[Starwood] Selling Advice

[chcsouthcarolina]

My wife and I are interested in selling our [details removed]

Can anyone help me find the answers to the following questions?

Where is the best place to post the sale?

We currently have July 19th - July 26th 2010 reserved. If we sell, does the reservation transfer to the new owners? If so, is this a selling point?

What is the best way to determine current market value?

How can I find what Westin is selling comparable weeks for?

Is our property considered mandatory?

Thanks in advance to anyone that can help!

 

[Karen G]

The details of your ownership have been removed because advertising is not allowed in the individual forums, even if it is inadvertent. You may place ads in the TUG Marketplace which you can access by clicking on the red bar at the top of this page.

Now isn't a really good time to try selling one's timeshare as many people are just giving theirs away to get out from under high maintenance fees or selling them for highly discounted amounts. If you have financed your timeshare and still owe money on it, it will probably be impossible to sell it.

As to a 2010 week that is already reserved, if you were to sell your timeshare, that would be a negotiable item between you and the buyer. Often such a week is made available to the buyer if he/she wishes to reimburse the 2010 maintenance fees--otherwise the seller could retain and use the week if he has already paid the fees. Individual resort systems might have other rules about that, but generally that's how it could work.

Feel free to ask more questions, but be careful not to list the specific details of what you own.

 

[jerseygirl]

I'll give it a try on a few of your questions ...

Where is the best place to post the sale?

Tug Marketplace, Redweek, Myresortnetwork ... and probably a few other places that others will suggest. Ebay usually guarantees a quick sale, but you won't get the best price possible.

We currently have July 19th - July 26th 2010 reserved. If we sell, does the reservation transfer to the new owners? If so, is this a selling point?

Yes .... advertise this availability and ask for reimbursement of the maintenance fees. My opinion only -- you might want to "eat" the renovation fee though ... these units are not selling well due to the high special assessments (you could state that you've paid year one, will pay year two, and the new owner will be responsible for 2010 maintenance fees only, plus 2011 maintenance fess and the special assessment. Giving a "freebie" often helps sell the unit -- again, just my opinion.

What is the best way to determine current market value?

Ebay ... but the last couple of sales were pretty low (there may be more out there ... these just happen to be two that I watched):

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=110437355412&ssPageName=STRK:MEWAX:IT

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=110437427840&ssPageName=STRK:MEWAX:IT

There's also a TUG thread on the Starwood board that lists recent ebay sales -- look through here:

http://www.tugbbs.com/forums/showthread.php?t=65595



How can I find what Westin is selling comparable weeks for?

Depends on season, size, new phase, old phase. Call Westin sales and act like an interested buyer. But, please know that you won't be able to sell your unit for anywhere close to what Westin gets ... unless you own a sold-out really popular week.

Is our property considered mandatory?

Phase One (Virgin Grand Villas -- Pool Villas and Hillside) is mandatory.
Phase Two (Bay Vista) is voluntary.

Thanks in advance to anyone that can help!

 

[DeniseM]

Hi and welcome back to TUG!

I moved your post to the Starwood board - you will find a wealth of info. at the top of the board about your ownership.

If you sell right now, you should expect to take a loss of 50% or more. Because of the economy, timeshare resale prices are at an all time low and seem to still be falling. Reselling your timeshare is kind of like selling your used car - you can't get anywhere near what the dealer is asking for a used car, and you can't get anywhere near retail price for a resale timeshare.

If you can't afford to travel, you might want to consider renting your week to help pay the maintenance fees.

Good luck!

 

[Stefa]

If you can't afford to travel, you might want to consider renting your week to help pay the maintenance fees.

This would be a good short-term solution. But if an owner truly can't afford to travel it doesn't make much sense to have a lot of money tied up in a timeshare.

 

[chcsouthcarolina]

This would be a good short-term solution. But if an owner truly can't afford to travel it doesn't make much sense to have a lot of money tied up in a timeshare.

Thanks for the good advice. We aren't selling for financial reasons, nor because we don't like the Westin or St. John's (we love both). We are interested in doing some home improvements.

 

[timeos2]

No quick or high value sales

Thanks for the good advice. We aren't selling for financial reasons, nor because we don't like the Westin or St. John's (we love both). We are interested in doing some home improvements.

You are thinking that you have an asset to sell like a condo or a car. Unfortunately that isn't the case with a timeshare. There is virtually no market for a resale and, what little resale market there is takes months or even years to complete a sale. You cannot just put it out for sale and expect a quick infusion of cash. You areucky if you get a thousand or two and often may end up paying to simply get the week(s) transferred to a new owner. If that is your remodeling budget source you are going to be living with the old room(s) for awhile.

 

[jerseygirl]

This resort continues to have a healthy resale value -- not near as healthy as it was pre-recession/pre-credit crunch, but it's still very marketable.

 

[timeos2]

Go to WWW. ONEPRICETIMESHARE RESALE .COM?

This resort continues to have a healthy resale value -- not near as healthy as it was pre-recession/pre-credit crunch, but it's still very marketable.

Oh really? And just exactly where, and for what price, can you offer up this tremendous resale value and know you can get a sale at your alleged given price range? There are plenty of owners who would LOVE to know that secret! There are none that I'm aware of but perhaps I missed the magic site? Hope there is no upfront fee required....

Its called liquidity when you can convert an item into cash. There are few things with less of that than a timeshare in almost any market but especially the current one.

 

[chcsouthcarolina]

I appreciate all the feedback. Fortunately, we are in a position where we don't need to sell (or do anything really) so the risk is non existent. Presently I'm out $50 to post on Redweek. Worst case is we delay home improvements for a year (adding a pool and villa) and have a fantastic vacation at the Westin in July.

Thanks again!

 

[jerseygirl]

Oh really? And just exactly where, and for what price, can you offer up this tremendous resale value and know you can get a sale at your alleged given price range? There are plenty of owners who would LOVE to know that secret! There are none that I'm aware of but perhaps I missed the magic site? Hope there is no upfront fee required....

Its called liquidity when you can convert an item into cash. There are few things with less of that than a timeshare in almost any market but especially the current one.

Wow, did you wake up on the wrong side of the bed or are you always this nasty?

I never said I "can get a sale at your alleged given price range." I simply said, "This resort continues to have a healthy resale value -- not near as healthy as it was pre-recession/pre-credit crunch, but it's still very marketable."

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=110437427840&ssPageName=STRK:MEWAX:IT

I happen to own multiple units at this resort and follow the resale prices very closely. And, I think all the tuggers who own at this resort are pretty familiar with the "secret ebay site!" I also said in my first post on this thread that, "Ebay usually guarantees a quick sale, but you won't get the best price possible." Last year, this would have sold for $36K+ .... so, believe me, the resort is not immune to the economy, Starwood problems with high maintenance fees, etc. But, to assume it has no value is wrong.

 

[DeniseM]

Oh really? And just exactly where, and for what price, can you offer up this tremendous resale value and know you can get a sale at your alleged given price range? There are plenty of owners who would LOVE to know that secret! There are none that I'm aware of but perhaps I missed the magic site? Hope there is no upfront fee required....

Its called liquidity when you can convert an item into cash. There are few things with less of that than a timeshare in almost any market but especially the current one.

John - I know you probably don't follow the resale market for the upscale timeshares like Marriott and Starwood, but the top dogs are still selling for thousands of dollars in today's market. So this resort does have significant value on the resale market, even in today's economy.