BanditTheCat
TUG Member
- Joined
- Dec 19, 2011
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Wasn't sure whether to post this in this section or the Marriott forum.
I owned a platinum week timeshare at Marriott’s Shadow Ridge in Palm Desert: two bedroom lock-off, week 52. I bought it in 2007, just around the time the stock market tanked. When originally discussing it with my financial advisor, I understood that this would be an investment in my vacations and nothing else. I never actually used the Shadow Ridge timeshare. Instead I converted it into points and it served me very well over the years, because I could use the points for 1-4 days at a time. It worked for me.
Over the years, after using points for a long time, I rented it out several times. This was just to cover the outrageous maintenance fees, which kept going up and up. Also over the years I checked in with Marriott to find out if they would buy back my ownership. A few years back they were offering me ~$14k but with a 40% commission I would net around $7800. I didn’t take them up on that offer.
This year I decided to take them up on their offer. Unfortunately, what they were offering now was much less. I asked why. They said they had bought back other units and as long as they have inventory, the buy-back price goes down. Who knows if that's true, but that's the story I got. So before the end of the year I sold my unit back to Marriott, netting only $4800. I say “only”, but I realize how awful the free market is on timeshares, so I’m not that unhappy. I got some cash and I no longer have to pay the fees and the real estate taxes.
Good luck!
I owned a platinum week timeshare at Marriott’s Shadow Ridge in Palm Desert: two bedroom lock-off, week 52. I bought it in 2007, just around the time the stock market tanked. When originally discussing it with my financial advisor, I understood that this would be an investment in my vacations and nothing else. I never actually used the Shadow Ridge timeshare. Instead I converted it into points and it served me very well over the years, because I could use the points for 1-4 days at a time. It worked for me.
Over the years, after using points for a long time, I rented it out several times. This was just to cover the outrageous maintenance fees, which kept going up and up. Also over the years I checked in with Marriott to find out if they would buy back my ownership. A few years back they were offering me ~$14k but with a 40% commission I would net around $7800. I didn’t take them up on that offer.
This year I decided to take them up on their offer. Unfortunately, what they were offering now was much less. I asked why. They said they had bought back other units and as long as they have inventory, the buy-back price goes down. Who knows if that's true, but that's the story I got. So before the end of the year I sold my unit back to Marriott, netting only $4800. I say “only”, but I realize how awful the free market is on timeshares, so I’m not that unhappy. I got some cash and I no longer have to pay the fees and the real estate taxes.
Good luck!