T/S Value for estate closing purposes

[NJN2Mom]

Hi- We need some input. We are purchasing our 3 timeshares from my FIL's estate. My husband is the executor and he has two siblings who are not interested in the timeshares. We need to put a value on the T/S for probate purposes. We want to put an accurate "resale" value on these, ie: what the estate might get if they were to be sold. Marriott's resale dept. was not helpful even though we told them that we intend to keep them.

Here is what we have:

Marriott's Aruba Ocean Club
Season: Gold Annual
Floor Plan: 1BR + 1BA
View: Ocean View

Also, We have two of these purchased by my in-laws a separate times:

Marriott's Grande Vista
Season: Gold EOY
Floor Plan: 3BR + 3BA
View: Excellent View

I have checked EBAY completed listings and did not find a comparable T/S for MAOC but found MGV 2/2 Annual Platinum for $8,156. & $8,600.

Can anyone give us advice?

BTW- We are keeping these, not selling them and we want to get the best price, and not over-pay the estate. Also, we have discussed doing an "equity upgrade" to 2 platinum weeks MGV and Vickeye Lowry (MVC) quoted us a credit of $16,500 towards the cost of the new weeks of $50,080. Yikes! We won't be doing that. Just plan to keep them and use, trade or turn in for points as it fits our needs.

 

[Rent_Share]

Search tug for "Seth Nock" He is the resident Marriott expert and should know what the ROFR levels are which equates to market price

http://www.sellingtimeshares.net/ContactUs.aspx

He deals in High End Properties Only

 

[vacationtime1]

This link will take you to dioxide45's Marriott sales chart. Although compiled to determine (read: speculate) whether Marriott will exercise its right of first refusal and intercede in a sale, it provides data points on both of the resorts you are trying to appraise.

http://dioxide45.tripod.com/cgi-bin/rofr.cgi

 

[Mel]

Looking at the link from the last post, you'll find the following:

MAO-Aruba, Palm Beach, Aruba Ocean Club Gold Annual 1BR Ocean View $7,000 Passed ROFR in August of last year.

MAO-Aruba, Palm Beach, Aruba Ocean Club Gold Annual 1BR Ocean View $7,600 Failed ROFR in June of this year - price must be going up.

This suggests the floor for ROFR is probably currently higher than $8000


MGV/MGR-FL, Orlando, Grande Vista Gold Annual 3BR N/A $7,700 Passed
should be higher than EOY for the same thing, but it is from 2007. Don't know how much lower I would go for EOY though.

It seems to me the offer of $16,500 equity for a upgrade should be an accurate (if not lowball) estimate of what Marriott believes the value to be. I would use that number not only because it is available, but because it can be substantiated.

 

[richardm]

Estimate of Value for estate purposes

Most timeshare brokers will be able to provide you with a written estimate of value for the properties that normally will suffice for divorce or estate purposes, although most will charge you for that service. I'm not aware of Seth providing these, but you may certainly want to ask him. We do this frequently, most often for DVC owners.

My recommendation to you is to check with the attorney handling the estate before contacting brokers. If he is not familiar with timeshare- he may want a certified appraisal- and I haven't seen one of those in many years...

Good luck! PM me if you haven't found help elsewhere...

 

[icydog]

Why not go with what you know. You know that Marriott will buy them for $16,500 give that number and be done with it. I doubt anyone will argue with you since a. they don't want the timeshares b. you checked with the managing company and they gave you that price and c. you are willing to give that amount to the estate for them to share.

You're all golden now. Go with the Marriott price. I think it is indicative of the true value of these two timeshares.