I’ve noticed that for whatever reason there are a lot of timeshares available via Tax Sales in the various resort communities - I guess people just don’t use them and the gov’t auctions them off. Anyone have an opinion on/has experience with reselling timeshares. I’ve heard they are difficult to unload - but that’s about it. advice welcome
The basic problem with a timeshare is that it only has one value and that is a commission generator. After the slick marketing company sells it the value goes to zero (actually negative value). Do the math. First you have a complex with 200 units. Each unit is sold 50 times (once per week with 2 weeks being taken out for maintenance) Each week is sold for $20,000. That means the complex has sold each unit for $1,000,000. A sold out complex gets you $200million. But it doesn’t stop there. Each unit then pays an annual maintenance fee to keep the units nice and clean. This fee is about $1000. This is not $1000/year this is $1000 per week because each “owner” pays one. The reason these go on the market is that people realize that they can get a comparable place to rent in these resort towns for about $3000 for the week. That minus the annual fee means that they have to save $2000/week with the timeshare to justify buying it. They can vacation 10 years before they break even with owning the timeshare.
You can find really fancy timeshare properties on the net for $3,000 per week that are still being marketed by the builders for $20,000 per week.
They hold their value worse than mobile homes.
thanks for the perspective
Now wait a minute… I bought my time share about 14 years ago for about 10,000. Life time 1 wk. per year. It is at a premier resort in Playa Del Carmen Mex. Since it is in mex my maint. fees are about 280.00 per year. I am given bonus weeks almost whenever I want (up to one a year but I can use last years this year and next years this year if I so chose. Since I have had 3 kids in the last 5 years and already have 3 teenagers, we havn’t had the opportunity to go the last few years. My extended family loves this fact because for 280.00 and their air fare they have a great trip at a great resort for a very minimal amount.
So even though I havn’t used it lately, I know we will again soon and unti; then my family enjoys it.That being said I would never buy one in the states because the yearly maintenance fees are so high. Usually upward of 500.00.
Also if I chose I can transfer my week to the states for 50.00 + 280.00 much cheeper then any resort in the states for one week.
We have had a 3 bedrm. condo at disney, a 2 bedroom in Estero Island, A week in Tybee Island.
Okay I 've said enough but YES I love my time share. It is lifetime, deedable and paid off.
I have been looking at tax sales/timeshares @ ski resorts, these normally are selling between 10-20K new - but are being auctioned off @ 1-2K, which would be fine for personal use I suppose - as I am a skier - but was more wondering if I bought 2-3 of these timeshares, whether they would have any retail value.
I would never buy a time share again at retail value…even though I love mine.
At one point I thought about doing what you are looking into but got sidetracked w/ other projects. One thing to keep in mind is if you are buying for yourself, why not buy a mexican property (much lower yearly fees ) join rci then transfer your mexican week to a ski resort in the states or where ever. Your yearly maintenance fee will be about 200. cheeper.
If you want to buy to resell, play it safe and buy one that you wouldn’t mind owning that way if it doesn’t work out, the only thing you are stuck with is a vacation! ;D
Wendy