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Need help selling our Westin Princeville, HI Timeshare

lfarmwife1961

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We bought the timeshare from the developer, yes I know, big mistake. We paid way too much for it. It is a fixed week for Christmas every year so it's during the peak season. It's oceanfront but the resort does not sale units with views listed in their contracts so we can not market it as oceanfront. So dumb, learned another good lesson. Any suggestions on how we can get it sold and for what price. Looking at other units here and there is not really anything comparable. So frustrated! HELP please.
 

vacationtime1

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You own a fixed week -- week 51. Do you also own a fixed unit (Westin did sell fixed units at WPORV)? If you own a fixed unit, you can market it as such. Anyone buying a week 51 at Princeville will recognize that the fixed units are invariably the best views and you can describe the location in your ad (presumably the hammerhead of buildings 3, 6, or 7). If you don't own a fixed unit, you don't own a guaranteed view.

Oceanfront? The views from some units are stunning, but the resort sits on a bluff overlooking the water, not on the beach and in fact, it is a 5-10 minute walk to the beach. WPORV is not oceanfront.

It will be tough to find comps for a week 51; by definition, there just aren't that many week 51 units and I suspect the premium for a week 51 on the secondary market varies wildly. Floating weeks at WPORV (weeks 1-50) were selling for only a few thousand dollars a couple of years ago, but Vistana has been more aggressive recently about exercising ROFR to populate the Westin Flex Trust. Both of these factors suggest that paying a local timeshare broker may be worth it here.
 
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DeniseM

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Is it paid off? If you still owe a large balance, it will be difficult to sell, because you won't be able to get enough on the resale market to cover your mortgage.

You say it's Oceanfront? Is the unit fixed? Do you get the same unit number every time? Then depending on the location, I would not hesitate to describe it as "Oceanfront" and document the location with a map and the unit number.

I recommend that you contact Tugger and Hawaii timeshare realtor Syed Sarmad for an honest and expert opinion:

 

heathpack

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shouldn’t this post be moved to the Vistana forum @DeniseM? Or possibly to the buying/selling timeshare fourm
 

DeniseM

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Yep! ;)
 

Kildahl

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FWIW, years ago we were offered a fixed unit in a fixed week in the hammerhead portion of Building 6. The view is stunning in my opinion but the premium sought was shocking. I believe that if described properly it would bring some premium over the standard floating week.
As suggested, contact Syed.
 

lfarmwife1961

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Is it paid off? If you still owe a large balance, it will be difficult to sell, because you won't be able to get enough on the resale market to cover your mortgage.

You say it's Oceanfront? Is the unit fixed? Do you get the same unit number every time? Then depending on the location, I would not hesitate to describe it as "Oceanfront" and document the location with a map and the unit number.

I recommend that you contact Tugger and Hawaii timeshare realtor Syed Sarmad for an honest and expert opinion:

It is paid off, and it is not a fixed unit number, but it is however oceanfront. Vistana will not put that in writing as they do not sale their units at this particular property with views in their description, even though we paid for the oceanfront view. Thanks for your help. I will contact him.
 

lfarmwife1961

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You own a fixed week -- week 51. Do you also own a fixed unit (Westin did sell fixed units at WPORV)? If you own a fixed unit, you can market it as such. Anyone buying a week 51 at Princeville will recognize that the fixed units are invariably the best views and you can describe the location in your ad (presumably the hammerhead of buildings 3, 6, or 7). If you don't own a fixed unit, you don't own a guaranteed view.

Oceanfront? The views from some units are stunning, but the resort sits on a bluff overlooking the water, not on the beach and in fact, it is a 5-10 minute walk to the beach. WPORV is not oceanfront.

It will be tough to find comps for a week 51; by definition, there just aren't that many week 51 units and I suspect the premium for a week 51 on the secondary market varies wildly. Floating weeks at WPORV (weeks 1-50) were selling for only a few thousand dollars a couple of years ago, but Vistana has been more aggressive recently about exercising ROFR to populate the Westin Flex Trust. Both of these factors suggest that paying a local timeshare broker may be worth it here.

Yes, it is a fixed week - 51. We do have an assigned unit which they say can change depending on availability, but it has to stay in the same location and with the same view. Does that make sense? I have a unit number in our contract and your right, it is not oceanfront because it is on those cliffs, but it has a beautiful ocean view. I do hate the fact that you have no beach! Thanks for any and all suggestions.
 

lfarmwife1961

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Yes, it is a fixed week - 51. We do have an assigned unit which they say can change depending on availability, but it has to stay in the same location and with the same view. Does that make sense? I have a unit number in our contract and your right, it is not oceanfront because it is on those cliffs, but it has a beautiful ocean view. I do hate the fact that you have no beach! Thanks for any and all suggestions.
 

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Henry M.

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How is the unit location described in the legal documents? How would a buyer know that it is guaranteed to be in the hammerhead portion of the building? I thought all WPORV units had the same view designation.
 

rickandcindy23

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You won't get anything near what you paid. You should use your SO's to go elsewhere, when you cannot go to Kauai. The best way to get value is in using what you own, not selling your week for much less than you paid.

I have found the best revenge is in buying resale. So selling through the resale market doesn't seem logical to me.

40 years ago we bought our first timeshare, couldn't afford it, shouldn't have bought it, but we still own at that resort (but better weeks), and it was ridiculously expensive back then for an early summer week. But we saw it as an investment in our family. It's such an ordinary timeshare, no real amenities, just a nice mountain condo, 3 bedroom, 2 bathroom. It just appealed to us at the time. We paid about $7,000 for it 40 years ago. That was a crazy amount of money back then. We could have bought a very nice car. So regrets, I have a few (Frank Sinatra is singing in my ear right now), but it all turned out okay.

About two years after buying our first, we bought a second from the developer. That has turned out well, but once again, we regretted our decision. Two retail/developer purchases later, we are glad we did it. Sure, I would like to have rescinded, but now we own 7 weeks at our second timeshare resort, also in the mountains. We own four ski and 3 summer weeks. We rent the ski (unless our kids decide to use them) and trade the other three weeks for great destinations.
 

DeniseM

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How is the unit location described in the legal documents? How would a buyer know that it is guaranteed to be in the hammerhead portion of the building? I thought all WPORV units had the same view designation.
Just to clarify: [I know someone who owns a fixed week at WPORV - when they bought their week, they paid a premium for a fixed week and fixed unit in the hammerhead section, and that was identified in the purchase documents. They receive the same week and unit each year.] If I owned a fixed unit at the end of the hammer head section, I would definitely call it "ocean front," and I would document the location with the deed, showing the fixed unit, and a resort map. So, it's not identified by a designated view, like the Maui resorts - it's identified by the unit number and the fixed location.
 
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vacationtime1

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Just to clarify - when this resort was sold, you could pay a premium for a fixed week and fixed unit, and that would be identified in the purchase documents. If you purchased such a unit, you would receive the same week and unit each year. If I owned a fixed unit at the end of the hammer head section, I would definitely call it "ocean front," and that can be documented with the deed, showing the fixed unit, and a resort map. So, it's not identified by a designated view, like the Maui resorts - it's identified by the unit number and it's location.

OP's screen shot in post #9 shows it as a floating unit, not a fixed unit. The ICN (Inventory Control Number) shown on the screenshot is for inventory purposes only; OP tells us that being assigned to that unit "depends on availability" -- i.e. it is not guaranteed as it would be for a fixed week / fixed unit.

This is a great interval for someone who wants to be in Princeville every Christmas. It is not a keeper for anyone else. The MF's are very high (~ $3,000/yr, iirc) and Princeville is an easy enough StarOptions reservation, except holidays. So keeping it for the SO's doesn't make sense. If OP needs/wants the SO's, she could sell this event week for the premium it deserves, buy a 2bd platinum plus Kierland for the expected proceeds (I will guess ~$14K), and cut her MF bill in half.

I also endorse Syed as the "go to" broker for this. I have done three transactions with him over the years and recommend him highly.
 

DeniseM

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I was replying to Henry's question - not endorsing the OP's unit. I will add his quote to my post for clarification.
 

Henry M.

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It sounds like the Event week still floats location. The OP says she paid for oceanfront view, but the location is not guaranteed, and the resort only offers one view type for the whole place. If it doesn't say in a contract that the owner will get a unit in the hammerhead (whatever the legal definition of that would be), then it is a unit like any other one (aside from being an Event Week). Right?
 

dioxide45

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It sounds like the Event week still floats location. The OP says she paid for oceanfront view, but the location is not guaranteed, and the resort only offers one view type for the whole place. If it doesn't say in a contract that the owner will get a unit in the hammerhead (whatever the legal definition of that would be), then it is a unit like any other one (aside from being an Event Week). Right?
That is my understanding. The legal definition of where the unit would be, if fixed, would be the actual unit number on the deed.
 

lfarmwife1961

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You won't get anything near what you paid. You should use your SO's to go elsewhere, when you cannot go to Kauai. The best way to get value is in using what you own, not selling your week for much less than you paid.

I have found the best revenge is in buying resale. So selling through the resale market doesn't seem logical to me.

40 years ago we bought our first timeshare, couldn't afford it, shouldn't have bought it, but we still own at that resort (but better weeks), and it was ridiculously expensive back then for an early summer week. But we saw it as an investment in our family. It's such an ordinary timeshare, no real amenities, just a nice mountain condo, 3 bedroom, 2 bathroom. It just appealed to us at the time. We paid about $7,000 for it 40 years ago. That was a crazy amount of money back then. We could have bought a very nice car. So regrets, I have a few (Frank Sinatra is singing in my ear right now), but it all turned out okay.

About two years after buying our first, we bought a second from the developer. That has turned out well, but once again, we regretted our decision. Two retail/developer purchases later, we are glad we did it. Sure, I would like to have rescinded, but now we own 7 weeks at our second timeshare resort, also in the mountains. We own four ski and 3 summer weeks. We rent the ski (unless our kids decide to use them) and trade the other three weeks for great destinations.
Thanks, that does make me feel a little better! We have been just using the SO and staying at other timeshares around the country. Just wish Vistana and Marriott would combine so we could have more options.
 

lfarmwife1961

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OP's screen shot in post #9 shows it as a floating unit, not a fixed unit. The ICN (Inventory Control Number) shown on the screenshot is for inventory purposes only; OP tells us that being assigned to that unit "depends on availability" -- i.e. it is not guaranteed as it would be for a fixed week / fixed unit.

This is a great interval for someone who wants to be in Princeville every Christmas. It is not a keeper for anyone else. The MF's are very high (~ $3,000/yr, iirc) and Princeville is an easy enough StarOptions reservation, except holidays. So keeping it for the SO's doesn't make sense. If OP needs/wants the SO's, she could sell this event week for the premium it deserves, buy a 2bd platinum plus Kierland for the expected proceeds (I will guess ~$14K), and cut her MF bill in half.

I also endorse Syed as the "go to" broker for this. I have done three transactions with him over the years and recommend him highly.

Ok thanks for the help and recommendations.
 
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