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would like to sell maui timeshare

C

chugger93

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Hi everyone,

I was directed here from red week as another resource avenue on how to go about selling my timeshare. My wife and I financially see it better to let it go if possible at this point in our life.

We know nothing about the process and are looking for recommendations or recources.
We acquired the property back in 2006 and its for the Westin Ka’anapali Ocean Resort Villas, North. We`ve since paid it off, but had to do a home equity line of credit to do it. Now we just want to pay off the remainding...but its still half of what we bought it for.

Any thoughts or help would be amazing. Thank you!!
 
Welcome to the forum. You can list your timeshare for sale here on tug marketplace, as well as redweek. You can also use a broker, but of course they will then take a commission after the sale.

A month ago a tug member just sold a 2br ocean front at the same property, WKORV-N. listed it on redweek for $25k and she said it sold for $22k. She said she listed it on 2/10 and had accepted an offer on 2/19

Here is the thread:

http://tugbbs.com/forums/showthread.php?t=188567
 
If you haven't yet, read these TUG stickies:

General selling info: http://tugbbs.com/forums/showthread.php?t=44

Starwood specific info: http://www.tugbbs.com/forums/showpost.php?p=691410&postcount=7

WKORVN units do have some value--you can look at this thread to see at what prices Starwood is exercising their right of first fefusal (ROFR):

http://www.tugbbs.com/forums/showthread.php?t=173740

If you feel comfortable with the process, you can list your unit & try to sell it yourself. Another option is to list with a reputable broker. You will have to pay them a commission, but it will be paid at closing. Do NOT pay an upfront fee. We can recommend several. But go ahead and read the stickies, and then let us know if you have more questions.

Best wishes,

Glorian
 
For a resale with a high value, like WKORVN, I would definitely use a reputable broker. You will have to pay a commission, but I think a knowledgeable and reputable timeshare broker will get you a higher resale price, and more than cover the commission. I would definitely not go the ebay route - that's a way to get the lowest price. Depending on your view, you can expect to get around 30% of what you paid for it.

There are a couple of TUG members who are reputable brokers and handle this resort that you could check with. Here are their TUG user names (you can send them a private message.)

FredM
Syed
 
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I was the person who recently sold her WKORV/N. It was OF. I bought it for $50k in 2007. Sold it for $23.8 a few weeks ago, of which I received $22.7k after commissions.

I listed my unit on Redweek for $50 or so. The buyer used an agent, Syed (who is active here on Tug, and who I can recommend), and that's who we used to complete the contract. FredM is another reputable broker who has a presence on this site.

Good luck!
 
http://advantagevacation.com/

Highly recommend Syed Sarmad. His office is in Lahaina, and he sold our Maui week for us. We didn't have to do a thing to sell it. He made the process easy.

You will definitely lose money selling anything you bought from the developer. But I think Syed will get you more $$ than most any other broker. He was upfront with all information, and I felt certain he would find a buyer, and he did.

He is a TUG member and licensed broker.
 
DeniseM said:
For a resale with a high value, like WKORVN, I would definitely use a reputable broker. You will have to pay a commission, but I think a knowledgeable and reputable timeshare broker will get you a higher resale price, and more than cover the commission. I would definitely not go the ebay route - that's a way to get the lowest price. Depending on your view, you can expect to get around 30% of what you paid for it.

There are a couple of TUG members who are reputable brokers and handle this resort that you could check with. Here are their TUG user names (you can send them a private message.)

FredM
Syed
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I wouldn't use a broker as the seller. It's not like you are selling a property that requires showings and can take advantage of an agent who will list it on MLS. Advertise it yourself on redweek, if someone can get a satisfactory offer in 9 days, you can get one in a reasonable time as well. Let the buyer use a broker to make them feel better about their purchase and its legitimacy. You've already lost considerable amount of money on this purchase, no need to give away additional $ in the form of a commission. My two cents at least.
 
siesta said:
I wouldn't use a broker as the seller. It's not like you are selling a property that requires showings and can take advantage of an agent who will list it on MLS. Advertise it yourself on redweek, if someone can get a satisfactory offer in 9 days, you can get one in a reasonable time as well. Let the buyer use a broker to make them feel better about their purchase and its legitimacy. You've already lost considerable amount of money on this purchase, no need to give away additional $ in the form of a commission. My two cents at least.
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We will have to agree to disagree - a reputable broker has clients that someone selling for themselves will never have access to. These are people who want to use a broker, and don't have the time or interest to venture out on the resale market on their own. With an expensive resort, a reputable broker can get a higher price for your timeshare - they will more than cover their commission.

I wouldn't make the recommendation for your average TS that will sell for the minimum - but I'd definitely use a broker for a high dollar timeshare. YMMV
 
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DeniseM said:
We will have to agree to disagree - a reputable broker has clients that someone selling for themselves will never have access to. These are people who want to use a broker, and don't have the time or interest to venture out on the resale market on their own. With an expensive resort, a reputable broker can get a higher price for your timeshare - they will more than cover their commission.

I wouldn't make the recommendation for your average TS that will sell for the minimum - but I'd definitely use a broker for a high dollar timeshare. YMMV
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Indeed for high value TS the broker is often a good go between to talk reality of pricing to the seller and find inventory for a buyer. Having just leapt into this with a platinum week at WKV through a broker this was something that just does not often appear ebay. Many of the advertisers on here and redweek etc are still asking 2007 prices and won't move from there.

In fact for the WKORV I would even say unless you have a pressing need to cash out, at this point it is probably worth renting 2013 and then selling in 2014. There seems to be a lot more (unjust) confidence in the economy and the travel stats to HI indicate a decent return of custom from West, JP and even East Coast, the low interest environment will continue for the forseeable future and you could see a 5% uptick in the value of these units over the next 12 months. I don't see it falling in value and SVO are putting a floor on the pricing anyways.
 
My Maui timeshare was not a major brand. I tried to sell it through other means and chose to list with Syed after wasting my money on ads through MRN and Redweek.

It was no upfront fee because this is a broker who has real clients who come to his office to buy. Some of his clients are looking to buy additional weeks at their own resorts. Others attended a timeshare presentation and remembered seeing the resale signs along Front St. Nevertheless, he has people walk right in, already sold on the resort they want.
 
Well a lot depends on the interest on the OP's home equity line of credit. If it is 3% and he can carry it, then might consider the gamble to wait a little since prices seem to be creeping up slightly. If it is 5% or the interest on the home equity is becoming a burden, then selling now may make sense. Personally if I don't have the use for it and it is a debt I would sell it to clear the debt.

Also if you own OF, OV or IV may make a little difference on the differential between Retail and what you can sell it for today. I think OF holds its value better.

Does not hurt to contact one or 2 reputable brokers. If you feel comfortable with him/her and the price they think they can get minus 5-10% negotiation - commission seems reasonable, then that might be a good option. Sounds like the OP is not that up on the process so having a good broker can give him some comfort as well as the purchaser.
 
FWIW, when I bought WKROV-N, neither of us used an agent. We emailed each other, then phoned each other, agreed on a price, and then used a reputable closing/escrow service, whose fee we split.

When I sold, I listed on Redweek with the intention of doing the same. However, an agent contacted me on behalf of a buyer and worked with me directly to work out his commission. I negotiated with the agent in the same manner I would have negotiated with a non-represented buyer. There was a certain dollar amount which I would not have sold below. As long as I got that minimum price, I was fine paying an agent extra for his expertise and for (most importantly) bringing a buyer to the table.

My advice is to try selling it on your own only IF you're comfortable fielding emails/phone calls from potential buyers (including people who will offer you 1/2 of what you're listing) yourself, and only if you're willing to pay for a professional closing/escrow agent. If you're not comfortable, hire an expert and negotiate a fair commission.
 
Well I ended up contacting Syed just to see, and he doesnt think its worth much more than like 9K anyways. So that's a problem....and who knows if it's worth selling at this point. Hard to believe this timeshare took a $20,000 hit over the course of 6 years. It's not like its in Florida for gods sake...its right off the coast of MAUI.
 
Wonder what the differences were in your unit and Lisa's that makes yours worth $14000-$15000 less in a few weeks?:shrug:

PHILL12:doh:
 
LisaRex said:
I was the person who recently sold her WKORV/N. It was OF. I bought it for $50k in 2007. Sold it for $23.8 a few weeks ago, of which I received $22.7k after commissions.

I listed my unit on Redweek for $50 or so. The buyer used an agent, Syed (who is active here on Tug, and who I can recommend), and that's who we used to complete the contract. FredM is another reputable broker who has a presence on this site.

Good luck!
Click to expand...
LisaRex had OF
chugger93 said:
Well I ended up contacting Syed just to see, and he doesnt think its worth much more than like 9K anyways. So that's a problem....and who knows if it's worth selling at this point. Hard to believe this timeshare took a $20,000 hit over the course of 6 years. It's not like its in Florida for gods sake...its right off the coast of MAUI.
Click to expand...

Phill12 said:
Wonder what the differences were in your unit and Lisa's that makes yours worth $14000-$15000 less in a few weeks?:shrug:

PHILL12:doh:
Click to expand...
So this is either Ocean View or Island View, possibly the latter.
 
The above advice to rent this year's and next year's weeks was great advice. If I owned a prime resort like the Westin, I wouldn't sell it at all in this economy. If the money is spent, then don't make things worse by selling for less than what you think it's worth.

Some say a timeshare is worth 10X what you can net on rental income. So if you own a 2 bedroom, split the unit into two halves and rent both sides. Keep your week, and maybe you can eventually sell for what you paid.
 
yes, mines an island view which I know is not as appealing. We thought about renting it out...but first, I figured it would be difficult. Secondly, I didnt know how, nor did I think people actually rented these things.
 
chugger93 said:
Well I ended up contacting Syed just to see, and he doesnt think its worth much more than like 9K anyways. So that's a problem....and who knows if it's worth selling at this point. Hard to believe this timeshare took a $20,000 hit over the course of 6 years. It's not like its in Florida for gods sake...its right off the coast of MAUI.
Click to expand...

I paid $50,000 RESALE in '07 and got $22,800 for my OF unit. Developer prices were $89,900 at the time, if I recall correctly. So yes, I'm afraid prices have come down that much.

The bad news is that it's getting difficult for regular people to capitalize on these lower prices, as Starwood is regularly exercising its ROFR.
 
chugger93 said:
yes, mines an island view which I know is not as appealing. We thought about renting it out...but first, I figured it would be difficult. Secondly, I didnt know how, nor did I think people actually rented these things.
Click to expand...

An Island View is a negative in a rental, but there is an easy way around it. Simply wait and make your reservation at 8 mos. out and bingo, your Island View becomes a Floating View, which is much more marketable.

There is a very active rental market for the Westin Maui, and demand is excellent. Unfortunately, if you don't already have a week reserved for 2013, you are out of luck until fall, which is the worst time to rent.

For "how-to" info. see the "how to rent" stickies at the top of the Buying, Selling, Renting Forum, and on the ADVICE page - linked in the red bar.
 
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chugger93 said:
... We thought about renting it out...but first, I figured it would be difficult. Secondly, I didnt know how, nor did I think people actually rented these things.
Click to expand...

I'll give you the same advice that you got for trying to sell it, hire a reputable agent.

Yes, people do rent these things and they trade for vacations in other areas of the world also.

Stick around and read all you can and you may decide that what you own has some value to you.
 
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