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Resale price through Marriott lowered

vacationlover2

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Wow. About a year or so ago I decided to list my platinum manor club for resale with Marriott. They take 40% of the selling price. They started off with a price of 23,500. Then they lowered it to 21,500. Now they want to lower it to 9,500. I wonder how much they are selling these weeks for or if they just intend to buy it themselves for the destination club. What do you all think?
 

Steve

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Wow. About a year or so ago I decided to list my platinum manor club for resale with Marriott. They take 40% of the selling price. They started off with a price of 23,500. Then they lowered it to 21,500. Now they want to lower it to 9,500. I wonder how much they are selling these weeks for or if they just intend to buy it themselves for the destination club. What do you all think?

I think that since Marriott is letting numerous platinum Manor Club weeks pass ROFR that are selling from $900 to $1500 on eBay, they are NOT going to buy weeks at $9500 for the Destination Club. I think Marriott has finally realized that since the bottom has fallen out of the timeshare market, they can no longer find people willing to pay $20,000+ for a week in Williamsburg.

Steve
 

KathyPet

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Do you actually have a signed contract from Marriott for them to agree to act as the selling/listing agent for the sale? The reason that I am asking is that I called Marriott over two years ago and added my name to their list of people who were interested in selling their MMC. I was told that once my name reached the top of the wait list they would contact me to see if I was still interested in selling and if I was they would then send me a written agreement to sign. I have never heard anything more from them. You indicate that you contacted them a year ago which is more than a year after then I notified them that I wanted to sell.
 

BocaBoy

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I think that since Marriott is letting numerous platinum Manor Club weeks pass ROFR that are selling from $900 to $1500 on eBay, they are NOT going to buy weeks at $9500 for the Destination Club.
Steve

That makes sense, but in June they bought my Sabal Palms red week (the name for platinum at Sabal Palms) for the DC for $10,800 net to me. It had been listed for over a year with the Marriott Resale Group.

I wonder if this price reduction (plus the buy back of weeks like my Sabal week) is the first step in MVCI getting out of the resale of weeks market. They may want to "sell" all the listed weeks rather than leave people in the lurch who had been listed for a long time. I do not know if they have actually listed any new weeks recently.
 

dioxide45

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I think this shows that Marriott is abandoning the weeks based sales model.
 

flyboy0681

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I think that since Marriott is letting numerous platinum Manor Club weeks pass ROFR that are selling from $900 to $1500 on eBay, they are NOT going to buy weeks at $9500 for the Destination Club. I think Marriott has finally realized that since the bottom has fallen out of the timeshare market, they can no longer find people willing to pay $20,000+ for a week in Williamsburg.

Steve


With absolutely no disrespect to those that purchased at Williamsburg, I just don't see attraction to returning there every year. Yes Colonial Williamsburg was a nice visit, but I came, I saw, I went.

I had an exchange at the Manor Club a few years ago and thought it was lovely, but not to the point where I would want to own it.

Just my opinion.
 

dioxide45

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With absolutely no disrespect to those that purchased at Williamsburg, I just don't see attraction to returning there every year. Yes Colonial Williamsburg was a nice visit, but I came, I saw, I went.

I had an exchange at the Manor Club a few years ago and thought it was lovely, but not to the point where I would want to own it.

Just my opinion.

I think the value of the property was in it's exchange power. At a time it also had the lowest MF in the Marriott system. So the ability to exchange with the low MF made it an attractive property for many. Since the MF went up with a two or three consecutive double digit percentage increases, it lost some of it's luster.

The great thing about owning Marriott's is that there are so many different options. While you may think that Williamsburg is a great one time visit, there are others that may think the same about Palm Desert or another location. The 50+ resort network gives us all a lot of options.
 

pwrshift

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Everyone has different reasons for owning and using Manor Club. Mine is 6 free rounds of golf each week and it's one of the closest MVCI resorts to my home so we can load up the car and we're there in a long day's drive in familiar surroundings. No air for 4+ and no need for car rental saves a lot every year.

While it's been a good trader in the past I think II is being very negatively affected by the DC plan now...so I'm glad I bought to use.
 
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Steve

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I'd just like to say that I love Manor Club. It is a gorgeous resort, and I think that Williamsburg is a fun place to visit with a lot to do. I can easily understand why people like to return there year after year. If I lived closer, I would certainly visit frequently.

It's too bad that the prices have collapsed so completely at Manor Club, but this is not unique to Manor Club or Williamsburg. All resorts have suffered, but those which are not located: 1) on the beach, 2) downtown in a world class city, or 3) right at the foot of a major ski mountain have suffered the most. Golf, lake, historical, or even inland beach areas (think Doral, Seaview, and Legends Edge) have all seen incredible declines in value.

Steve
 

timeos2

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Manor Club is THE appiomy of what a great Marriott resort should be IMO. The fact that a great property like that - and one that has been well managed & maintained for relatively low fees - is now being discounted to the usual $5000 or less that applies to virtually every timeshare week. The same will occur (it's happening now) at virtually every location for resale value as the only real value is use/trade and the real cost the annual fees. High fees negate great locations so that idea doesn't protect values. In about 5 more years nothing will be above $5000 in resale - and few will be that high - as more and more owners realize that purchase price is just lost money - it buys you nothing but the "right" to pay fees for the use / trade / rent and if you pay $20K, $5K or nothing that annual cost/ use value is exactly The Same. SO why pay much for any resort? Those that are super high demand or have a special view may garner the $5k but not many will get that. $2k or less will be the norm for most sales soon if it isn't there already.
 

Pens_Fan

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EKniager

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Surf Club:
MF = ~$1,200/yr
Rental = $2,400-$3,000
Pre-tax profit = ~$1,200-$1,800/yr
@ $10K purchase ---> 12-18% annual return
@ $15K ---> 8-12%
@ $20K ---> 6-9%

I think the resale pricing for this property will hold up as long as rental demand does. Locations whose rentals just cover MF's have no value as an investment, thus resales are low.
 

timeos2

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Surf Club:
MF = ~$1,200/yr
Rental = $2,400-$3,000
Pre-tax profit = ~$1,200-$1,800/yr
@ $10K purchase ---> 12-18% annual return
@ $15K ---> 8-12%
@ $20K ---> 6-9%

I think the resale pricing for this property will hold up as long as rental demand does. Locations whose rentals just cover MF's have no value as an investment, thus resales are low.

Those rentals maybe apply to 5-8 weeks per year. There are 44-47 others that don't rent for anywhere near that - maybe not even the annual fee. Those aren't stand alone weeks they drag down the value of all as they are in the vast majority. And the more that the poor weeks go delinquent - and as fees rise they will do so first - the higher the fees go to cover them - thus more drop out, more rise - eventually the resale value is near zero. It is happening at many resorts including Manor Club so don't think for a minute that any resort / system is immune without other positive actions (none of which Marriott has shown any tendency to apply - they just raise fees to maintain their percentage & increase profits. That is likely to accelerate when the only money they make is from their own management - no corporate big daddy to bail them out anymore & big problems with debt and unsold intervals/points. It's not a pretty picture when you look under the covers).

Own Marriott to use & enjoy some of the better resorts there are. But assuming a high resale value going forward is a pipe dream for the majority of owners. The value proposition that used to exist is slipping away rather rapidly. And depending on rentals is even less likely to be a long term success.
 

Retired TSO

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Surf Club:
MF = ~$1,200/yr
Rental = $2,400-$3,000
Pre-tax profit = ~$1,200-$1,800/yr
@ $10K purchase ---> 12-18% annual return
@ $15K ---> 8-12%
@ $20K ---> 6-9%

I think the resale pricing for this property will hold up as long as rental demand does. Locations whose rentals just cover MF's have no value as an investment, thus resales are low.

I received an email from MVCI Resales last night about our 2 BR PLAT Ocean Side Surf Club. We had registered it for resale with MVCI more than a year ago and had forgotten about it. They made an offer of $13,9K. I am not exactly sure what the going price was when I had registered but it was definitely above 20K.
I declined their offer...
 

vacationlover2

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I received an email from MVCI Resales last night about our 2 BR PLAT Ocean Side Surf Club. We had registered it for resale with MVCI more than a year ago and had forgotten about it. They made an offer of $13,9K. I am not exactly sure what the going price was when I had registered but it was definitely above 20K.
I declined their offer...



Were they going to give you $13,900 or 60% of the $13,900?
 

Pens_Fan

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I can't imagine that they are selling a platinum ocean side for $13,900.

I would bet that he was offered it as his 60% of $23,200.
 

BocaBoy

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I received an email from MVCI Resales last night about our 2 BR PLAT Ocean Side Surf Club. We had registered it for resale with MVCI more than a year ago and had forgotten about it. They made an offer of $13,9K. I am not exactly sure what the going price was when I had registered but it was definitely above 20K.
I declined their offer...
I hope you no longer want to sell it. If you do, why would you have declined this offer? If it is like the other Marriott buybacks, that is either a net price or a price from which you need to deduct a $500 administrative fee. Closing would be easy and without risk. On a net to net cash basis, do you think you can do significantly better on your own?
 

bogey21

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I hope you no longer want to sell it. If you do, why would you have declined this offer? If it is like the other Marriott buybacks, that is either a net price or a price from which you need to deduct a $500 administrative fee. Closing would be easy and without risk.

IMHO a big mistake UNLESS you no longer want to sell.

George
 

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Were they going to give you $13,900 or 60% of the $13,900?

The offer to ME was $13,900.00 less the $500.00 so a net of $13,400.00
We had bought the unit mainly for our own use and not for an exchange. Due to difficulties in getting flights from Canada, we did not think that we could make good personal use of it. That is when we put it on sale figuring that we should get arouond $20K +. At the time Marriott was selling them for around $36-38K. We thought that if we could get $20K or so for it, we could sell it and buy a 3 BR in Vegas for around 8 - 10K (at the that time) to try to get similar value from exchanges. In the mean time we started to use it for exchanges. We always split it and also got an AC for it, so it has been providiing us great exchange value. We have a continued need for 6 - 8 weeks in timeshares.
We have two other Marriotts at other locations and recently we joined the DC program. IF I sell it now for 13K and buy a Vegas for around 6-7K, I am getting 6-7K net by swapping the Surf Club with Vegas, but the Vegas will be OUTSIDE of the points system. So we decided to keep the Surf Club instead.
I still would like to sell it but only if I can get closer to 18K which I do understand is not a practical expectation in this market, so will try to get my money's worth by exchanging it.
 
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