MGV Points Frustrations

[cgartly]

I fell behind on my maintenance fee's, due to some financial difficulty and was going to just let them revoke my ownership. Things turned around a bit financially and I felt guilty for not meeting my obligations so I phoned and caught everything up to date.

Was looking at booking a vacation this summer in Cancun Resort in Vegas which will cost me 155 points for a 2br or 133 points for a 1br. My cost per point in maintenance fee's is approx 8.60.

So it costs me $1143 for a 1br week and $1333 for a 2br week.

I just jumped on Expedia and can book a 1br for 841.04 CDN or a 2br for 1131.14.

I find it very frustrating that the general public can book weeks at my resort for less money than it costs me in maintenance fee's.

Has anyone ever expressed this to Monarch?

 

[nightnurse613]

Yes, and I FEEL your pain. :annoyed: Unfortunately that's one of those realizations that, as maintenance fees continue to increase, more and more people are questioning WHY did I buy a timeshare? If nothing else, I guess those MF at least make you SAVE for a vacation-something some people find hard to do!!

 

[dougp26364]

With the down economy, this is more the rule than the exception. I just try to keep in mind that when the economy rebounds renting probably won't be any less expensive than owning and, renting often gets what's left over vs being an owners and having the right to reserve the week I want/need.

You might also keep in mind that some of those rentals are from your own HOA, which now has foreclosed weeks they either need to rent or sell. If they can't sell them, they need to rent them for whatever they can get. If they get $800 for the week, keep in mind that's $800 in expenses that won't be passed along to the owners in the form of bad debt expense. The more weeks an HOA owns (thru foreclosure) the more lost revenue (through lost MF's) are past along to current owners. So in a way, they may be saving current owners money and helping keep the books balanced all at the same time.

When the economy turns around this may not be nearly as big of an issue. This, of course, assumes the economy will rebound.

 

[DavidnRobin]

Not sure which forum to ask this - for a friend - do MGV points have value? They said they had 177pts. Not sure what they pay annually for these - something like $1100 (???)

 

[drguy]

Not sure which forum to ask this - for a friend - do MGV points have value? They said they had 177pts. Not sure what they pay annually for these - something like $1100 (???)

There are often accounts in the bargain basement here listing them for little or no money. EBay auctions often go with no bids, even with closing and transfer fees being paid by the seller. Monarch Grand Vacations is about ready to be closed to new owners, or possibly already is closed, due to Diamond Resorts forcing the developer into bankruptcy and buying the unsold property.

 

[DavidnRobin]

There are often accounts in the bargain basement here listing them for little or no money. EBay auctions often go with no bids, even with closing and transfer fees being paid by the seller. Monarch Grand Vacations is about ready to be closed to new owners, or possibly already is closed, due to Diamond Resorts forcing the developer into bankruptcy and buying the unsold property.

Thanks - I figured as much - but thought I would check.
I am not sure I understand the impact of Diamond Resorts on MGV - I have to assume this is bad news for holders of MGV points (???). But if you could summarize then I can attempt to explain it to my friend (who feels like walking away from paying the annual fees on her MGV points). I do not know how to advise her on this - I assume like other situations - that this could have a negative impact on her credit rating (not sure she cares since she is retired and has no plans on buying a home, etc in her future)

 

[drguy]

Thanks - I figured as much - but thought I would check.
I am not sure I understand the impact of Diamond Resorts on MGV - I have to assume this is bad news for holders of MGV points (???). But if you could summarize then I can attempt to explain it to my friend (who feels like walking away from paying the annual fees on her MGV points). I do not know how to advise her on this - I assume like other situations - that this could have a negative impact on her credit rating (not sure she cares since she is retired and has no plans on buying a home, etc in her future)

DRI is now the developer/manager of the MGV resorts. The salesman we spoke to sated that all of the CA resorts will be refurbished due to their poor condition.
She may be able to give the account away on TUG, but with mf's increasing at about 10% per year the past 2 years, it may be tough.

 

[cgartly]

I think it is fantastic that the HOA is offering the weeks that owners have defaulted on or excess inventory to help keep our maintenance costs at bay but why not offer existing owners similar deals to eat up the inventory? Why not be more open about it? I would stay more or take an additional room to bring family with if they were giving a deal.