Need an experienced opinion [Hilton purchase NYC]

[Rookie113]

My wife and I recently purchased a Hilton Club Avenue Of the Americas for approximately $26,000(deeded property). This was based on us turning over our current Parc Soleil resort time share in Florida. Original purchase was $36,000.
We have very much enjoyed our use of Hilton. Never an issue with booking and the customer service and staff have been very good. We use our points regularly so there is little issue with points going to waste.
Where we are feeling some buyers regret is the amount spent overall between both resorts. Were feeling that we paid too much for the Orlando Resort and may have done well with NY(though not sure). We have not been saddled with payments, since we paid off Orlando in a few months and plan to do the same with NY if we do not back out of purchase. We live two hours away and do enjoy the city. This resort would get used.
I guess the point is this. Should we have not purchased NY since maybe we could get a better deal by looking at a resale? Or is the demand in NY as a destination so high that resales are rare, or still priced high?
We have six days to back out of sale. Advise very appreciated.

 

[Talent312]

Your purchase price was not $26,000, it was $62,000 with a credit of $36,000 for trading in (selling) your Orlando TS. Sorry, you overpaid for your Orlando TS and now you're overpaying (way too much) for your NY - TS. IMHO, you're throwing good $$ after bad, so to speak.

RESCIND NOW, and research the resale market later at your leisure.
.

 

[Rookie113]

Thanks for the quick response. Glad we have a few days for the rescind.

 

[vacationhopeful]

Another way of looking at it is the First T/S purchase is GONE money (all $38K). And by "trading it in" ... those MFs are gone with any further costs or paying additional MFs.

As for the $26,000 for the NEW product ... is this NOT a Hilton Club points product? Or do you actually have a deed with as week or season on it?

You should have gotten all types of info on HOW and WHEN to reserve/use your NEW OWNERSHIP. If you have limited to NO understanding of HOW TO USE ... then rescind and put yourself back to WHERE you where ...

I loved staying at the Hilton Club several years ago for a week ... I so would have brought except money does not grow on trees.

 

[Rookie113]

Hi. Our original timeshare is points... So there is a lot of flexibility to convert to RCI or Hhonors (1:25). MF are ~1400 for 7,000 points. New deal is still 7,000 points but conversion is 1:50 for Hhonors. MF are ~2100. To your point first TS purchase is done. We do use every year so not a complete loss. Just not sure we want to sink another 26k plus increased yearly MF out. It sounded so great sitting in the sales office but reality and calculators starting to set in. Just looked and we could book two nights at the same Hilton (not club floor) but exec level for 500/night. We would have to stay there a lot to make up for the investment in upfront plus the fees. We realize that TS are not an investment but just don't want to "lose our shirt."

 

[Jason245]

Hi. Our original timeshare is points... So there is a lot of flexibility to convert to RCI or Hhonors (1:25). MF are ~1400 for 7,000 points. New deal is still 7,000 points but conversion is 1:50 for Hhonors. MF are ~2100. To your point first TS purchase is done. We do use every year so not a complete loss. Just not sure we want to sink another 26k plus increased yearly MF out. It sounded so great sitting in the sales office but reality and calculators starting to set in. Just looked and we could book two nights at the same Hilton (not club floor) but exec level for 500/night. We would have to stay there a lot to make up for the investment in upfront plus the fees. We realize that TS are not an investment but just don't want to "lose our shirt."

Everything you pay is a sunk cost. Resale prices are 5 to 10 percent of retail. Run don't walk to the post office and save tens of thousands.

Sent from my SAMSUNG-SM-N910A using Tapatalk

 

[Ty1on]

Everything you pay is a sunk cost. Resale prices are 5 to 10 percent of retail. Run don't walk to the post office and save tens of thousands.

Sent from my SAMSUNG-SM-N910A using Tapatalk

I agree with this entirely. To this point, you haven't invested $62K in NYC. You sunk $36K into Parc, then $26K into NYC. The trade cost of Parc when buying NYC should be looked at as the current market value of that contract, not what was originally overpaid for it.

And considering that Parc is sunk cost, I would definitely rescind NYC and keep Parc unless I wanted to unload it to save MF, which doesn't appear to be OP's intent. If you want to unload it, sell it for what you can get and look for resale of NYC.