mjs said:
Developers price is about $40,000, so not a bad price. I was interested in this auction also, but was also following Perrys thread on renting instead of buying. I contacted several people renting this property, and found one for $700 over maintenance fees. $20,000 didnt seem like such a good deal. How long would it take to break even if I continue to rent--a long time.
Mark
Hi Tuggers -
That was me who won the ebay bid on this Westin St. John TS! (woohoo!) Obviously, I believe $18.6K is an excellent price or I would have made the bid - this bid was actually my maximum bid. I was actually surprised I won the bid. I thought it would go for over $20K.
I also read Perry's thread - and while I agree to a good portion of it - there are aspects that I disagree with (I will not go into here - this is one of those never-ending discussions about renting vs. TS owning).
We are not in it for the money - and for people like us - live in the SF Bay Area - $18.6K is not a lot of money. I just want to be able to either go (we love that area) , rent it to offset MFs and loss of investment interest within reason (which we will likely have to do for 2006), or exchange it for a Hawaii TS (eg. WKORV). This would likely be a personal exchange since this week (week 24) is only worth 67K StarOptions - but I believe it is doable (guess we will find out).
This price of $18.6K is the same as the going rate for the 1Bd and studios for this season (weeks 21-42) - where we get a 2Bd/2.5Ba Townhouse for the same price (yes, MFs are higher). Also, from my understanding, week 24 is a low hurricane risk, but one never knows. if it were mid-July thru mid-October - I would have passed.
Als, since it is mid-June - I would think there are a lot of Honeymooners, and others with school kids that would be willing to rent this TS. Again, we shall see...
It will be interesting to see how this pans out with the closing via Resort Closings, Inc. and the seller (who has some bad eBay ratings). I will keep TUG up-to-date on this resale via eBay through this seller/title company.
I am interested in any input that one would like to share (pros/cons) - beyond the rent vs. own discussion. I have found TUG to be a great board with great people, and have gotten great input and advice. We have also just recently bought an Deluxe OF WKORV LO unit for ALOT more than this unit.
Peace.