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Please Help!

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I just bought a Virginia Beach Timeshare in Oceanaire, 8th floor Oct for $22,000. It seems that the general advice is ti not buy retail. Does that apply here, or did I get a good buy. It seems that I cannot find anything listed for sale resale and I'm not sure if I should recind or not. Please give my your advice. It is a Gold Key interval International property. They say it will have a high trading power. Thank you for your input everyone. I'm brand new to this. :shrug:
 

Passepartout

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Of course you should rescind. Always buy resale. If it trades so thinly that you can't find any sales figures, how can anyone say it's a good value?

Jim
 

Rent_Share

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You only get one chance to rescind and research

The general rule is 99 % of all timeshares are worth a fraction of the new price as soon as the rescission period is over


If after your research, you still want it, you can purchase it again, anything they gave you that was only available on the day of purchase was worthless anyway
 

AwayWeGo

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[triennial - points]
Rescinda-Sinda-Sinda.

Please give my your advice.
You asked for it, you got it.

Get out of it while you can.

Nothing that the timeshare companies sell at full freight is worth the money. And that goes for $22,000 Gold Key timeshares in Virginia Beach right along with all the rest.

Buy timeshares resale. Save thousands of dollars on exactly the same thing, or the equivalent, or something even better.

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

Even though there is nothing for sale now, in Turtle Cay, which is where I would like to be, I suppose something will come up in time. I will do my due diligence until that time and be patient. Thanks again. :cheer:
 

justmeinflorida

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I just bought a Virginia Beach Timeshare in Oceanaire, 8th floor Oct for $22,000. It seems that the general advice is ti not buy retail. Does that apply here, or did I get a good buy. It seems that I cannot find anything listed for sale resale and I'm not sure if I should recind or not. Please give my your advice. It is a Gold Key interval International property. They say it will have a high trading power. Thank you for your input everyone. I'm brand new to this. :shrug:
Do you have to own at this resort? If not check this out...Ebay

Better yet....these Ebay...either sold (green) or didn't (red)

Save yourself a lot of $$$ buy resale but first hang out here and learn all there is to know about timeshares. I've learned so much!
 

justmeinflorida

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falmouth3

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justmeinflorida

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Oh, and please don't forget those are asking prices - not necessarily the price they will accept. Some people have unrealistic expectations for what they can sell their weeks for but you don't have to pay those prices. Keep looking and you'll find what you're looking for at a much better price.
+1....you'll get great advice here!
 

Jimster

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buy

Tell the salesman you want 20 weeks. Of course that would be at the Ebay price of $1.00. If you paid 22k for it, figure it is overpriced by 21,999. Rescind!
 

tschwa2

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My guess is that for $22,000 it is not a summer week. If it is a week that you love, you have the money and aren't financing through the resort, and want to go to almost every year at that time its ok (but not great) because it is a new resort and doesn't have a healthy resale market yet. If you bought an off season week thinking you could exchange for a summer week there it may work a few years until they sell out and then it won't be so easy. If you bought to exchange it to other locations it is not so good because the developers control the deposits and can deposit any week when you deposit with II so even if you have a late spring week they can deposit week 2 and you will not get good exchanges.

If you are unsure and can still rescind you should do so and make sure it is what you really want. You only have one chance to rescind.
 

Rob&Carol Q

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My Bride and I used to frequent the VaBch hotel strip from time to time when I was stationed there. Liked it...but not $22K of like. Shoot, you can rent a week for $1-2K...by my math, that 11-22 weeks of fun for the same dough...without Maintenance Fees!

You made the right call...Rescind. That $22k deal will always be there if you really, really, really need to spend that money. Take your time. Nobody here is expecting a sudden surge in TS prices across the next couple of years so get your Research On!

Personally, I wish I had known about this site back in the mid 90's when I made my retail purchase...but that wave has crashed ashore.
 

Egret1986

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Congratulations on your research and decision to rescind your purchase.

I am sending out the recind paperwork tomorrow. Day 5.:whoopie:
As posted above, I also doubt this was for a prime week. I've seen developer priced weeks (prime) at Ocean Beach Club for even more crazy amounts.

Also, as stated, you could rent a lot of weeks from owners for when you want to go and not be obligated to an over-priced ownership.

I live near Virginia Beach and own a number of timeshares there. In your search for Turtle Cay, I know you can find lots of cheaper priced timeshare weeks and most likely much better weeks. It's much better to buy a in a time frame that you will personally use. Don't buy something hoping to always trade up to a better time of year. Once you buy something that has to be exchanged, you will also have to factor in yearly membership fees and exchange fees.

www.myresortnetwork.com
www.vacationtimesharerentals.com
www.redweek.com
TUG
www.timesharing2000.com

Take your time buying until you know the market better. Just because you find something for less than what you just paid for the Oceanaire, it doesn't necessarily mean that it's a good price.

Give Oceanaire a little time on the market. Just like Ocean Beach Club, you will start seeing these units available on the resale market.
 

timeos2

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I am sending out the recind paperwork tomorrow. Day 5.:whoopie:
You made the correct decision. Even if you wanted to pay that much after researching other options it will still be available regardless of what they might have said differently. But then you would be making a fully informed decision to spend that amount vs the one sided and deceptive type presentaion & "facts" the sales department spewed to you.

It is good you found out in time that this is NOT a good deal. You caught on quickly and saved yourself thousands if not tens of thousands of dollars by rescinding but still have the chance to enjoy timesharing but at a bargain rate using resale. Congratulations on a great decision to rescind.
 
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Sent

back my sales material as the contract stated in a box with the letter to cancel. I did it certified, return receipt requested through the USPS as the contract stated. I guess I am still nervous until I get the confirmation back that it was delivered. Thanks again everyone. This is a great forum. :ponder:
 

Passepartout

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Now, you can begin the search for an ocean front, East Coast, Summer week. You will pay more than the run-of-the-mill $1-$100 timeshare, but since you are planning to use it yourself, you simply can't go wrong with one of those. There aren't THAT many, and they aren't making any more of them.

Happy Hunting! I usually don't recommend this to people who don't already own with intentions to do a lot of exchanging, but the value may also be in the shopping for your first TS. Pay the $15 to join TUG. We saved you thou$and$ and membership gives you access to thousands of reviews of TSs worldwide. That way when you see one on eBay or in the TUG Marketplace, you can look it up yourself instead of coming back and asking, "Hey Folks, what's such-and-such resort like?"

Best wishes, I feel confident that you can relax and the refund 'check's in the mail' as they say.

Jim
 

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affiliation

You made the right decision. Now if you do decide to buy or get a timeshare (many are given away for free), make sure the resort is affiliated with the right exchange company. If you join RCI, you will pay and pay. Did i mention paying and paying? RCI charges for everything which is amazing since RCI is only in business because TS owners deposit their weeks with them for free. Put another way, there is a reason why Carmel, Indiana was just named the best small city to live in in the country.

PS Did I mention paying and paying:D
 
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I already Joined TUG.

I know a good value whenI see it. LOL
The interval International that this TS was part of is still on weekd, not points. Is one better that the other?
 

m61376

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Congrats on finding Tug in time to save $$$$!! Take the time to really think about where you want to vacation over the next 5-10 years, and when you want to go. Think about family dynamics today, and what they will likely be down the road. Adding children means school schedules, children going to college means more flexibility, children getting married can mean different unit sizes, retirement approaching adds more flexibility, etc.. Think about your vacation budget and lifestyle. Look at the different sub-forums and learn about the different timeshare properties; to some, drivable locations is a priority, some want simpler and others more lavish decor and amenities, etc..Make sure you know the ins and outs of what you want to buy before buying, and feel free to ask as many questions as you can think of.

Welcome to Tug :wave:
 

Passepartout

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The interval International that this TS was part of is still on weeks, not points. Is one better that the other?
I own one RCI Points TS, one fixed Summer week TS near Yellowstone, and one 'mini-system' membership with about 55 resorts to switch between. None in II. For flexibility of scheduling, go for a point system. For easy, go fixed- all you do is show up on move-in day. For cheap, a mini system allows you to use a lot of resorts for very low exchange costs.

Jim
 
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