Need some hand-holding with 4 days left to recind

[Karen G]

It does appear that this particular location is holding its value OK, although I'm sure that the resale prices shown are above what the final prices are. http://www.sellmytimesharenow.com/t.../search_sell/Operation/5/SearchResortID/9425/

Those prices are not "resale prices." They are "asking prices" & I doubt that any of these units will actually sell in today's market.

 

[rickandcindy23]

So you bought a timeshare for day-use privileges only, which will likely go away on the whim of the developer or management. The reason is so you can chill at the resort until traffic is better, when coming down in the evening after skiing? $11K for that purpose?

How about a shopping mall and nice leisurely dinner instead?

I hope you can always use your day use privileges, because if they build 100 units and promise all 100 X 50 people that same day use, you are competing for that space with 5K people (actually more, because most ownerships seem to be for every-other-year).

This company is marketing heavily in the Denver area, and their sales pitch is this ability to park and use the resort.

 

[DeniseM]

Those prices are not "resale prices." They are "asking prices" & I doubt that any of these units will actually sell in today's market.

This website shows the price when one sells - none of these weeks are moving at these prices. It's not a good sign that so many owners are trying to dump this property already.

 

[billymach4]

You have the most experienced timeshare owners on the planet giving you some real world advice.

Heed the call to rescind!

 

[rickandcindy23]

Those prices are not "resale prices." They are "asking prices" & I doubt that any of these units will actually sell in today's market.

This is correct. This company doesn't put a value timeshares. They ask the people what they want to get from their units, and then they list them for that price. They charge $499 for the privilege of listing a timeshare on the site. Timeshare is so full of scams, from the developer, to upfront-fee ad companies, to postcard companies.

 

[JPinCO]

I know so many locals here in the Denver area that have been invited to these presentations at Grand Peak Lodge, including our daughter-in-law's parents, and the day-use they promise is VERY LIMITED, and when the sales department leaves the resort, that use can be ended at any time.

If everyone they sell in Denver-Boulder gets promised this day use, consider the numbers of people you are competing against on a weekly basis for those parking spots.

We know a Denver firefighter who bought the same thing, but at least they bought a summer week (red season), and we warned them about buying. Now they have big regrets over their purchase, but they wouldn't rescind because they kept talking about day use privileges. That's quite a sales pitch they have going. How much can you park for $11K? Do the math!

You bought a useless week (blue/ green season). You need to rescind. I am giving away a blue week in Frisco, in a townhouse style condo, much larger and with a private garage, and no one will take it, so I know how worthless what you bought is. Someday, you won't even be able to GIVE it away. And guess what? Even if those day use privileges stay for years, anyone who takes your week won't get the day use, because they won't allow resale buyers. Ding! They just downgraded what you own as any kind of investment. Timeshares are worth about zero anyway, and blue weeks cannot even be given away. Why would you pay $11K for this blue week?

I think you are determined to keep the week and hoped someone would extol the virtue of your smart purchase. No one is going to do that.

I'm not asking for anyone to tell me what a smart purchase I made (and haven't made yet, actually). Only I can put a price on that convenience, and that's why I'm looking for advice outside of that decision. I might be putting a value to that convenience that probably others wouldn't find rational. That's fine. And respectfully - Frisco isn't ski in/out and you probably can't stop in and shower on the way back from biking in Grand Junction on any given day. To me, those things have a value outside of a week in the blue season. Sorry it's not worth anything right now, but I don't think it's apples to apples either. And if we do decide to bail, I'm not going to cry about it either.

So as for your Denver friends - what specifically are their regrets? They don't use it enough? What are restrictions are they running into? Are they regretting it because they've decided to resell and can't? It sounds like they made a decision based on similar circumstances, so that kind of information is very useful.

 

[AwayWeGo]

Your Money. Your Decision.

I might be putting a value to that convenience that probably others wouldn't find rational.

If you do decide to spring for a full-freight timeshare from a timeshare company, be sure to let us all know how that works out for ya.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[DeniseM]

And if we do decide to bail, I'm not going to cry about it either.

How are you going to bail?

1) You can't sell a timeshare unless it's paid off in full
2) Just on that one website there were 70 units for sale - not a good sign
3) If you go through with this, you will be stuck with this timeshare until you pay it off, and give it away.
4) Off-season ski resort weeks have no resale value - you will be lucky to give it away.

We have people come to TUG every day that bought a timeshare at full-price, and then regret it. They can't believe that they can sell it, or give it back to the developer, and that they are really stuck with the payments and maintenance fees forever. There is no bailing!

 

[rickandcindy23]

So as for your Denver friends - what specifically are their regrets? They don't use it enough? What are restrictions are they running into? Are they regretting it because they've decided to resell and can't? It sounds like they made a decision based on similar circumstances, so that kind of information is very useful.

They realize there is not that much value in day privileges, which are LIMITED.

And are you sure the maintenance fees are correct? Because another TUG guest said she was told what her maintenance fees would be, then when she got the bill, it was quite a bit more.

 

[falmouth3]

RickandCindy23 not only knows timeshares, Cindy owns a number of timeshares, is on the board at a Colorado timeshare, and her comments should be taken as someone who is an authority for the Denver area.

BTW, you can't just walk away from a TS, you will be on the hook for the maintenance fees until some other individual takes it off your hands. We have even seen someone offering $500 to anyone willing take a TS that they can't sell - it was free plus closing costs were included. And even then, no one was taking the bait. That's what you may be trying to do in a few years.

 

[billymach4]

Cut the Debate. Just Rescind.

 

[rickandcindy23]

And respectfully - Frisco isn't ski in/out and you probably can't stop in and shower on the way back from biking in Grand Junction on any given day. To me, those things have a value outside of a week in the blue season. Sorry it's not worth anything right now, but I don't think it's apples to apples either. And if we do decide to bail, I'm not going to cry about it either.

Really? You bought a blue week, not a ski week. Keep that in mind, when you make your decision. And consider the sales department is using their day-use privileges as a sales tool, to get locals to buy. That is why they are selling to thousands of people. They even promise that to blue week owners. Think of how the red week owners are going to feel, when they are told there is no availability for next week to park and use the facilities, when they paid $45K for their ski week. The rule could change to ski week owners only at any time.

No, you are correct, we don't have day-use privileges at our resort. That was not the big marketing strategy back when we bought the week. We own several weeks at our Frisco resort and love our fixed rotating summer weeks, and will especially enjoy our fixed rotating ski week this year, which will be weeks 52 and 53. I bought that one on ebay.

 

[DeniseM]

Here is more info. about this resort from previous discussions - http://www.google.com/search?hl=en&...s.com&btnG=Search&aq=f&aqi=&aql=&oq=&gs_rfai=

 

[JPinCO]

By "bailing", I meant rescinding in the next 48 hours.

The fees are written in the contract, but I guess I'll look a little harder.

I still would like to know why those Denver folks felt that the privileges are limited. There's another user on this forum that bought last year and used it 5 times over the last season by just calling in 7 days in advance.

Man- this is a bleak picture you guys are painting. I guess now I'm wondering why the heck anyone would take on any timeshare whatsoever?

 

[AwayWeGo]

Luxury Vacation Accommodations At Motel 6 & Super 8 Rates.

I'm wondering why the heck anyone would take on any timeshare whatsoever?

It works out OK for us -- but only (a) because we bought resale for nickels (or less) on the full-freight dollar & (b) because we like traveling last-minute & off-season, which fits best with RCI Last Call & Instant Exchange timeshare reservations.

For the whole story (more than most folks would care to know), click here.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[falmouth3]

I bought my first TS on eBay. It's a 52 week float so I can get the most valuable weeks by calling 1 year in advance. It cost me $602 plus closing fees. I bought my second week on eBay. It cost me $323, including closing fees. It's an every other year, 52 week float so I also plan ahead and get the highest value week. When these weeks get deposited for exchange, I get good weeks in exchange. Both of these TS are 2 BR. I have no complaints, and I can get good weeks and good exchanges. I would not buy a fixed week unless it was in the highest value week - either to me, or to renters or exchangers. If I can't sell, at least I'm sure that I could give those weeks to someone.

Day privileges are of no use to me so I can't comment on that feature that you find most interesting.

I'm actually a happy TS owner, as is everyone who has responded to you, but we also recognize good and bad deals and good and bad value.

Sue

 

[DeniseM]

Man- this is a bleak picture you guys are painting. I guess now I'm wondering why the heck anyone would take on any timeshare whatsoever?

Almost all of us were in your position at one time (bought resale) and learned the hard way.

An educated consumer can have great low-cost vacations with timesharing, but there is a steep learning curve.

99.9% of the time, buying from the developer is a big mistake.

I own 7 weeks - all but one bought resale. The most I paid resale was $1,500 and that was for a ocean front unit in Hawaii that we use every year. By buying resales with low maintenance fees and renting the weeks we can't use, we timeshare for free - we have no yearly costs.

It's a GREAT way to vacation - but you can't get there buying from the developer and you need to do your homework for at least 6 mos. before you buy. There are MANY options and a lot to learn - there is no "one fits all" with timesharing, so you have to do your research. We can help you with that.

Good luck!

 

[Passepartout]

By "bailing", I meant rescinding in the next 48 hours.....

I guess now I'm wondering why the heck anyone would take on any timeshare whatsoever?

Many of us bought our timeshares before the economic difficulties of the last 3-4 years. They were worth something. Always a better deal at resale than from developer, but something anyway.

Now we all see the increasing MF's, the exchange companies renting out the cream of the weeks at prices lower than MFs and see that we actually have to pay someone to take these off our hands. If we could sell what we have we could rent the same units for less they cost to own without the commitment. The only TSs worth keeping are prime weeks at resorts we can use.

You've been given the best information from the most experienced owners there are. It's up to you to use it.

Best wishes and welcome to TUG.

Jim Ricks

 

[JPinCO]

OK- I get it. If I have to assume that day-use deal will likely be gone in 3 years once build-out is done, and the property isn't likely to be worth anything once we want to exit, then it's probably too risky. Glad I went to find the info as early as possible. If I could get them to guarantee the facilities use, it *might* be worth it in the long run, but I'm guessing that since they didn't include the Membership Plan Rules and Regulations, that I should take that as a bad sign.

 

[DeniseM]

If it's not in writing - you have no guarantee. Even if it is in writing, it probably also says that it can be changed down the road by the Board of Directors. Good luck!

 

[JPinCO]

Found the Membership Plan online. Here's the text:

R

ESORT PRIVILEGES
1. Resort Privileges of the Project property and its amenities is available only to
Club Members and their immediate family as defined as children and parents. Project amenities include the swimming pools, hot tubs, owners’ lounges, locker rooms, and exercise and spa facilities.
Resort Privileges will be limited based on availability and capacity.

[emphasis mine]

I should assume that that could eventually mean that, at some point, availability and capacity during the ski season is "at capacity" and unavailable.

 

[glypnirsgirl]

It does appear that this particular location is holding its value OK, although I'm sure that the resale prices shown are above what the final prices are. http://www.sellmytimesharenow.com/ti...ResortID/9425/

Those are asking prices, not sales prices. Look again at the right hand side and see how many state that the price is negotiable.

I looked around, but could not find anyway for searching for completed sales. Units that actually SOLD for a price. How much was that asking price negotiated to make a sale?

What you have here that you are using to bolster your argument that the units are holding their value is a list of units for sale. Sales price does not equal SOLD price.

So, to reiterate Denise's post, if you are happy to pay 11K for your unit with the expectation that day use privileges will be difficult to get in the future, that you will not be able to sell your unit at ANY PRICE so that you are stuck with it forever AND you will be obligated to continue to pay your maintenance fees which WILL increase, and with all of those factors taken into consideration, it still looks like a good deal to you for the parking spot, then you should make the purchase.

If you are making the purchase with any other assumptions, you are going to be disappointed.

elaine

 

[scrapngen]

Found the Membership Plan online. Here's the text:

R [emphasis mine]

I should assume that that could eventually mean that, at some point, availability and capacity during the ski season is "at capacity" and unavailable.

You got it.

And, frankly, if that many people are already trying to sell their TS's at this resort so soon after being given the same pitch you were, I'd say they have already found out that their purchase was not as great as they initially thought. I am sure it is working for some people for now, but I also suspect that the day parking, while extremely useful, is a gimmick that will not work for you as promised by the salespeople. Look, everyone here will wish you well if you decide to stick to your purchase, but they are giving you good advice based on your questions. You are not really a unique case, even if you think so. There have been other special unique items only available at a certain resort. (Golf packages, water park, hotel pool use privileges all come to mind...) You have even heard from someone in your area who has a lot of experience and knowledge on many different levels. Take some time to research different options. It is a lot of money up front, and even more owed yearly regardless of whether the parking is available or not. The week in its season is the only sure thing you will get over time, and it sounds like it is not worth very much - even to you! The resort will not be sold out any time soon, so you can always come back and buy after more research. Maybe take this ski season to talk with owners or even sellers at this property. Just a thought...

 

[Jaybee]

Wow! I kept reading, and being more and more astounded. We bought 3 timeshares at full pop many years ago, and I was so happy to find Tug.
You guys have such great advice, right on target, and making total sense, and this person obviously does NOT want to be talked out of a really unnecessary expense. Apparently you experienced owners are not as good as selling an idea as the professional sales barracudas are. Too bad. I'd have given a lot to have had this advice at the beginning.

 

[siesta]

You can lead a horse to water, but you can't make it drink.

:deadhorse: