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Just Purchased in Lakeshore Reserve - Mistake?

kenny1975

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My wife and I (and our two kids - ages 6 & 3) were vactioning in Marco Island and toured the new Crystal Shores facility. We almost bought into the silver season there (only time period we could afford) when our saleswoman talked to us about the new Orlando resort - Lakeshore Reserve.

Here's what we bought:
Platinum week, lock off unit, 2 bed / 2 bath with a free weeks vacation through II for $24,600. I've spent the better part of my day researching this website and numerous forums and I'm trying to figure out if this was a mistake or not - It's important to note that we are still within the 10 day recission period.

We decided on the Orlando resort instead of Marco Island due to the fact that we were buying into a Platinum season versus Silver AND due to the fact that we were buying a lock off unit which supposedly gets us another weeks vacation if we so choose...by closing off part of the unit...etc. We were also told that we could roll one week into the Marriott Rewards program - get 100K points and within 2 years get a trip anywhere in the world for two with airfare. Sounded like this was all too good to be true. We liked the idea of using one week and rolling the other week into MRP and start accumulating points towards free hotel stays, airline tickets, etc.

I'm not shocked by the amount of our investment, we can certainly afford it but I don't want to get taken advantage of either. Did we do the right thing?

Are we better off buying through the resale market?

Was it a mistake to buy into Orlando versus a more "desireable" location? We thought it was great to buy into a Platinum time but do we have less "buying power or trade power" since we bought into Orlando? I think it's important to note that we do not intend to actually stay in Orlando...ever We already take the kids to Disney every other year and so I don't ever see us actually using the Lakeshore Reserve resort.

Our intention was to use our ownership interest to trade into other Marriott resorts (during the summertime when our kids aren't in school) and be able to see different parts of the country and world for that matter.

Your help is GREATLY appreciated...if only I found this site before we signed the paperwork!

Thanks!!
 

FlyerBobcat

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I'll start off.... but first, Welcome to TUG :wave:

I'm not shocked by the amount of our investment, we can certainly afford it but I don't want to get taken advantage of either. Did we do the right thing?
Please drop the word "investment". Treating it as a true investment will likely result in MAJOR disappointment.

Was it a mistake to buy into Orlando versus a more "desireable" location? We thought it was great to buy into a Platinum time but do we have less "buying power or trade power" since we bought into Orlando? I think it's important to note that we do not intend to actually stay in Orlando...ever We already take the kids to Disney every other year and so I don't ever see us actually using the Lakeshore Reserve resort.

Our intention was to use our ownership interest to trade into other Marriott resorts (during the summertime when our kids aren't in school) and be able to see different parts of the country and world for that matter.
I think it is a mistake to buy at a place at developer prices when: I don't ever see us actually using the Lakeshore Reserve resort.

Since you are uncertain at this point if you made a good decision -- and you have time to rescind -- you should look very hard at that option. You can always buy at a later time -- but to sell what you just bought is going to cost you BIG BUCKS.
 

beanie

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you are better off buying resale . we bought our first 2 timeshares thru marriott . the first one was cypress harbour in orlando . a great resort but so easy to get into we decided we didn't need to own there . we are going there in 2 weeks on a bonus week we earned from an aruba resort that cost us $700 on e-bay an eoy week 52 . so for a little over $300 dollars we grabbed a week that our MF were almost $900 on . we sold that week back thru marriott after 7 yrs with a $2500 loss , but throw in the free trip to hawaii and 7 yrs use and I was happy with that . our other purchase from marriott was a pre-construction at aruba surf club we purchased for $13,900 I believe in 2004 which we just sold for 15k so we were happy with that transaction. I feel that some cheaper 5 star lock-outs fit our needs better as we tend to travel off season and can use flex change thru interval . I say if you can to back out now do more research and that deal will still be there .

also read this thread on the same property

http://www.tugbbs.com/forums/showthread.php?t=95551
 
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kenny1975

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Hi Tom - thanks for the reply - I've read many of your past posts and was happy to see your quick response. I should clarify that by "investment" in meant into my families vacationing future. We own beachfront property in Marco Island so by no means am I looking at our purchase as a financial investment...my wife and I were happy at the prospect of taking our kids to a different destination each year...

...but after researching this website for quite some time today...I'm not sure I made the right decision by purchasing from the developer, in Orlando, etc...
 

FlyerBobcat

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Kenny.... I was hoping you were going to mention "families vacationing future" along with the "investment" word. So you certainly are on the right track.

I'm pretty sure you will have plenty of responses and advice. Since you still have time to rescind, you really haven't made "the right/wrong descision" yet.

But if you decide to rescind, follow the details of the procedures exactly, and maybe even cover yourself by doing it more than that one way.

Good luck!


Hi Tom - thanks for the reply - I've read many of your past posts and was happy to see your quick response. I should clarify that by "investment" in meant into my families vacationing future. We own beachfront property in Marco Island so by no means am I looking at our purchase as a financial investment...my wife and I were happy at the prospect of taking our kids to a different destination each year...

...but after researching this website for quite some time today...I'm not sure I made the right decision by purchasing from the developer, in Orlando, etc...
 

saturn28

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You better talk to your salesperson because they have the Platinum weeks on sale right now through April 22nd at the Lakeshore Reserve for $20,000
 

Karen G

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Rescind while you still have the chance. Follow the instructions exactly as given in your contract. It's great that you found TUG in time. Now do some more research, check out the resale market, and take your time.

It's a buyers' market for resale timeshares. Educate yourself. That deal with the developer will always be there. If, after you've studied the situation more, you decide it is the best deal for you and your family, then make a purchase as an informed consumer.

But, I think you'll see the value of resale the more look into it, especially since you stated that you'd likely not use the property you bought but would trade it. There are many, many good traders available at bargain prices all over the place.

Welcome to TUG. You may notice that I deleted your duplicate post on this topic in the Buy, Sell, Rent forum. TUG posting rules do not allow for duplicate posts in more than one forum.
 

kenny1975

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Thank you Karen (and other TUG members) - I will look at the procedures to rescind when I get home from work tonight. Assuming that I go that route - I believe I'd like to stay within the Marriott family - so does anyone have a recommendation on a resort that I can purchase into via the resale market that will afford my family the best option of transfering around within the Marriott resorts during peak summer months - since we have kids that will be in school...and a school teacher wife who frowns upon taking them out of school for vacations...:)
 

littlestar

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I tend to like a lock-off because you can essentially get another vacation out of it. When I first started my search for a Marriott Vacation Club resort, I checked the Marriott sticky on this board to help me get started on my research. Here's a link for you:

http://www.tugbbs.com/forums/showthread.php?t=391

Definitely rescind - you can always buy from Marriott direct later if you decide that's what you want to do after you do your homework.

Good luck. :)
 

TheTimeTraveler

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Right now, for about $6K on the resale market you can buy a GOLD two bedroom lockoff unit at Marriott's Summit Watch at Park City, Utah.

If you lock off, then you will be able to obtain two trades every year.

Trading into the Orlando area is relatively easy due to excessive overbuilding of Timeshare resorts.

Best of luck with your search.
 

ldanna

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Right now, for about $6K on the resale market you can buy a GOLD two bedroom lockoff unit at Marriott's Summit Watch at Park City, Utah.

If you lock off, then you will be able to obtain two trades every year.

Trading into the Orlando area is relatively easy due to excessive overbuilding of Timeshare resorts.
This is a good point. For $6K you might even be able to buy a platinum lockoff at Habour Lake (former Horizons). BUT, if you buy resale on Grande Vista, you might probably pay half what he paid buying direct from Marriott on a brand new resort (Grande Vista is currently the newest and most sofisticated Marriott in Orlando). Although is a lot of money for todays market, it is not a great difference at all (resale x developer).
 

kenny1975

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...and does anyone have a strong opinion about the ability to get points into the Marriott Rewards program when you aren't able to use your vacation time share for reason or another? If I buy resale...what happens if I can't go on a vacation for a year or two? Assuming that the unit can't be rented...isn't one of the major benefits of buying via the developer is the ability to roll your week into the rewards program and reep the benefits at some point down the road? That seemed like a benefit to me and my wife....
 

gmarine

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...and does anyone have a strong opinion about the ability to get points into the Marriott Rewards program when you aren't able to use your vacation time share for reason or another? If I buy resale...what happens if I can't go on a vacation for a year or two? Assuming that the unit can't be rented...isn't one of the major benefits of buying via the developer is the ability to roll your week into the rewards program and reep the benefits at some point down the road? That seemed like a benefit to me and my wife....

That is a benefit. But is it worth 20K. No way. IMO, rescind, then take your time to decide what and if you want to buy a timeshare. Then if you still feel you want to buy from Marriott for the ability to trade for points you will be able to make a better informed decision.
 

pwrshift

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I'm a big supporter of buying direct to enjoy the benefits of the Marriott Rewards program, and my family has had some wonderful trips all over the world in the many years we've been part of the Marriott family.

However, I never bought a timeshare I didn't want to use at least 3 out of 4 years. I also believe in lockoff suites as in several years, you'll find once the kids have left the nest it's nice to split your unit into two parts and stay 2 weeks for another $75. The Lakeshore Reserve lockoff (if you bought the right one) has two parts with full kitchens not just a kitchenette in one part...and I also think that is the most unique offering from Marriott with townhomes, etc. and sharing the land with a Ritz Carlton and JW - nice! However -- do you really really want to always vactation in Orlando -- especially after the kids have grown?

However - why buy it if you have little interest in using it. In fact, why buy any timeshare is you don't want to use it?

I think you have to rescind and take time to really look at your vacation needs for the near and long term -- and what you would be happy owning and using in 20 years. Once you know this the decision becomes a little easier. Remember that flying a whole family every year to your TS and renting a car can get expensive -- so maybe buy a place you can drive to.

If trading is your interest buy the cheapest platinum you can find resale that has the lowest maint/taxes and that will trade well -- such as Manor Club for $8000 and MF of $850. You could even drive there from Chicago...and if you play golf, you get 6 rounds of golf per week.

There are a lot of supporters of the MR program and buying direct here on Tug, but not as many as support resale -- so discussions on this subject is probably the number one topic on this board. Search and read them so you can decide what's best for your need.

Have fun.

Brian
 

m61376

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I am going to add to the "rescind now" camp- and not to tell you to buy resale, but because you seem uncertain about the relative benefits of resale versus direct and, more importantly, you are looking to buy at a place you never want to use. I really think you should take the time to think about where you'd like to go, at least some years.

In general, people advise to rescind, research and then decide, because the same deal will be there next week or next month. Because of their current special sale pricing, next week the price will increase. However, I don't think you know enough to buy right now.

If being able to trade for points is really important to you, then buy direct, but look into buying somewhere you'll use. Make sure you understand that the points really aren't free, and what the real cost is before you sign on the dotted line. It does give you options when you don't want to use the timeshare for a year (other than renting or depositing it for a future trade) and the trips the points can "pay" for can be wonderful, but contrary to the rosy picture painted by the salesperson, they are not really free. As Brian suggested, just search this forum and read through one of the debates as to the merits of direct versus resale purchases so you can decide for yourself if buying direct is worth the added cost for you and your family's needs.

At the very least, if you are still on the fence about rescinding, try to read as much on this Board as you can over the next few days. I think the more you read the more confused you will likely get; if so, and you can't proceed with confidence, then step back and take the time. As others have mentioned, timeshares are easy to buy, can be a wonderful purchase, but are an albatross if you made a mistake and want to sell.

Welcome to Tug and feel free to ask questions :hi:
 

Karen G

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At the very least, if you are still on the fence about rescinding, try to read as much on this Board as you can over the next few days.
I can't urge you enough to RESCIND while you are still within the rescission period. You will have this opportunity to rescind only this one time and if you let it pass you by, you won't be able to rescind later. The deal you got will still be there & probably even a better one will be available later!

If you have any questions whatsoever about how the program you bought works or how timeshare works in general, rescind. You don't have enough information to be an informed buyer. On any other purchase for the amount of money you paid, I imagine you would have taken your time and done a little more research before signing the papers. If you rescind you can take the time to educate yourself. But, if you let the rescission period pass, you are stuck.
 

mamadot

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Which Marriott properties do you want to trade into in the summer?
Beach properties will be a hard trade with Park City gold. Newport Coast is only 2 bedrooms so you would have to use your entire 2/2 at Park City to trade into it unless during flex time. (less than 59 days from ck in date)

I recommend buying where you actually want to vacation then if you can not trade into what you want you can still enjoy a wonderful vacation at a place you enjoy going.
 

applegirl

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Hi Kenny and welcome to TUG!:wave:

We have children ages 6 and 3 also.:D They have been vacationing in roomy Marriott t/s properties since they were born. Our oldest had the lock-off room to himself when he was 2 and 1/2 months old. When I was young we certainly didn't have vacations like our kids have already had, but we feel very fortunate to be able to provide nice vacations and memories. We are so glad we found timesharing when we were just starting our family.

We did buy our Marriott t/s from Marrriott, but that was before we discovered TUG. I'm so glad you found us now, while you still have time to rescind. Marriott Lakeshore Reserve is going to be a gorgeous property when it grows up, I have no doubt. But you would be wise to rescind now, do your due diligence here on TUG to figure out exactly what is best for your family and then proceed. Right now is a buyers market for t/s resales. You will get such a great deal if you wait and buy resale somewhere that really fits your needs and intentions. If you are set on Lakeshore Reserve, you will be able to buy it resale within the coming years. You could always rent a few times until then.

Now, as for exchanging your week for MRP's. Personally, I don't think it's a good deal at all. Especially since they just devalued their points program this past January. Now you get less for your points but they don't increase the points owners can get for exchanging in their weeks! If you consider how much your MF's are a year (ours are close to $900 at Shadow Ridge), plus how many nights you actually get for your 100K points (it won't be a week!), then it just isn't a good deal at all. It's a HUGE advantage for Marriott, IMO. If you go to Marriott website, you can see how much they rent out the units for on a nightly basis to Joe Blow off the street. It's a lot of money!

Since your family will be very tied to the school calendar, at least for years to come, you will want a strong trader. For less money than you were willing to spend on Lakeshore Reserve, you will be able to buy a tiger trader on the resale market. Then, once you learn all the tricks of reserving your week and trading, you will most likely be a very happy Marriott owner.

If you can't use your week one year, you can deposit into Interval International and have up to 2 years to use it. I seriously doubt you would ever have a year where you just flat out couldn't use it or rent it and had to flush your $$$ down the toilet. TUGgers don't let that happen! No worries!

Cheers and I'm glad we are here to help you!

Janna
 

Latravel

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You have expressed an interest in the Marriott Rewards program so I think buying direct is a good fit but, you don't seem to have made a decision on which location to buy.

We also have young kids and we wanted a timeshare that is a good trader, that is affordable, one that can be locked off, and one that trades for max points. We picked Shadow Ridge. I am surprised by how well it trades and we have never stayed there.

This year we traded one unit for points and one unit I deposited in II. We now have too many weeks in our bank but it's a nice problem to have. I like having the option to trade for points because sometimes we just have too many weeks banked and we can get points towards vacations instead of having to pay extra for the points, on top of our maintenance fees, which is what you would have to do if you bought resale.

I think you may need to take your time to figure out which location is best for your family. It seems like you can afford to purchase direct so the $10K price difference may not be a big deal as long as they give you at least 250,000 incentive points, which will give you a nice vacation.
 

FlyerBobcat

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There are plenty of threads and posting debating resale vs. developer purchase, so I don't want to go there again. But I think a couple of points need to be made based on a previous post.

You have expressed an interest in the Marriott Rewards program so I think buying direct is a good fit but......
Having an interest in the Rewards program certainly is not enough reason to buy direct --- in most cases.

It seems like you can afford to purchase direct so the $10K price difference may not be a big deal as long as they give you at least 250,000 incentive points, which will give you a nice vacation.
With point purchases from Marriott at $1250 for 100,000 points (per year, per couple), I'm not sure I can consider this solid advice.

Yes there are a lot of factors to consider -- and I'm not one that says NEVER to a developer purchase to a potential buyer here on TUG --- but just wanted to get a few extra points out on this thread.

Since the OP stated a reason for interest in the Rewards Program is based on:
...when you aren't able to use your vacation time share for reason or another? If I buy resale...what happens if I can't go on a vacation for a year or two?
Does it follow that the better solution is buying hundreds of thousands of points at an inflated price? I do see the advantage of flexibility here in a developer purchase. But if the OP is really worried about not being able to use a single week of vacation a year, maybe Timesharing isn't the route to go.

Just a few additional thoughts.....
 

elaine

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I would also cancel--have you considered summer beach

I would recommend the Marriott system, esp. for a 1st timseshare, simply to get the preference of trading into other Marriotts over others in II. However, I would advise you to think carefully about Orlando--you indicated you only want to go every other year. Orlando is a VERY easy trade--so really think about where else you might want to go instead.

You might consider a Hilton Head beach week (make sure you buy a season that fits your district's school schedule). Another great resort for kids (and adults) is Ocean Watch at Myrtle Beach. This will be more $$ than Hilton HEAd (even resale), but is very popular. If you can go early June or end of Aug, Gold might work well for you and be much less $$ for either HHI or MB otherwise buy platinum---you can get them resale for certainly under $20K. I believe MB does not have lock offs, so if that is important, consider one at HHI---however, do your research and buy a HHI Marriott that is likely to stay a "Marriott" (Surf, Barony, Grande Ocean). With all of these properties, you can easily trade into Orlando, as well as most other Marriotts. Elaine
 
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ldanna

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Was it a mistake to buy into Orlando versus a more "desireable" location? We thought it was great to buy into a Platinum time but do we have less "buying power or trade power" since we bought into Orlando? I think it's important to note that we do not intend to actually stay in Orlando...ever We already take the kids to Disney every other year and so I don't ever see us actually using the Lakeshore Reserve resort.

Our intention was to use our ownership interest to trade into other Marriott resorts (during the summertime when our kids aren't in school) and be able to see different parts of the country and world for that matter.
I am a newbie here but reading posts here for a while I may have some advise to you:
-if Orlando isn't you primary destination every year (or 3 out of 4 as said here), you should not buy there.
-nowadays, it is cheaper pay a hotel instead of convert your week into points. If you already have this option, it's great, but not a feature you should add to your week (today, but a year from now who knows?)
-if you’re planning to be on different places every year you need a good trader. What is that? A week you can trade to a location you want to go easily. Nobody knows what Interval uses to choose one week instead of another, but based on Tugers experiences, they have an idea.
-what should your week have?
*good season: platinum are always good, gold sometimes, silver and bronze will be good only during Flexchange period (you will have to be able to plan your vacation only with 2 months tops, not recommended if you have kids).
*good week during a good season: you have to have a good week reserved during a good season. If you go to Interval and find your resort there, you will find a Travel Demand Index that could guide you to choose the best week to trade. If you have 2 weeks, you will be able to reserve your week in advance (13 months instead of general 12 months)improving your chances to reserve a good week.
*something curious: Lakeshore Reserve is Platinum season all year long, except during weeks 6-17 when it is Premier Platinum. Marriott transformed most gold weeks into platinum but Travel Demand Index is the same for an area full of t/s. If you go to the Royal Palms Calendar, you will see that weeks 36-39 is considered Blue (or Silver) season with low demand on Interval index.
*lockoff feature: you have 2 bedrooms, you split them into a studio and 1 bedroom, and might end up with 2 weeks with 2 bedrooms each (if you have a good trader)
-what resort? Reading here you will see that some resorts are good traders, I will list some of them with lockoff features:
*Hawaiian resort, where Ko Olina is the best, but they are expensive and maintenance fees are almost twice the others.
*Grand Chateaux in Vegas
*Manor Club in Williamsburg
*Desert Springs and Shadow Ridge
*Ocean Point, but owners there usually use their week instead of trade them.
*Ski season at Park City (Summit Watch or Mountain Side), but prices are really high for those seasons.
*Canyon Villas
*Even Grande Vista in Orlando (for the price of one week in Lakeshore you might end up buying 3 Platinum weeks in Grande Vista if you look in the right places).
-last thing to consider, if you buy a Florida Club resort (Grande Vista, Ocean Point, Beach Place, Legends Edge and Villas at Doral, the last 2 with no lockoff feature), you will be able to reserve on those resorts as if you're reserving in your home resort, except you can do this with only 6 month in advance.
 

luv2vacation

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You might consider a Hilton Head beach week (make sure you buy a season that fits your district's school schedule). Another great resort for kids (and adults) is Ocean Watch at Myrtle Beach.
I agree that these are both great places to vacation with kids in the summer and are also great traders. I think that the MB property is an even better trader because it is the only Marriott property in MB and one of very few 5-star resorts actually on the beach there.


I believe MB does not have lock offs, so if that is important, consider one at HHI

NONE
of the SOUTH CAROLINA Marriott TS's have lock-offs, neither in HH or MB.
 

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You might consider a Hilton Head beach week (make sure you buy a season that fits your district's school schedule). Another great resort for kids (and adults) is Ocean Watch at Myrtle Beach. This will be more $$ than Hilton HEAd (even resale), but is very popular. If you can go early June or end of Aug, Gold might work well for you and be much less $$ for either HHI or MB otherwise buy platinum---you can get them resale for certainly under $20K. I believe MB does not have lock offs, so if that is important, consider one at HHI---however, do your research and buy a HHI Marriott that is likely to stay a "Marriott" (Surf, Barony, Grande Ocean). With all of these properties, you can easily trade into Orlando, as well as most other Marriotts. Elaine
Just a quick note.... Marriott resorts on HHI do not have lock offs, even though I like the HHI recommendation.
 

cp73

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Kenny

Your head is probably spinning now. There are lots and lots of threads on this subject as to what is the best way to go. Keep in mind that most the people on this board love their Marriott timeshare so regardless of what they say. I know I love mine. Most will tell you to buy where you want to go most frequently and buy if possible close to home. This is because trading and exchanging can take some work which some people dont have patients for. It may require you to wait for trades, and some you may not get for various factors.

Its really in your best interest to rescind and take six months reading and asking questions on this board. Today is definately a buyers market on the resale. Prices are way down and will probably be there for some time.
 
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