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Need advice on buying resale(Marriott)

SpikeMauler

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I'm looking to buy a Marriott timeshare resale. There are 5 or 6 priced within a couple thousand of each other on the internet. Should I send E-Mails to all of them at the same time with my offer price or should I contact them one at a time . The prices they're asking are 28% to 33% off the resort prices. How low should my first offer be without being insulting.
Thanks
 

capjak

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Depends on the resort what the low price should be. Look at the ROFR website for a ball park. IN this economy you can probably get the resort even lower than the lowest on ROFR.http://dioxide45.tripod.com/cgi-bin/rofr.cgi
 

gmarine

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Current timeshare resale prices are way down. IMO, 33% isnt enough of a discount from the current developer price. I would look for at least 50-60% less than current developer prices for most resorts.
 
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SpikeMauler

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Thanks for the advice gmarine. The Resort I'm looking at is Frenchman's Cove. I know they're still building there and the resale prices have dropped slightly the last few months.
 
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m61376

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Unless I am mistaken, there is no ROFR there. Given today's economic climate, you should be able to get a really good buy, esp. at this time of year with MF's around the corner. I know someone here was very lucky several months back (6-12 months ago I think) and nabbed a Plat. week for 18K, which was an incredible buy. So, if you are patient you certainly should do better than 1/3rd off, esp. since you don't have to worry about Marriott liking your deal too much.

I probably sound a bit piggish, but given today's climate I'd probably throw a few low ball offers out there and see what response you get.

Good luck!
 

SpikeMauler

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Thanks m61376 . From what I understand, there is no ROFR . I think that platinum went for $18,500. I wouldn't mind paying that now.
 

KathyPet

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I would offer 50-60% of current developer prices and not a penny more for a resort that is sold out. For a resort that is not yet sold out I would offer less than 50%. My reasoning is that if the resort is not sold out the only way for the owner to get rid of it is to sell privately. Marriott will not sell it for them. If they want to sell it badly enough they will take 40-50% of current developer price. The key is how badly do they want to sell.
 

jimf41

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I was looking for a resale there last winter and ran into the same thing. People weren't willing to come down more than about 25% of the developer price. If you take a look at the asking prices for rentals they are quite high. I think if the rentals stay up there so will the resales. When the resort is fully completed I think you will see the rentals and the resales decline, from the developer price at the time. One other factor is that nobody has paid taxes yet. The VI government has not come up with a workable tax plan so they haven't actually collected any taxes yet. So far I owe taxes for 2007 and 2008 with 2009 a short while away.

i think when some multiple week owners get hit with the end of the developer subsidy and a three or four year tax bill on multiple weeks you going to see some fire sales. Especially if the economy is still in the doldrums. I want to pick up another week or two myself so I'm waiting with both dread and nervous anticipation of some good buys.
 

SpikeMauler

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Thanks Kathy and Jim. I'm gonna start sending out offers on Monday and hope I get a taker. This is my first venture into timeshares, so I need all the help I can get. This board has been very helpful and is a great resource for all things timeshare. BTW I'm a Tug member, I just use a different user name for the members log in.
 

Dave M

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You can enter a word into your BBS profile that will change your designation on this BBS from "Guest" to "TUG Member", even with different user names. See this explanation for how to do it.
 

gmarine

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Keep in mind that prices are falling fast. I wouldnt pay 18K for any Marriott resale right now. Any of these will get you exchanges anywhere you want to go.

Some recent EBAY sales of two bedroom units.
Beachplace annual platinum $6100
Grand Chateau annual platinum $6600
Shadow Ridge annual platinum $4539,
Legends Edge annual platinum $4100.
 

applegirl

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Spike,

I hope you get what you are after in the Marriott system. We have been sooooooooo happy with our Marriott ownership, especially after discovering TUG. It's just way too much fun.

Janna
 

mariawolf

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Frenchman’s Cove
Bills are out for maintenance fees as we got our Frenchman's Cove today.
 

SpikeMauler

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Spike,

I hope you get what you are after in the Marriott system. We have been sooooooooo happy with our Marriott ownership, especially after discovering TUG. It's just way too much fun.

Janna
Thanks Janna. I'm gonna start sending out offers tomorrow.
 
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