Sold my timeshare back to Marriott

[BanditTheCat]

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!

 

[bogey21]

This is a far cry from when I bought (and later sold) my 4 Marriott Weeks (Sabal Palms, Harbour Club, Heritage Club and Monarch). Back then Marriott sold my Weeks for me at prices greater than what I paid for them and only took a 20% commission. Oh, how times have changed...

George

 

[brianfox]

...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!

Not so much a reflection on how awful the free market is on timeshare, but rather a reflection on how overpriced the retail timeshare market is.

 

[dioxide45]

That's great! Just to clarify, you technically didn't sell it back to Marriott. It was sold through their resale department and was bought by a private individual. I am not aware that Marriott has an active buyback program. They apparently have a program where you can simply surrender it to them for free...

 

[BanditTheCat]

That's great! Just to clarify, you technically didn't sell it back to Marriott. It was sold through their resale department and was bought by a private individual. I am not aware that Marriott has an active buyback program. They apparently have a program where you can simply surrender it to them for free...

Huh? I didn't surrender it for free. Did you read the original post?

 

[davidvel]

Huh? I didn't surrender it for free. Did you read the original post?

Relax, he didn't say you did.

 

[pedro47]

To the OP. Sounds liked you did OK.

 

[Steve Fatula]

If that is what you wanted or needed, happy for you, enjoy!

 

[BocaBoy]

Not so much a reflection on how awful the free market is on timeshare, but rather a reflection on how overpriced the retail timeshare market is.

It is true that the retail market is way overpriced, but the resale market is also much much lower than it was 10 and more years ago. It used to be possible to easily sell your week through Marriott for more than what you paid for it, at least if it was a high season week. Sabal Palms high season weeks were selling for something like $24,000. We sold just after the crash (actually in this case, Marriott bought it back) for $11,300, and now the week would sell resale for only maybe $3,000.

 

[BocaBoy]

That's great! Just to clarify, you technically didn't sell it back to Marriott. It was sold through their resale department and was bought by a private individual. I am not aware that Marriott has an active buyback program. They apparently have a program where you can simply surrender it to them for free...

Actually, they do often buy back weeks directly. I have done it twice and have had 2 other sales brokered by them to third parties.

 

[dioxide45]

Actually, they do often buy back weeks directly. I have done it twice and have had 2 other sales brokered by them to third parties.

I don't think it is a situation that they do, more that they DID. I am not aware of a current active buyback program. They do still have the brokered sales and that is what I was pointing out. The OP sold their week to a third party brokered by Marriott, it wasn't a buyback.

 

[BocaBoy]

I don't think it is a situation that they do, more that they DID. I am not aware of a current active buyback program. They do still have the brokered sales and that is what I was pointing out. The OP sold their week to a third party brokered by Marriott, it wasn't a buyback.

Then they must have stopped very recently, as I know they did at least some direct buy backs in 2018. The direct buy back prices have always been lower than the asking price for brokered sales, but the net after commission reduces that difference considerably.

Didn't Marriott mention direct buy backs in the "new program" they announced last year, which seemed to be mostly a new packaging of the things they were already doing to assist owners get out of their timeshares?

 

[bizaro86]

I could see week 52 at Shadow ridge being something they would buy back to put in the trust. They can declare more points for fixed week 52 than floating weeks, plus week 52 opens up extra DC availability that they might value.

Fixed weeks are probably much more valuable to them than floaters.

 

[vacationhopeful]

One of my resorts contracted Real Estate office charges a 35% commission ($700 minimum) plus closing costs.

Makes TUG MArketplace and Redweek real cheap!

 

[bogey21]

It used to be possible to easily sell your week through Marriott for more than what you paid for it, at least if it was a high season week. Sabal Palms high season weeks were selling for something like $24,000. We sold just after the crash (actually in this case, Marriott bought it back) for $11,300, and now the week would sell resale for only maybe $3,000.

Timing is everything... The killer today in addition to a declining market is the increase in Marriott's commission from 20% (back when I had them sell mine) to today's 40% for selling your week...

George

 

[jtdillian]

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!

This is also to Bogey21...I’m curious, what do you do now for vacations? I’m sure you still travel? Do you rent homes...or timeshares from other Marriott owners? Or simply stay home? If you do travel how much do you think you spend? Or I should say now that you sold all of your ownership how much do you think you are saving? Although if you are traveling you should deduct what you think you are saving from what you used to pay for timeshare ownership! Know what I mean? Many of us on here do very well because we know how to use our ownership! And why do you still come to these forums if you sold everything or do you still own some type of timeshare?

 

[dioxide45]

Then they must have stopped very recently, as I know they did at least some direct buy backs in 2018. The direct buy back prices have always been lower than the asking price for brokered sales, but the net after commission reduces that difference considerably.

Didn't Marriott mention direct buy backs in the "new program" they announced last year, which seemed to be mostly a new packaging of the things they were already doing to assist owners get out of their timeshares?

Unless I missed them, I haven't seen any actual reports of buybacks, indicating an amount more than $0, by Marriott in the last few years. If there is it is nothing close to the buyback activity that I tracked on the now defunct Buyback database in 2012 and 2013. There were several reports on TUG of owners calling Marriott and being offered $0 to take back their week, no actual money changing hands. The Marriott Exit webpage does not mention anything about buybacks, just to call them for your exit options. It is very possible that they do still offer buybacks, I just haven't seen any concrete evidence of it recently.

 

[VacationForever]

Unless I missed them, I haven't seen any actual reports of buybacks, indicating an amount more than $0, by Marriott in the last few years. If there is it is nothing close to the buyback activity that I tracked on the now defunct Buyback database in 2012 and 2013. There were several reports on TUG of owners calling Marriott and being offered $0 to take back their week, no actual money changing hands. The Marriott Exit webpage does not mention anything about buybacks, just to call them for your exit options. It is very possible that they do still offer buybacks, I just haven't seen any concrete evidence of it recently.

From my experience starting in late 2016, Marriott offered to take back a resort for free if a resort is not on their hybrid list. Marriott picks and chooses which resorts to make it to their hybrid offers and those resorts offered change continually.