Timeshare prices, tricks, lies, etc?

I've been approached several times by salespeople for the Hilton behind Planet Hollywood, the pool area looks fairly nice, the location on the strip is not bad, and the miracle mule actually has great shopping and dining so I was thinking of maybe taking them up on the tour offer.

But, I'd very much like to hear the opinion of someone who already knows what the numbers are like on this deal, if there are hidden fees, restrictions, etc that would make one regret getting involved in one of these things.

 

I don't know that much about timeshares in particular but I'd be suspicious of anything that requires that hard of a sell.

 

I would recommend the two websites below to do some research. They both provide owners reviews of all the properties and provide great advice for those interested in the time share market. I recommend doing your homework before committing to a timeshare presentation so you know what to expect.
www.tug2.net/ and www.redweek.com

 

Check out the resale values before going to any presentations.
Just did a quick peek, one has maintenance fee of $675, another has $1113.
http://www.sellmytimesharenow.com/timeshare/Hilton+Grand+Vacations+Club+on+the+Boulevard/resort/buy-timeshare/sellPrice%2Basc%252Cresort%2Basc%252Cmin_week%2Basc/

 

They prob want $50k, why not buy a used one(same thing) for nothing?(or maybe a few K) People will just give them away.

 

Most dismiss timeshares as a "ripoff" and in many cases they are but if you take the time to really research this and explore the secondary market there are some that can make financial sense. Personally they are not for me but I know some people who have been very happy with their timeshare arrangements. And I know some who have not been happy. I wouldn't bother listening to the pitch of the casino lobby leeches ("this deal is good only for today!" "I can only offer this price to one customer!", yada yada yada) . I would do my own independent research.

 

Is that a monthly maintenance fee or annual?

Yes, one should really do some serious research before getting involved in this sort of thing.

 

Wyndham has a program called Ovation that lets you hand back the deed to end your time share ownership if you can't sell it or give it away. I think they will even pay half your closing costs.

So you might have paid $20,000 or more, plus more if it was financed, plus any fees to timeshare exchange services. And in the end, they will take it off your hands. It reminds me of the line in the Godfather: "Here's my offer Senator, nothing, not even the fee for the gaming license, which I would appreciate if you would put up personally".

But I agree with others, research current prices and buy on the resale market. Its a hard sale because they know once you leave you won't be back to buy.

There is a Wyndham timeshare in Atlantic City, we have rented there about 4 times through an eBay store. I never attended a presentation, but I saw a recent ebay sale of points that would get a one week stay in a one bedroom unit during high season. The sale was around $400 and the maintenance fee was around $800 a year.

 

They are typically quoted as annual, so that would be my assumption.

edit to add. Noticed this on one selling for $1k, "Usage is biennial"

 

I actually own at Elara and really enjoy the Hilton Grand Vacation Club. HGVC is very flexible. I'll be staying there Aug 9-13 and will probably do a TR with pics.

BUT timeshares are not for everyone and there are lots and lots of pitfalls to timeshare ownership. You MUST do your research!!! You can do a lot better on the secondary market than buying from the developer. As mentioned above, the www.tug2.net site and its forums http://tugbbs.com/forums/ are excellent resources.

Elara is a really nice property, but you can rent by the night through Hilton. It's pretty reasonable for suites. Of course, no comps...

 

Its easy to tell when timeshare people are lying...theirs mouths are moving.


But I do agree, if its such a good deal why does it require a hard sell.
We attended one once to get a free show and free meal. Both were great but still not worth having to deal with these people.
If you say no or say "We want to leave, go have lunch and discuss it" they won't let you. They keep passing you off to the next more pushy sales person. Until you say NO!!! and demand to leave will they let you go. Its easier to get out of a 20 year marriage than it is to get out of one of these sales pitches.

 

I never understood "buying" a timeshare in vegas. They have some of the cheapest hotel room prices in the country for what you get, a full blown resort. I guess if you are part of a larger vacation club and use some points there it makes a little sense. But I would never consider buying into one directly.

I just checked Treasure Island. I can pay for a room for 5 days 4 nights for under $200. If I go to Vegas every 90 days that's pretty much the cost of the maintenance fees on the time share. Sure the room might not be as nice but I sure didn't have to pay thousands up front for the privileged of "buying" it.

 

Research.

There is a reason those people spend the day to get a just a few takers.

Hit the websites mentioned.

 

I've thought about it too. The industry must be INCREDIBLY lucrative for them to spend that much for promotion. I figured that the cost for the sales/annoyance staff at Westgate was running well into four figures per hour just to bring in the prospects. They certainly spend hundreds per live prospect that they get to the presentations, and probably well into five figures for each conversion. They would not be doing this unless they were making boatloads 'o bucks in the process!

 

I own at Hilton at Flamingo. I have 7,000 points which is a 1 week, 2 bedroom in high season. The maintenance is $1,000 a year and for this I can exchange for 5-6 weeks in a studio for a $50 booking fee each booking. I paid $13,500 for this about ten years ago and you can still buy on the Internet for slightly less than that. The Flamingo one is small but very friendly and personal. It's just been completely refurbished and it's excellent. One of my better decisions in life for certain. It's about a third the price of buying through their sales people.

 

Cross post from my TR since there's some interest in what Elara rooms are like. This is a 2bdr corner unit on a lowerish floor at Elara. The 2bdr lock outs are not quite as big and obviously don't have two different views. I like the both a lot. The shade in the main room doubles as a screen for a projector tv. FWIW, the pics on the Hilton site are pretty accurate. I know the panos don't always show well, but that was about the only way to capture everything.

PS. This is why a TS works for me. No way my gambling budget would ever get me a 2bdr suite, but with my TS I can bring my family two or three times a year for 4 or 5 weeknights and stay here or behind Flamingo. Not for everyone though, that's for sure!

Main area



Master bdr




Master bath



2nd bdr


Main view


Master view

 

IMO Airbnb and VRBO have replaced the need to ever purchase a timeshare. Why buy when you can rent the same property usually at a cheaper rate with greater flexibility in property selection.

 

Thanks Dave, those actually look really nice. How tough is it for you to get particular dates that you want? Do you have to book really far ahead?

 

Just curious what you paid for your unit Dave. The best I can find there for a 2 bedroom lockout is $55K. Plus the $1100 per year maintenance fee. If you spread that hit out over 10 years thats still $6,600 per year. If you go twice a year (midweek) thats $3,300 per trip for a room. If you could get the room for 3 times a year thats still $2,200 per stay.

If this is close to what you paid, and I am in no way slamming you for your decision, there are plenty of suites in town that can be had for much less. Especially midweek. And then you would be able to enjoy many other properties with each visit.

http://www.sellmytimesharenow.com/timeshares/index/content/details/AdNumber/2200215/sale/

 

there is a Buy It Now listing with a best offer on eBay, 5000 annual gold points, $956 annual maintenance fee, no closing costs, $4,500.