Is my timeshare worth anything?

[momo034]

I bought a timeshare (really two timeshares back to back) back in 1997 years ago at Playa Grande Resort in Cabo San Lucas, Mexico. Its a Penthouse 2 bed 2 bath room in June and I have it for two weeks in a row. I paid $40,000+ for 37 years. So there are now 23 years left on it.

I dont use it anymroe and want to sell it. I started doing some research online and can't really get a bead on how to value it. I checked ebay...a timeshare in my resort sold there recently for $1. But then I have found a couple listings for resale timeshares in my same resort that are asking $5-10k.

Any ideas as to what it might be worth if anything? Or any ideas on how to go about finding out more for myself?

 

[DeniseM]

Mexico has far more supply than demand - eBay is accurate. The list prices you are seeing will never sell. They are either from inexperienced owners, or scam resellers.

To be quite honest with you, it may be difficult to even give away - I'm sorry.

 

[timeos2]

Virtually all timeshares, with the rare exceptions being the most desireable of resorts only in the most prime of times, have no resale value today. The only real value is if you can use it for the annual fees - paying much of anything to get the "right" to pay the fees & use it is a near total waste of money.

That tends to go double for Mexican timeshares which have a reputation that is less than stellar for pressure sales & that are available to rent for extremely low prices - way undercutting the value of any ownership.

So quick answer - no value, just give it away if you can. Good luck.

 

[tschwa2]

You may want to edit your title to include your resort and ask to have it moved to the Mexico forum. Owners who have recently bought or sold probably have the best idea of its value.

 

[richardm]

The secondary market for timeshares in Mexico is in shambles, and has been for some time.. Your resort can be difficult to even give away. Your best option is to try to squeeze as much usage from it as possible.

If you are going to continue to try to liquidate it, be sure to take the time to contact your resort to ensure you understand the transfer process and cost involved. Much of the fraud involving Mexican timeshares is based on fake closing costs and transfer fees. If you know the truth before you start, you'll be protected from many of the con artists that prey on timeshare owners.

Finally, if I remember correctly your resort charges a different transfer fee of an owner transfer request than is charged for a transfer request from a resale broker. Ask about these differences.

Good luck with your endeavor!

 

[AwayWeGo]

Listings, Shmistings.

I checked ebay...a timeshare in my resort sold there recently for $1. But then I have found a couple listings for resale timeshares in my same resort that are asking $5-10k.

Lots of timeshares are listed at unrealistically high asking prices.

Chances are good that the $1 eBay price is a more accurate gauge of value than the $5-10k asking prices you noted.

Full Disclosure: Although we have never owned any Mexican timeshares, we have disposed of four -- 4 -- unwanted USA timeshares via giveaway, believing that giving them away for nothing was preferable to the hassles of trying to sell them for next to nothing. One we deeded back to the timeshare resort (with permission & cooperation). One we deeded over to a fellow TUG-BBS member. Two we advertised as el freebo giveaways on eBay Classifieds (formerly Kijiji.com). Those ads got flagged as not true giveaways because of the transfer costs & ongoing annual fees involved, so we changed the ads to $1. Before long we got willing takers for both of'm, & the transfers to new ownership went through just fine.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[Passepartout]

Should be a very nice place for someone for 2 weeks a year for the next 23 years. I'd be surprised if this inquiry doesn't bring some interest to the seller.

I wish her luck and success.

Jim

 

[presley]

Any ideas as to what it might be worth if anything? Or any ideas on how to go about finding out more for myself?

It looks like whenever they have been listed on Ebay for more than $1. they haven't sold.

Have you considered depositing your weeks into an exchange company and then using the 2 weeks for something else?

 

[timeos2]

Basically a loss of $40k plus annual fees. Tough to take but thats the fact.

 

[Kola]

I bought a timeshare (really two timeshares back to back) back in 1997 years ago at Playa Grande Resort in Cabo San Lucas, Mexico. Its a Penthouse 2 bed 2 bath room in June and I have it for two weeks in a row. I paid $40,000+ for 37 years. So there are now 23 years left on it. ....

?

I take it that it is a "right to use" timeshare ?

I would suggest you state the annual maintenance and tax fees per week. That would be a key factor in finding any interest.

Good luck.

 

[DeniseM]

I take it that it is a "right to use" timeshare ?

I would suggest you state the annual maintenance and tax fees per week. That would be a key factor in finding any interest.

Good luck.

Kola - I know you are trying to help, but we don't permit folks to give away timeshares in the discussion forums.

Here is more info. about how to give away a TS on TUG.

 

[bogey21]

Full Disclosure: Although we have never owned any Mexican timeshares, we have disposed of four -- 4 -- unwanted USA timeshares via giveaway, believing that giving them away for nothing was preferable to the hassles of trying to sell them for next to nothing. One we deeded back to the timeshare resort (with permission & cooperation). One we deeded over to a fellow TUG-BBS member.

My story is somewhat similar. As my needs changed I sold one Week on Tug for next to nothing; gave one away to a fellow Tugger; and deeded 4 back to their respective HOAs (with permission of course). As I said on another thread it is not how much you get for them. Rather it is how fast you get rid of them that counts the most.

George

 

[Marilyn]

I had a penthouse at the Inn at Mazatlan and quit claimed it back. I owed nothing and they took it. And sent me confirmation. You might try that.

The fees for Mexican resorts are outrageous and now the flights there are very expensive comapred to several years ago.

That said we just rented week 10 2013 at the Royal Sands so some resorts there are still hot but only a few. The new Royals are fabulous but I wouldn't buy one either. Renting is cheaper and easier.

Marilyn

 

[jasavak]

$40,000 loss

Basically a loss of $40k plus annual fees. Tough to take but thats the fact.

Look on the bright side . It would have cost 10 times more than that if you would have bought a second home . I saw a show today where a working couple from AK with three kids purchased a second home in HI for $810,000 that they will probably only use less than 6 weeks per year. The house only gets $200 a day if they rent it to tourists . Even if they are lucky and rent 100 nights they will end up losing about $60,000 per year in interest expense , taxes , maintenance , utilities and association fees . I would rather own a timeshare .

 

[RX8]

Look on the bright side . It would have cost 10 times more than that if you would have bought a second home . I saw a show today where a working couple from AK with three kids purchased a second home in HI for $810,000 that they will probably only use less than 6 weeks per year. The house only gets $200 a day if they rent it to tourists . Even if they are lucky and rent 100 nights they will end up losing about $60,000 per year in interest expense , taxes , maintenance , utilities and association fees . I would rather own a timeshare .

Yeah, but when they are done with it they won't be scrambling to try to sell it for a dollar.

 

[JWR]

Also true, but at that cost they are also more likely to get foreclosed on before they even get a chance to sell it, taking a much bigger loss and credit hit than giving away a timeshare would.

Yeah, but when they are done with it they won't be scrambling to try to sell it for a dollar.

 

[Saintsfanfl]

I'll go ahead and take it if you throw in another $40k.