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Just another timeshare newbie

adutton

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Howdy to everyone! And yes I am a timeshare newbie and know just about nothing. I am excited about my purchase, and of course the company if very helpful, but I want to know what I might be missing out on, or not asking from them.

Just back from Vegas and bought a deeded timeshare week from Tahiti Villiage from Colsolidated resorts. This their 4th in vegas, one in orlando and few in Hawaii. it is a floating week, can also be split up into a 4/3, it is Red week, only time we can't go is new years week. It also includes a membership in Interval International which is (I belive) 3 years paid for which included 12 vacation weeks a year which will cost us money but they claim it is at a very substantial savings most around $150-$200 per week. We bought the 2 bdr model which is around 1000 sq/ft, full kitchen, everything you need. Also came with some free vacations as well.

My questions this...

they said red week is the best and I shouldn't have any issues trading for almost anything I want in the world. They Claim Vegas is the best place to purchase. True?

Also the 12 weeks vacation a year for around 200/wk sounds way to good to be true. I have visited II's site and there are some really good places... but for $200/wk? How much do they run really?

Anyone own in Tahiti Village? I love the place but really... how hard is it to book when you want?

Any other sites I should look up, specifically for Tihiti Village?

What hidden costs will I need to worry about for a deeded timeshare?

Sorry for all the questions but I wanted to find out the real scoop... and not just ask the sale folks :) thanks in advance
 

aliikai2

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If you are still within the cancellation period.

RECIND NOW


Then come back and ask questions as you have paid many, many thousands of dollars more than the week is worth.

Greg
 

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First, welcome to TUG! There is a wealth of info here that should eventually allow you to make the correct - for you - decisions about timesharing.

My first and strongest recommendation is to consider whether you should rescind your purchase while you can. You have too many questions - many of which you haven't even thought of yet - that should be answered before you make such a commitment. And the deal they offered you ("today only") or one very close to it will still be there if you ultimately decide you want to buy from Consolidated rather than on the resale market. Don't waste time. Under Nevada law, you have only 5 days from the date you signed the contract to cancel. Send your cancellation via certified mail and get a receipt.

I don't know how much you paid, but there are routinely 2BR units at this resort available on the resale market for far less than what you paid. The resale units are exactly the same as what you purchased - lived in by others before you stay there, just as with what you purchased. That price differential affects you when you sell as well as now. If you should decide to sell, you will take a huge loss on the resale market. See the "What is Your Timeshare Worth? section of this TUG "how to sell" article for a dose of reality.

As for some of your questions:

Yes, "red" is best for exchanging, but there are many different degrees of red depending on what week of the year you use to trade and the quality of your resort. Yes, you will have a great deal of difficulty "trading for almost anything I want in the world."

Is Las Vegas the best place to purchase? Probably not. Although Las Vegas is a popular place to visit, the number of timeshare projects currently under construction is mind-boggling. Will that mean overbuilding in the timeshare industry? Maybe. Do you really want to risk finding out?

Those II Getaway weeks will cost more than $200 each. Some more popular weeks/popular resorts will cost up to $1,000 per week. More importantly, those weeks are rarely available except during off-season. Thus, although you can travel almost any time of the year, you probably won't want (for example) a beach week in Hilton Head in January or February, which is when most Getaways there are available.

I'm not sure where the 12 weeks per year comes from. With an II membership, you can buy as many Getaway weeks as you want. However, most of us believe that's not necessarily a bargain.

Hidden costs? You heard about the annual maintenance fee, which I believe is currently about $600. That fee will go up. You can count on that. It's also possible that there will be a special assessment at some time in the future to cover expenses, renovations or major repairs that are not covered by current estimates. Most well run resorts do not have special assessments.
 

adutton

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I am if it is within 7 days... but why should I though? The place is right down on the strip, it is only going to build up an up with the strip coming farther down that way. In 5 years it will be one of the hottest places to go. Disney is putting in a 100 acre complex almost right across the street as well. I can go almost anytime instead of having to plan off time travel. I at least think it is a pretty good deal for a place I want to stay.
 

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If you believe everything you said and have a ready answer for everything in my post, then by all means, keep what you bought. However, you asked for opinions from those with timeshare expertise and that's what you are getting. Stay tuned. You'll hear a lot more from others.

Mostly, there would seem to be no justification for paying the outrageous developer price compared to what you could pay for the same timeshare on the resale market.
 

adutton

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Well today is day 5 so can't get a letter to them that quick if I do decide to rescind. I have asked them allot of questions but as you know they don't always tell the "absolute" truth but more of truth as we know it sort of truth. It is the type of deal I want to get into though.
 

adutton

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Yes I agree Dave... I tried to check out ebay but found only one fore resale and it was more than I had paid so I thought it was a good deal. I am gonna check out your resale section. Is there anyway I can rescind without the letter?
 

Dave M

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According to Nevada Revised Statutes Section 119A.410, "The notice of cancellation [for a timeshare purchase] may be delivered personally to the developer or sent by certified mail or telegram to the business address of the developer."

TUGgers generally recommend the certified mail approach, especially since telegrams, for the most part, are a thing of the past!

As for resales, there is a list of reputable resale sites at the top of the list of topics for the Buying, Selling, Renting forum. One of those, Redweek (the only one I checked), had a 2BR recently offered at $10,200, as is currently shown in the listings for the resort. That was the asking price. What it actually sold for is anyone's guess.
 
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DeniseM

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Yes I tried to check out ebay but found only one fore resale and it was more than I had paid so I thought it was a good deal. I am gonna check out your resale section.
One more thought - after you learn a little more about timesharing you may decide that you don't want to buy at this particular resort or even in Las Vegas. If you rescind now, and do your homework, and decide that you do after all want the original deal - it will be there, no matter what the salesman told you - next week, next month, next year!

Rescind - you have nothing to lose and everything to gain!

Good luck - let us know how it goes! :hi:
 

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I am if it is within 7 days...

Is this what said in the contract? Check it. If contract says 5 days, and the saleman say 7 days, it is 5 days.

If you have no issue of owning it, pay the yearly maintaince fee which will go up with the inflation, and happy to what the location is as of today, then it is your decision. Since you ask, if you find later on, you can not get the exchange you want, or you found after 4 years, the resale price is 1/2 price you pay, and you don't care much, hold on to it. You will have a lot of enjoy vacation.

But if you are borrowing money, rescind now.

Disney may or may not build there. Don't depend on it.

Jya-Ning
 

aliikai2

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It is very easy to fall prey to the HYPE

that the fast paced sales people use in a timeshare presentation.

We did on our 1st purchase, a lot of us here on TUG have been where you are and it is hard to admit that maybe we made a mistake, so please swallow that pride and save yourself some serious aggravation and money by rescinding this purchase today.

I could spend days showing you what is going to happen to that 20k purchases value over the next 5 years, or tell you how poorly Las Vegas trades to the prime demanded weeks at resorts in Hawaii, Southern California, East Coast summer beach weeks, etc.

Your are just going to have to decide, either listen to us that are in the know,:wall:
or plan on continuing your purchase.

Either way, welcome to TUG, and timesharing.

fwiw, Greg

I am if it is within 7 days... but why should I though? The place is right down on the strip, it is only going to build up an up with the strip coming farther down that way. In 5 years it will be one of the hottest places to go. Disney is putting in a 100 acre complex almost right across the street as well. I can go almost anytime instead of having to plan off time travel. I at least think it is a pretty good deal for a place I want to stay.
 

UWSurfer

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Adduton,

This board has the collective knowledge of thousands of Time Share owners and traders. The key here is we are the consumers & owners, not the sales people attempting to close a sale.

Tihiti Village is a very nice project and Consolidated is a very reputable operator of timeshares. I've stayed at one and have toured a few more resorts run by Consolidated and was very happy with them. There are issues with the resort being south of the airport. That area of "The Strip" is pretty far removed from the rest of the strip. It may expand into something over time...and it may not. Five years is very optimistic.

That being said, you would be very wise to recind your purchase NOW and do your homework. Should you purchase again you will likely save thousands and be a much more informed consumer to boot.

You can always send the letter both certified US mail and overnight courier (such as FedEx) where you can get a signature of delivery. In addition to doing these steps, you can also fax a copy of the letter and get a time/date stamp from the fax comfirmation as well. Time is of the essense and you must follow the contract language on recission to the letter.

I think you'll find the members on TUG to be huge supporters of timeshare and an unbeliveable knowledge base. You'll never hear from your sales person again and we don't take a percentage of your investment.
 

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Dave and I do not always agree but in this instance Dave IMHO is 100% correct. Dave is super informed in most areas of timesharing and you are a Newbie. Greg is also IMHO one of the better informed timesharers around.

If you look at my profile and signature at what I own you will see that I own about 27 or so timeshares that I can use for about 100 reservations a year. Note that 3 of those are RCI Points ownerships that are Las Vegas ownerships that I bought to use for PFD. I can exchange with RCI weeks, RCI Points and II.

I know what I see with off season weeks from other areas in Las Vegas so I am saying Las Vegas is a very easy exchange to get, and is not a great exchanger.

Anybody can ask any price if they are trying to sell a timeshare.


To prove to yourself that Daves and Gregs advice is 100% correct
I strongly suggest you go to the ebay completed Nevada auctions section to see how cheap Las Vegas can be bought for if you realy want the :wall: truth.

Well over 1/2 of what you will be paying for when you buy from the resort instead of buying resale goes for :doh: sales commissions.

Most of those that are experianced timesharers pay about 5 % to 15 % on resale of what you will be suckered into paying when buying from the resort and, you will most likely not have the flexability and trading power like they do.

Follow Daves advice and recind you do not want to needlessly waste at least 75% of what you would spend if buying directly from the resort.

I recently :cheer: saved one of my rental customers $10,000 buy having them recind before it was to late. I had him check ebay resale prices and that really opened his and his wifes eyes.

Their is a old Las Vegas saying if you do not see a chump sitting at our poker table the chump may be you.

Agian, I will strongly suggest you go to the ebay completed Nevada auctions section.

I would suggest that you recind and then spend some time leaning about timesharing before needlessly over paying.

I wish you good luck. Do'nt forget to tell Dave and Greg thanks for giving you the advice that can save you about 75% of the cost if you follow their advice.

Bruce :D








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Yes I agree Dave... I tried to check out ebay but found only one fore resale and it was more than I had paid so I thought it was a good deal. I am gonna check out your resale section. Is there anyway I can rescind without the letter?
 

talkamotta

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I am if it is within 7 days... but why should I though? The place is right down on the strip, it is only going to build up an up with the strip coming farther down that way. In 5 years it will be one of the hottest places to go. Disney is putting in a 100 acre complex almost right across the street as well. I can go almost anytime instead of having to plan off time travel. I at least think it is a pretty good deal for a place I want to stay.
I saw a number of listing for Tahiti Village on Ebay. None of them had any bids against them. Anyone can ask what they want.

Take for instance Sands of Kahana. Owned by Consolidated..2 bedroom, Maui, right on the beach. Gold Crown, red (a true deep red) Maui is hard to get into (so good trader) but mf's are high so people will rent rather than trade, (especially with II). See them listed on ebay for $28,000 but they sell for $8500 to $12000.

I, for one, like Consolidated (not everyone does). I own at Sands of Kahana and I have been to Club de Solei (a very nice resort but not on the strip).

Keep reading other posts. Before you buy, join Tug. The review section has saved me a lot of money. If by chance you cant recind. Still join TUG. It has great information for trading too, no suprises.

The saddest thing is when I hear people saying they bought thier timeshares from the developer and then never learned how to use them. That is a double/triple whammy.
 
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Timeshare Von

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Well today is day 5 so can't get a letter to them that quick if I do decide to rescind. I have asked them allot of questions but as you know they don't always tell the "absolute" truth but more of truth as we know it sort of truth. It is the type of deal I want to get into though.

They often do not tell any version of the truth either! If today is your 5th day, you still have time to get something put together and to the post office (go inside) and have it post marked today!

From what you've said thus far (and I still have much more to read in this thread) you have bought their sales line hook, line and sinker. The comment regarding being overbuilt, if not today, in the future, is a reality that you should consider with extreme diligence.

Orlando once was "the best place to buy" . . . probably 10-15 years ago, maybe longer. They have overbuilt there to the point that a "red week" is worthless in terms of trading. If you want to go to your resort for every year in perpetuity, and don't care that you did pay more than what you could have via a resale purchase, no reason to go to the hassle of writing and mailing a rescinsion letter by COB today.

Best wishes as you contemplate your ownership needs and financial best interest.
 
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Timeshare Von

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. . . If you have no issue of owning it, pay the yearly maintaince fee which will go up with the inflation . . .
And more! My one resale purchase in Williamsburg has gone up in MF's from $416 (2001) to $612 (2007). Don't forget that often special assessments also come along from time to time, adding an unexpected expense, typically with just a couple/few months' notice. That same resort has had a three year assessment of $338 per year for 2006-2008 (for a grand total of $1,014).

Often MF's go up once the developer no longer can control and adversely affect them in a "lowering" way. When the resort is sold out and the POA begins to do the management and financial oversight, you can almost be assured there will be a jump in fees.
 

Timeshare Von

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Well over 1/2 of what you will be paying for when you buy from the resort instead of buying resale goes for :doh: sales commissions.
And let's not forget about those fancy sales presentation offices, the freebie gifts and/or money spent to bring people in and to support the discounted packages (3days/2nights for $59) used for marketing to new people.
 

Timeshare Von

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My questions this...

they said red week is the best and I shouldn't have any issues trading for almost anything I want in the world. They Claim Vegas is the best place to purchase. True?

Also the 12 weeks vacation a year for around 200/wk sounds way to good to be true. I have visited II's site and there are some really good places... but for $200/wk? How much do they run really?

Anyone own in Tahiti Village? I love the place but really... how hard is it to book when you want?

Any other sites I should look up, specifically for Tihiti Village?

What hidden costs will I need to worry about for a deeded timeshare?

Sorry for all the questions but I wanted to find out the real scoop... and not just ask the sale folks :) thanks in advance
The fact that you feel the need to "find out the real scoop" says that you don't believe your sales rep 100%. That is a good thing.

The first and perhaps biggest "untruth" they told you was that with a red week in Las Vegas you "shouldn't have any issues trading anywhere in the world" is just not the case. I don't trade in II but I know there are plenty of new buyers who quickly become disillusioned with the frustrations (and expense) of trading with II and/or RCI (the other "big" exchange company).

Of course they ALL say their city and resort is "the best" for your TS ownership. There are still plenty of places in Orlando using that marketing "fib" because, afterall, Orlando is the most visited international destination . . . in the world. So where better than to own, than with the land of the Mouse??

And speaking of the Mouse, it may have been that a couple of years ago Disney may have been on board with a Las Vegas development when their marketing as a city was focused on "family vacation fun & value" . . . but they (rightfully) scrubbed that and reverted back to the adult playground ("What happens in Vegas stays in Vegas") theme. I personally don't see the "family friendly values" culture sensitive Disney coming to Sin City. Heck, they didn't even want Rosie to be tied to them via the arm's length relationship at ABC TV.

Hopefully you have had enough input . . . and still enough time . . . to get a letter drafted, signed by both you and your wife (if you're married), and postmarked at the post office today.
 
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adutton

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Wow... you folks really do know what you are talking about. I go to lunch and get back and the response is overwelming! That is incredible! Thanks all that posted. forgot I could search closed auctions on ebay like that. I will do so asap. It is 2pm here and fed ex doesn't come until 4 so I have a few hours to sort it out. Question... how much is the II membership worth? If I purchase resale I won't get that as a benny paid for. How much would it cost me just to signup to use II? And is it worth it? thanks
 

adutton

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More info...

this is the 12 week program they told us about... it was paid for us for the next copule years but eventually will run out:

Getaway Program: The Interval International Getaway program allows you additional weeks of resort accommodations at members-only prices, without giving up the week you own. You can arrange your resort stay up to a year in advance of your travel dates, making it easy to plan some extra R&R.
 

Timeshare Von

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Question... how much is the II membership worth? If I purchase resale I won't get that as a benny paid for. How much would it cost me just to signup to use II? And is it worth it? thanks
Well as I alluded to in one of my posts, there are two main exchange companies II which is the one with the resort you're interested in is affiliated with . . . and RCI which is larger (but not necessarily better). Both have pros and cons, and are suffering from poor membership relationships. Both cost money to join and then an additional fee for trading to go to other resorts.

There are some smaller exchange companies that serve a smaller market or specialty niche . . . DAE, SFX, Hawaii something or another, and the most recent entry into the exchange business, RedWeeks. I believe all of them are less expensive than II and/or RCI. Some are free for membership (i.e., DAE) and only charge when you make a successful trade.

I would think which exchange network best serves your needs may dictate which resort to purchase via resale. That would be something you'd need to evaluate and research. There is probably no cookie cutter solution. Heck, you may find that one of the points-based resort networks like Worldmark, FF/Wyndham or BlueGreen will serve your needs without you ever having to pay to join an exchange network service.
 
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aliikai2

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To Join II cost about $86 per year

Any affiliated timeshare will get you an II membership for the $86 per year, and any II member can take as many Getaways as they have time for, so there is no 12 week limit.

These are smoke and mirror benefits, no real value, just additional hype.
You can by a $1 ebay timeshare, or some of the less than $25 units listed here that trades will II and get all these benefits.

RCI has the same type of program, and some folks really are able to take advantage of off season or short notice getaways, they have never been of any value to us..

Greg

Wow... you folks really do know what you are talking about. I go to lunch and get back and the response is overwelming! That is incredible! Thanks all that posted. forgot I could search closed auctions on ebay like that. I will do so asap. It is 2pm here and fed ex doesn't come until 4 so I have a few hours to sort it out. Question... how much is the II membership worth? If I purchase resale I won't get that as a benny paid for. How much would it cost me just to signup to use II? And is it worth it? thanks
 

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I can appreciate what you're going through after hearing all the exciting salesperson hype about the resort. We have sat through at least 12-15 presentations at various resorts, and the salepeople can make you practically lust for owning at their resort! I'd be willing to bet that if you attended another half a dozen timeshare presentations, you'd come away impressed and excited about most of them. Each one would have some great selling points to make you think you can't live without buying there. Many would be far more luxurious than the place you just saw. Far more. I hope you are able to get out of this purchase. Timeshares are great in that you get upscale facilities, a whole condo instead of a room, planned activities, etc. But you can get all that at a fraction of the cost with a RESALE. Getting an II or RCI membership is no big deal and not worth a lot, so don't let that influence your decision. Vegas has a lot of resorts and is not a hot trader. You can buy a cheap timeshare somewhere else and trade into this resort, with no problem.
 

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Question... how much is the II membership worth? If I purchase resale I won't get that as a benny paid for. How much would it cost me just to signup to use II? And is it worth it? thanks
The current fee for a basic II annual membership is $84 per year. If you purchase a multiple year membership, there will be some discount. You can call II and get further information. Usually, the developer pays for an initial membership, and you are responsible for the cost after it expires. All II members have access to Getaways. The costs vary. You do not get any cheaper rate on Getaways by buying from the developer. Also, if your unit is a desirable week, II may give you an Accommodation Certificate if you deposit it for exchange. The AC allows you to make an additional exchange for a fixed fee of $199 - $299. Again, it does not matter to II how you acquired your week. II is independent of the developers.

I hope you took the advice of others and rescinded.
 
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