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Wyndham Timeshares resales will cost less due to virus fallout

ddavid1073

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I think there will be opportunities to own any resale timeshare, Wyndham or any other, for even less than they are now.

Unfortunately, it will come at the cost of owners that have lost jobs and can no longer afford the maintenance.

Thoughts?
 

dgalati

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I think there will be opportunities to own any resale timeshare, Wyndham or any other, for even less than they are now.

Unfortunately, it will come at the cost of owners that have lost jobs and can no longer afford the maintenance.

Thoughts?
Wyndhams resale market was already set at $0 with Ovations. If Ovations stops taking back inventory because they have no buyers owners will just walk away. Financially It will be a better alternative then paying thousands to a exit company. Unfortunately it will ultimately cost the remaining owners.
 

Eric B

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I think there will be opportunities to own any resale timeshare, Wyndham or any other, for even less than they are now.

Unfortunately, it will come at the cost of owners that have lost jobs and can no longer afford the maintenance.

Thoughts?

I've seen some decent low MF resales on eBay lately that have gone for good prices, but not quite bargain basement yet. I'm not sure they'll get as low as the higher MF ones that are essentially free, but my speculation is that there are some TS renters out there that don't want to continue paying the MFs without any certainty as to when they'll be able to rent again. I managed to pick up a Bali Hai contract recently for about half what they were costing a year ago.
 

ddavid1073

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I've seen some decent low MF resales on eBay lately that have gone for good prices, but not quite bargain basement yet. I'm not sure they'll get as low as the higher MF ones that are essentially free, but my speculation is that there are some TS renters out there that don't want to continue paying the MFs without any certainty as to when they'll be able to rent again. I managed to pick up a Bali Hai contract recently for about half what they were costing a year ago.
I bought my resale contracts in 2010 or 2011 with a yearly point totals of around 400K points for $1500 total including closing and transfer costs. If I were to do it again I'd look for lower maintenance cost locations but I'm very satisfied with what we purchased. Our maintenance fees are around $2300 a year. Depending on the property and if we take full weeks or days we usually get around 3 to 4 weeks of vacation time through the timeshare.

Using the financial crisis of 2008/09 as a guide, I think prices will drop as more people are forced to sell. I'm glad Wyndham has the Ovation program so long time owners can get out with something. Maybe they'll expand the program to people that have mortgages on their TS. I hope so. I am not interested in purchasing more points or selling what we have.

Wyndham timeshares, from a financial resale standpoint, are not good investments. If Wyndham purchased many of the resale contracts and either rented them or resold them they could actually increase the resale value to a point where it might make financial sense to purchase from them. Ovation is a good start but they need to go further.

To those that purchased directly from Wyndham. Over time the small price paid for your timeshare is small compared to the enjoyment you and your family have had or will have.
 

dgalati

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I bought my resale contracts in 2010 or 2011 with a yearly point totals of around 400K points for $1500 total including closing and transfer costs. If I were to do it again I'd look for lower maintenance cost locations but I'm very satisfied with what we purchased. Our maintenance fees are around $2300 a year. Depending on the property and if we take full weeks or days we usually get around 3 to 4 weeks of vacation time through the timeshare.

Using the financial crisis of 2008/09 as a guide, I think prices will drop as more people are forced to sell. I'm glad Wyndham has the Ovation program so long time owners can get out with something. Maybe they'll expand the program to people that have mortgages on their TS. I hope so. I am not interested in purchasing more points or selling what we have.

Wyndham timeshares, from a financial resale standpoint, are not good investments. If Wyndham purchased many of the resale contracts and either rented them or resold them they could actually increase the resale value to a point where it might make financial sense to purchase from them. Ovation is a good start but they need to go further.

To those that purchased directly from Wyndham. Over time the small price paid for your timeshare is small compared to the enjoyment you and your family have had or will have.
I really do not believe Wyndham expands Ovations in a down market. If they don't have buyers to sell inventory to there is no way they carry these on their books. The added expense of paying maintenance fees on unsold inventory would be cost prohibitive if they have no sales . IMHO
 

chapjim

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I think there will be opportunities to own any resale timeshare, Wyndham or any other, for even less than they are now.

Unfortunately, it will come at the cost of owners that have lost jobs and can no longer afford the maintenance.

Thoughts?

The sellers of resale contracts have decided to dispose of those contracts for whatever reason. You are helping them by purchasing those contracts.
 

Fredflintstone

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Personally, I really think timeshare sales and resales will be determined by the length of time this entire economic system remains shut down. The longer this lasts, the higher the chances of MF defaults, TS loan defaults and stress sales. People will be more concerned about paying the mortgage and putting food on the table than an MF invoice.

Saying that, the shorter time this lasts, the higher the probability resales will recover and retail sales increase again.

I figure the real pain will start in 2 months if this continues. That’s because savings will be gone, pressure to pay essentials will rise in an environment where cash flows are either cut or non existent.

Other necessary items required to determine the future of resales/retail sales will include return employment, return investment strength and people not being afraid of travelling because the bogey man aka virus will not get them. Also, airlines and other systems need to be back in stream so people can visit in the first place....unless you think you can swim to your destination like Hawaii...
 

chapjim

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Personally, I really think timeshare sales and resales will be determined by the length of time this entire economic system remains shut down. The longer this lasts, the higher the chances of MF defaults, TS loan defaults and stress sales. People will be more concerned about paying the mortgage and putting food on the table than an MF invoice.

Saying that, the shorter time this lasts, the higher the probability resales will recover and retail sales increase again.

I figure the real pain will start in 2 months if this continues. That’s because savings will be gone, pressure to pay essentials will rise in an environment where cash flows are either cut or non existent.

Other necessary items required to determine the future of resales/retail sales will include return employment, return investment strength and people not being afraid of travelling because the bogey man aka virus will not get them. Also, airlines and other systems need to be back in stream so people can visit in the first place....unless you think you can swim to your destination like Hawaii...

I do more renting than using. No way I would look to buy more timeshares regardless of source. If people aren't working, they're not going on vacation and aren't going to be interested in renting.

And if this thing really drags on, there will be fewer attractions at vacation destinations. Closed restaurants and amusement parks, empty shopping centers. It could be a rather barren landscape.
 
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Fredflintstone

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I do more renting than using. No way I would look to buy more timeshares regardless of source. If people aren't working, they're not going on vacation and aren't going to be interested in renting.

And it this thing really drags on, there will be fewer attractions at vacation destinations. Closed restaurants and amusement parks, empty shopping centers. It could be a rather barren landscape.

Absolutely agree!

I’m a renter too for precisely the same reasons. As a renter, I can choose to vacation when I can. If I can’t for whatever reason, the money stays in the bank. I don’t need to fuss with MF, club dues, resorts telling me I own it so payment is due, etc.

Also, I choose the price point versus being told the price point through MF.

In short, in times like this renting is confirmed as best because I can choose to spend and go or not instead of paying MF, club dues, etc. And worrying about unloading the contract. In economies like this, cash once again is King.


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montygz

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The last time the economy was in the tank, I was a big renter. I stayed at DVC units for $100 a night and Wyndham Bonnet Creek units for well under that.

During the peak of my bargain renting, Wyndham owners were able to cancel and rebook for some awesome deals that kept them making money even when renting for such bargain prices. I found out you had to be VIP to get those deals, so I just kept renting.

Now if it becomes impossible to even break even by renting, the pressure on the industry could be worse than it during the last recession. I don't see maintenance and other fees dropping, and if you have to rent for less than that to move rooms, trouble will result.
 

CO skier

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In short, in times like this renting is confirmed as best because I can choose to spend and go or not instead of paying MF, club dues, etc.
A short look at the threads about third parties withholding rental fees from landlords, or renters stuck with "no cancellation policies" and having to pay for vacations they cannot use due to closures, show this is not the case.

As a timeshare credits owner, I just cancel any affected reservations and use the credits at another time -- 6 months, a year, or two later.

There is NO WAY I would want to be on either side of a timeshare rental with an arrival in the next two months.
 

Fredflintstone

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A short look at the threads about third parties withholding rental fees from landlords, or renters stuck with "no cancellation policies" and having to pay for vacations they cannot use due to closures, show this is not the case.

As a timeshare credits owner, I just cancel any affected reservations and use the credits at another time -- 6 months, a year, or two later.

There is NO WAY I would want to be on either side of a timeshare rental with an arrival in the next two months.

Here’s Airbnb’s current cancellation policy:



If you booked before March 14, 2020 you get a refund. Yes, it’s until May 31st. For now until they assess the degree of shutdown. From my connection at airbnb, renters are getting refunds regardless of the cancellation policy. I successfully cancelled an Airbnb for this September and received a full refund next day. The host had a strict cancellation policy.

I personally cancelled Marco Island on Redweek because the borders closed. The owner was upset and said “no cancellation policy” but Redweek gave me a full refund next day. I assume the owner is holding the bag in this case; not me the renter.

I have read threads on cancellation issues here and results appear mixed. I know I have always received a full refund when I cancelled...and thankfully, that was not very often.

All I know is I can’t cancel my MF and club dues when I am an owner regardless of whether I can use the TS or not. It’s the price of ownership.

However, you are right that you can forward points as an owner. I just prefer keeping the cash until ready and able to travel. Different strokes for different folks.


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CO skier

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Here’s Airbnb’s current cancellation policy:
RedWeek is more chaotic:




MyResortNetWork? -- Who Knows?

Craigslist? -- forgetuboutit
 

CO skier

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I successfully cancelled an Airbnb for this September and received a full refund next day. The host had a strict cancellation policy.
Oh, so you accepted the "strict cancelllation policy," but the landlord got screwed.
 

Fredflintstone

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RedWeek is more chaotic:




MyResortNetWork? -- Who Knows?

Craigslist? -- forgetuboutit

Agreed. I have read some of those threads.

All I know is Redweek gave me a full refund next day. I know many owners advertising there are not happy. I think IMO that Redweek sides with the renter. At least that has been my experience with them.


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HDiaz1

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I Will never use Airbnb again. Don’t care how much in “savings” I can get. My last 2 trips were canceled and I didn’t receive a refund nor Airbnb cared to help with my issue.
One trip was to Puerto Vallarta and we paid a lot for it. We booked it before we found out my wife was pregnant. Doctor asked us not to go on this trip because of the Zika Virus. I provided the doctors note to both the renter and Airbnb. The renter had a strict cancelation policy so we were not able to get anything back.
the second time, the listing was fake. We showed up to the address provided. It was an empty building. The renter never showed up and stopped answering our messages. We contacted Airbnb and again they didn’t do anything. I had to pay for a hotel so it ended up costing us a lot more.
Airbnb is a horrible company in my experience. It used to be my primary choice for travel until those 2 incidents.
 

Fredflintstone

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I very rarely rent owner direct. The odd time on TUG if I see the tugger has been around a long time, has posted awhile and I am confident in them. Otherwise, I always use third party systems as I have never had troubles with the transaction so far.


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Fredflintstone

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I Will never use Airbnb again. Don’t care how much in “savings” I can get. My last 2 trips were canceled and I didn’t receive a refund nor Airbnb cared to help with my issue.
One trip was to Puerto Vallarta and we paid a lot for it. We booked it before we found out my wife was pregnant. Doctor asked us not to go on this trip because of the Zika Virus. I provided the doctors note to both the renter and Airbnb. The renter had a strict cancelation policy so we were not able to get anything back.
the second time, the listing was fake. We showed up to the address provided. It was an empty building. The renter never showed up and stopped answering our messages. We contacted Airbnb and again they didn’t do anything. I had to pay for a hotel so it ended up costing us a lot more.
Airbnb is a horrible company in my experience. It used to be my primary choice for travel until those 2 incidents.

That’s too bad and most unfortunate. If that happened to me, I would quit them too.

Did you know you can book timeshares through Expedia? I booked an iiikai TS through Expedia and it was a great experience. There are just so many ways to book today and garner good price points too.


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HDiaz1

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As for resale prices, Wyndham it’s already low. Don’t think they’ll go lower than they already are. You can pretty much pick them up for free or just by covering closing and transfer. I’m more curious to see how it will impact other timeshares like Vistana and Hilton.
As for the maintenance fees, I don’t think we will see a big increase or people walking away. Wyndham is allowing people to defer loan payments for 3 months. MF are still due and if the monthly payment is a burden or you can’t afford it because you don’t have enough savings then maybe you shouldn’t own. This is just my opinion.
 

HDiaz1

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That’s too bad and most unfortunate. If that happened to me, I would quit them too.

Did you know you can book timeshares through Expedia? I booked an iiikai TS through Expedia and it was a great experience. There are just so many ways to book today and garner good price points too.


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I’m new to timesharing so I’m just learning that yes, there are a ton of ways to rent from owners lol

so far I am happy with my Wyndham ownership though. I’m able to book during holidays when we like to travel and at huge discounts compared to what we used to pay for hotels.

I only have enough points to cover our travel needs. If I ever need more, it’s good to know I can always rent here in TUG.
 

Jan M.

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That’s too bad and most unfortunate. If that happened to me, I would quit them too.

Did you know you can book timeshares through Expedia? I booked an iiikai TS through Expedia and it was a great experience. There are just so many ways to book today and garner good price points too.


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I would be cautious about recommending booking a timeshare through Expedia or another similar site. From what I've seen other people saying if there is an issue you will be the one with a problem and may not get reimbursement.
 

Fredflintstone

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:shrug: Whaat? ... renting is [not] confirmed as best?

I’m sure out of 1000 transactions, one goes bad.

Same as TS. I used to own a Wyndham in Florida. I booked my week online. Had confirmation. Got there and they couldn’t find the reservation. They said they only had cash only rooms if I want one at 350 a night plus tax. I said no I want to use my points. They said, “All points will get you is 7 nights sleeping in the ditch hahaha”. Called Corporate with reservation number. They told me no such number. They told me to book a Motel 6 and hung up.

My points were taken and never returned after I filed a complaint. They said I was a no show.

I ended up booking an Airbnb.

So, I am sure that too is 1 in a 1000 as well.


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Fredflintstone

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OK. So your statement that "renting is confirmed as best" is based on a 1 in 1000 experience.

I am glad we got that clarified.

No, I had other issues with owning as well. What I am saying is it’s very rare from my experience to have a bad rental. Actually, I have rented over 100 times and only had one bad experience where the place was left uncleaned from the last group and they didn’t rectify the issue. Every other one has been just as described.

With TS, I only had one reservation problem. The other dozens of times it was fine. However, my experiences of special assessments, ridiculous policies, high pressure owner updates, outrageous MFs way outwayed anything I have had with renting. So, I still see renting as confirmed best based on my experiences.


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