUG Member
Joined
Jul 17, 2005
Messages
6,201
Reaction score
3,288
Points
649
Location
Central Florida
Resorts Owned
Fitzpatrick's Castle Holiday Homes,
Enchanted Isle.
What is the name of your timeshare?
 

Panina

TUG Review Crew: Elite
TUG Member
Joined
Jul 13, 2015
Messages
6,847
Reaction score
10,079
Points
749
Location
Florida
Resorts Owned
Hgvc Anderson, Blue Ride Village Resort
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

TUG Member
Joined
Jun 8, 2005
Messages
9,455
Reaction score
4,663
Points
649
Location
Fort Worth, Texas
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

TUG Review Crew: Expert
TUG Member
Joined
Jun 1, 2006
Messages
22,169
Reaction score
29,656
Points
1,348
Location
Mesquite, Nevada
Resorts Owned
Free Agent
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

TUG Review Crew: Veteran
TUG Member
Joined
Jun 6, 2005
Messages
2,820
Reaction score
2,855
Points
599
Location
Moonstone, ON
Resorts Owned
The Beach Club at St. Augustine Beach, FL (1 floating week, purchased in 1982)

77,000 RCI points (Sunrise Ridge Resort, TN)
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

TUG Member
Joined
Nov 19, 2018
Messages
1,075
Reaction score
1,355
Points
274
Location
CA
With no hesitation, I would pay the $225 and be out of it.
 

CPNY

TUG Member
Joined
Jun 18, 2019
Messages
7,612
Reaction score
4,477
Points
349
Resorts Owned
Harborside Resort at Atlantis
SVV - Key West/Bella
WKV
Regal Vista at Massanutten
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

TUG Member
Joined
Jan 23, 2008
Messages
6,040
Reaction score
2,921
Points
648
Location
Florida
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

TUG Review Crew: Elite
TUG Member
Joined
Aug 21, 2005
Messages
15,422
Reaction score
8,317
Points
948
Location
Palm Springs of Washinton
Resorts Owned
Worldmark * * Villa Del Palmar UVCI * * Vacation Internationale*
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

TUG Member
Joined
Nov 15, 2009
Messages
21
Reaction score
1
Points
213
Location
Tacoma, WA
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

TUG Member
Joined
Aug 16, 2019
Messages
35
Reaction score
27
Points
78
Location
California
Resorts Owned
HGVC
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.
 
Top