Marriott BUYBACKS AND TAKEBACKS [2012 / Ongoing]

[jjking42]

Marriott offered me 2000.00 net (2500.00 less fees) for my Legends edge platinum week.

I am tempted so I checked thier resale website and they sell it for this

2-Bedroom/2-Bathroom Villa

Excellent

Platinum

Every Year

100,000 points

Every Year

$7,800



Maybe I should try to sell it for more myself ? Anyone have a feel for the going price ?

 

[dioxide45]

Marriott offered me 2000.00 net (2500.00 less fees) for my Legends edge platinum week.

I am tempted so I checked thier resale website and they sell it for this

2-Bedroom/2-Bathroom Villa

Excellent

Platinum

Every Year

100,000 points

Every Year

$7,800



Maybe I should try to sell it for more myself ? Anyone have a feel for the going price ?

You won't get anything close to what Marriott is selling this for on their resale website. In fact, the $2000 they offered you is probably more than you could get by selling it yourself in the open market. Without direct knowledge, I would put these weeks at about the $1500 to $1800 mark.

 

[tschwa2]

This platinum week at Legends Edge went for $1.25+ $449 closing + $120 transfer fee. It was from RedweekforLess so it may have kept a few people away. I still think it would be difficult to net more than $2000.

Marriott offered me 2000.00 net (2500.00 less fees) for my Legends edge platinum week.

I am tempted so I checked thier resale website and they sell it for this

2-Bedroom/2-Bathroom Villa

Excellent

Platinum

Every Year

100,000 points

Every Year

$7,800



Maybe I should try to sell it for more myself ? Anyone have a feel for the going price ?

 

[Beefnot]

This platinum week at Legends Edge went for $1.25+ $449 closing + $120 transfer fee. It was from RedweekforLess so it may have kept a few people away. I still think it would be difficult to net more than $2000.

If this passes ROFR, then maybe there are ways to exploit Marriott's incompetence or non-communication between their departments to create arbitrage opportunities? Buy something on ebay that Marriott's then flip it right back to Marriott for profit?

 

[ada903]

Beefoot, the problem is the time it takes to close (especially when you buy from redweeks4less..) - Marriott keeps changing what they are buying, if they are buying, and for how much they are buying. By the time you go through ROFR, recording, and transfer, it's a wild gamble.

 

[richardm]

This may be possible...

If this passes ROFR, then maybe there are ways to exploit Marriott's incompetence or non-communication between their departments to create arbitrage opportunities? Buy something on ebay that Marriott's then flip it right back to Marriott for profit?

Some PCC's will create fake sales contracts to make the impression that the property sold for far more than it did. With the tendency of the PCC's to lie on ROFR docs, it certainly may be possible to buy on eBay and then flip to Marriott for a small profit. Sure there is risk, but that pretty much goes hand in hand with any type of speculating.

Don't forget that the PCC's don't want Marriott to exercise as that normally brings the individual seller back into the picture. These sellers have no idea that their timeshare is actually worth money! They were sold on the belief that the ownership would be next to impossible to even give away- and the PCC doesn't want to change that belief. The only thing that hurts the relief groups is the truth! Honesty is their kryptonite....

 

[LMK]

Ready to sell

So, the time has come to finally make a decision. Honestly, the Marriott group of properties is nice but with 2 young kids, we just don't have the time or patience to plan that far out.

We have a GV 2 BR L/O Plat worth 2750 DC points and another 1000 DC points we bought separately. Both are paid off, and I am looking for advice on the "easiest" way to unload. I really don't have the time to deal with auctions, etc., so the easy option is valued over maximizing $$. I fully understand that I will be taking a bath, but it's okay - my time share experiment is over.

I owe $1200 for GV and $450 for the DC points by Jan 2013 and would love to unload being sinking in more $$.

Thanks in advance for any advice!

 

[GregT]

So, the time has come to finally make a decision. Honestly, the Marriott group of properties is nice but with 2 young kids, we just don't have the time or patience to plan that far out.

We have a GV 2 BR L/O Plat worth 2750 DC points and another 1000 DC points we bought separately. Both are paid off, and I am looking for advice on the "easiest" way to unload. I really don't have the time to deal with auctions, etc., so the easy option is valued over maximizing $$. I fully understand that I will be taking a bath, but it's okay - my time share experiment is over.

I owe $1200 for GV and $450 for the DC points by Jan 2013 and would love to unload being sinking in more $$.

Thanks in advance for any advice!

LMK,

Unfortunately, the sales process is going to be depressing. The GVs have been selling for $2,000-$3,000 on eBay and the points are probably worth only $2,500-$4,000, again on eBay as Marriott has hefty fees to transfer to a new buyer.

There isn't a quick way to sell these that I am aware of - eBay is the fastest mechanism and the good news is that you have properties that are at least in demand (and will transfer) even if you don't receive anything close to what you were expecting.

TUG has classified ads as well that it could list on and there are reputable brokers that could sell your properties for a fee. I wish I had better news for you.

One thing to consider would be renting your weeks (actually the DC points) for a year or two in the chance that additional time will settle the market. It may not improve the valuation but perhaps Marriott will begin ROFR to help support values (but no guarantee of either).

You could rent both weeks easily and painlessly by taking the 3,750 total points and renting them for $0.50-$0.65 per point. At least you make a tiny profit while you assess your options.

Good luck, and let me know if you would like a broker referral.

Best,

Greg

 

[MALC9990]

LMK,

Unfortunately, the sales process is going to be depressing. The GVs have been selling for $2,000-$3,000 on eBay and the points are probably worth only $2,500-$4,000, again on eBay as Marriott has hefty fees to transfer to a new buyer.

There isn't a quick way to sell these that I am aware of - eBay is the fastest mechanism and the good news is that you have properties that are at least in demand (and will transfer) even if you don't receive anything close to what you were expecting.

TUG has classified ads as well that it could list on and there are reputable brokers that could sell your properties for a fee. I wish I had better news for you.

One thing to consider would be renting your weeks (actually the DC points) for a year or two in the chance that additional time will settle the market. It may not improve the valuation but perhaps Marriott will begin ROFR to help support values (but no guarantee of either).

You could rent both weeks easily and painlessly by taking the 3,750 total points and renting them for $0.50-$0.65 per point. At least you make a tiny profit while you assess your options.

Good luck, and let me know if you would like a broker referral.

Best,

Greg

I agree with Greg, convert the week to points each year and rent all the points out on his points rental WEB site. Cover your costs until you are ready to use them for your own family vacations again.

 

[ilene13]

So, the time has come to finally make a decision. Honestly, the Marriott group of properties is nice but with 2 young kids, we just don't have the time or patience to plan that far out.

We have a GV 2 BR L/O Plat worth 2750 DC points and another 1000 DC points we bought separately. Both are paid off, and I am looking for advice on the "easiest" way to unload. I really don't have the time to deal with auctions, etc., so the easy option is valued over maximizing $$. I fully understand that I will be taking a bath, but it's okay - my time share experiment is over.

I owe $1200 for GV and $450 for the DC points by Jan 2013 and would love to unload being sinking in more $$.

Thanks in advance for any advice!

I too would do what Greg suggests. The beauty of owning timeshares with two small children is that it is much better to travel with youngsters and stay in a timeshare than in a hotel room. We bought our first timeshare in 1979 when our first child was 6 months old. It has been 33 years of priceless family vacations.

 

[m61376]

LMT- My only regret about buying is that I had a misconception about timeshares so never considered it until our kids weren't kids anymore. Like the other posters above stated, timeshares can add immensely to a young family's vacation experience. More room to spread out, and perhaps ask Grandma and Grandpa or aunts, uncles, cousins and/or friends to join you. Such trips can create priceless vacation memories.

You sound like perhaps you're a bit overwhelmed with the planning; if you stick around here and ask questions maybe you can learn some tricks that will make things easier for you to maximize your use. Renting the points is relatively easy, or reserve a high demand week and rent that until you are ready to begin using your week. Think of trading your week and/or using the points to book a week or perhaps part of a week to a drivable destination which might be easier and cheaper with two young kids.

On the other hand, if you really feel that ownership is a mistake, then sell for whatever you can get and don't look back; many people have made worse financial decisions.

Good luck- and welcome to Tug

 

[jlf58]

LOL, not exactly.... if they never bought another week back, they have enough points to sell for the next 5 years without running out. They might however need certain times of the year to meet booking requests.

Marriott NEEDS the inventory for their point system so they can sell more points.

 

[jdunn1]

I just wanted to add that it will be nearly impossible to sell these before the maint. fees are due. You might be able to sell back to Marriott and not have to pay the dues, but that would be your only option if your goal is not having to pay the maint. fees.

Even with a Marriott week, buying is easy but selling is far from easy.

Renting weeks and points can be very easy but take it from someone who has both rented his week and rented from other owners, it is a long drawn out process. My suggestion is for you to use the wee and points you have. If you have everything paid off, why not enjoy your "fun" investment?

Good luck, and I hope you find some use for your week and points.

So, the time has come to finally make a decision. Honestly, the Marriott group of properties is nice but with 2 young kids, we just don't have the time or patience to plan that far out.

We have a GV 2 BR L/O Plat worth 2750 DC points and another 1000 DC points we bought separately. Both are paid off, and I am looking for advice on the "easiest" way to unload. I really don't have the time to deal with auctions, etc., so the easy option is valued over maximizing $$. I fully understand that I will be taking a bath, but it's okay - my time share experiment is over.

I owe $1200 for GV and $450 for the DC points by Jan 2013 and would love to unload being sinking in more $$.

Thanks in advance for any advice!

 

[tschwa2]

I have a buy back offer and I asked about the MF's because they want 2013 usage and was told that if it hadn't closed by the time MF's were due I would have to pay it and then would get reimbursed at closing.

 

[GregT]

LOL, not exactly.... if they never bought another week back, they have enough points to sell for the next 5 years without running out. They might however need certain times of the year to meet booking requests.

What's your basis for this statement -- it conflicts with their public securities filings (Annual Report on Form 10-K).

If you are going to "LOL" at least get the facts straight while you are "LOL"ing.

Thanks

 

[LMK]

Thank you all for the advice!

Update: I spoke with Marriott this morning and they have 3 options for the GV: Sell on private market (with them retaining ROFR); sell through Marriott at the selling price of $8900 – net $5340 (first get on the waiting list – she said it would take approximately 1.5 years to sell my unit based on how many GV people were ahead of me); or sell back to Marriott – they offered me $5000 for my unit, net $4500, with the standard 120 days to close. I would have to pay my maint fees which would be refunded @ close. For the DC points buyback, she said that they don’t have a program yet (one is in the works), so I could sell on the open market.

I also just had a discussion with my father-in-law (he owns a week @ Frenchman’s and Surf Club), and I have basically asked him if he wants these at no charge. Based on his response, most likely he will just take these off my hands, and I’ll work with Marriott to conduct the transfer. This may be the most palatable option, given that the reason we bought into the program was to travel with family w/out having to sleep on sofa beds

Thanks again everyone!

 

[tschwa2]

Sounds like a good plan. I am surprised the buy back was so close to the commissioned resale price.
For my Barony Gold garden week the offer was selling through Marriott $9700 net $5320 on waitlist or buy back $3200 net $2700.

 

[dioxide45]

What's your basis for this statement -- it conflicts with their public securities filings (Annual Report on Form 10-K).

If you are going to "LOL" at least get the facts straight while you are "LOL"ing.

Thanks

Just the peanut gallery chatter that you are reading there Greg, they don't bring facts to the table.

 

[Beefnot]

What's your basis for this statement -- it conflicts with their public securities filings (Annual Report on Form 10-K).

If you are going to "LOL" at least get the facts straight while you are "LOL"ing.

Thanks

At their current run rate, how much inventory would they have before they ran out if they never bought another week back?

 

[GregT]

At their current run rate, how much inventory would they have before they ran out if they never bought another week back?

From their last securities filing (September 10-Q) they sold $141M of inventory over the first 36 weeks of the year. That equates to $203M in inventory to be sold sold over a 52 week year, at their current sales clip.

Footnote 6 on page 14 says they have $440M of Finished Goods and $164M of WIP. So $604M of potential inventory, which is 3 years of inventory at the current sales clip. They also have $287M of Land and Infrastructure, some of which they have already indicated they intend to bulk sell.

Interesting stuff....

Best,

Greg

 

[swaits]

From their last securities filing (So $604M of potential inventory, which is 3 years of inventory at the current sales clip.

And yet, still exercising ROFRs.

 

[Whirl]

So, the time has come to finally make a decision. Honestly, the Marriott group of properties is nice but with 2 young kids, we just don't have the time or patience to plan that far out.

We have a GV 2 BR L/O Plat worth 2750 DC points and another 1000 DC points we bought separately. Both are paid off, and I am looking for advice on the "easiest" way to unload. I really don't have the time to deal with auctions, etc., so the easy option is valued over maximizing $$. I fully understand that I will be taking a bath, but it's okay - my time share experiment is over.

I owe $1200 for GV and $450 for the DC points by Jan 2013 and would love to unload being sinking in more $$.

Thanks in advance for any advice!

Interestingly, the reasons you state you want to sell your MArriott's are exactly WHY we love them. We have 3 young children and it has worked beautifully for us. Especially when they hit school age, then you will know exactly what their schedules will be and planning far out it pretty easy, we find.

Our Marriott's and now DC points have helped us get high quality reliable and spacious vacations each year at really at affordable annual outlays. we get multiple villas and bring grandparents ( or friends). I would strongly suggest making sure that making an investment in time to understand the program will not yield better results for you before selling. Selling may still be the answer, but I would just suggest making sure you have explored if what you perceive as too complicated or taking up too much energy is the reality.

When we stay at hotels, even really nice hotels like the Four seasons or Ritz Carlton, my kids walk in and tell me the room is so small! we love the service and amenities, but for more than a weekend, generally want more space and a kitchen for easy and inexpensive breakfasts and a washing machine, because kids run through ALOT of clothes.

Anyway, so interesting, but similar circumstances and I would say that is why I love my weeks and can't imagine travel without them. Totally worth some advance planning.
Good Luck, either way.

 

[calgal]

Marriott bought back my Cypress Harbour special season for $2800-$500 administrative fees. The initial purchase offer came in on 9/7, and the closing was completed today with the funds deposited into my checking account.

 

[benyu2010]

Interestingly, the reasons you state you want to sell your MArriott's are exactly WHY we love them. We have 3 young children and it has worked beautifully for us. Especially when they hit school age, then you will know exactly what their schedules will be and planning far out it pretty easy, we find.

Our Marriott's and now DC points have helped us get high quality reliable and spacious vacations each year at really at affordable annual outlays. we get multiple villas and bring grandparents ( or friends). I would strongly suggest making sure that making an investment in time to understand the program will not yield better results for you before selling. Selling may still be the answer, but I would just suggest making sure you have explored if what you perceive as too complicated or taking up too much energy is the reality.

When we stay at hotels, even really nice hotels like the Four seasons or Ritz Carlton, my kids walk in and tell me the room is so small! we love the service and amenities, but for more than a weekend, generally want more space and a kitchen for easy and inexpensive breakfasts and a washing machine, because kids run through ALOT of clothes.

Anyway, so interesting, but similar circumstances and I would say that is why I love my weeks and can't imagine travel without them. Totally worth some advance planning.
Good Luck, either way.

well said, thats exactly the reason my family bought timeshare. we have quality meal prepared for our baby girl and her clothes got washed everyday. We even bring vitamix, pillows and kids toy box for a long trip. there are so much saving and wonderful home alike feeling compared to hotel rooms.

LMK, please let me know if you are still 'stuck' with your DC points. I may take it if price is right.

Any expert may answer here? whats the restriction on resale DC points? also, what options you have if you bought deeded weeks after Jun 2010?

Many thanks,

Ben

 

[m61376]

Ben-
Deeded weeks bought after June of 2010 cannot be enrolled into the DC program at this point. Maybe sometime down the road they will lift the restriction, but it's anyone's guess.

Resale points supposedly can be enrolled at a $300 per person educational fee and a minimum of $2000 as an enrollment fee. There haven't been any successful resales of points posted here, so no one is absolutely sure of the process and success, but that's what several people have been told. The documents give Marriott the right basically to always restrict usage of resale purchased points, so it is still a grey are. If you buy points resale make sure you are getting a really good buy since, imho, you're going into unchartered waters.

And I wholeheartedly agree about timesharing enhancing vacations with family. Our biggest regret is that we got into it when our kids were in their twenties, but have already enjoyed the benefits of 3 generation vacation, vacations with close friends, etc. Having the space really enhanced those family trips, and not having to start the day finding a place for breakfast was a big plus for us. Being able to invite friends to join us was great for them- and for us, and we all have memories we'll always cherish.

That's why I say the value of ownership is so much more than the dollar and cents calculations. While clearly you can vacation the same way without owning, the reality is that most people won't. Life intervenes and money is often spent elsewhere, and let's face it, we're less likely to rent a bigger unit to invite friends, but if we have one we're happy to extend the invitation.

LMT- if the upkeep isn't a struggle financially, you should really rethink things and see if you can get good use out of what you own without too much effort. There are a lot of people here who will be happy to give you advice and you may find that it is a great way to create lifetime family memories, and what better memories to instill in your kids than wonderful times spent with parents and loved ones?