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How many timeshare owners???

Discussion in 'Misc. Vegas Chat' started by jokerswild, Jun 1, 2012.

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  1. jokerswild

    jokerswild Tourist

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    I own at the Jockey Club,since 1992 and Polo Towers,since 1993...just wondering ,how many of us are timeshare owners..
    Ive enjoyed mine and have used them for some very nice exchanges in Europe,Mexico and Hawaii.Just wondering how others feel about being a owner.:thumbsup:
     
  2. dmr

    dmr Registered Abuser

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    I would be curious about a few things.

    How did you get your timeshare? Did you attend one of those presentations? Do you feel you got your money's worth?

    Why, specifically, do you prefer a timeshare to a casino hotel when visiting Las Vegas?
     
  3. worldtraveler661

    worldtraveler661 VIP Whale

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    timeshare owner here. We own in Cancun but honestly only used it once at that Property for the 10 years we've owned.

    I've never used at Vegas since I dont feel the value is there for an exchange. We get decent deals for 2 nights at a time and we never stay in Vegas for a week anyways. I only do that during a convention week but we get great deals on places like PH anyways, so theres no need for the timeshare.

    I dont recall what we have paid, but IMO we've had our moneys worth the last 8 years. We didnt use it for the first 2 years since I was so confused in how it worked until i got the hang of it and was able to use the system pretty good.

    So far we've had pretty top notch places we've stayed at. I would say $300-600 a night resorts. I dont recall all the resort names but heres what I remember.

    Grand Mayan in Nuervo Vallarta, 2br
    Grand Mayan in Playa Del Carmen, 2br
    Morritts, Grand Cayman, 2br - beach front, private beach
    Cabo San Lucas(2x), 2br
    Bermuda - St George, 2br
    Puerto Rico 2br
    Cancun, 2br all inclusive.

    I would say that you really only get your moneys worth after all the yearly payment, exchange fees and ownership after your 6-8th trip. Depending on where you are staying and what you paid initially. The places we stayed would be in comparison to $2400-5000 a week at a good rate. Keep in mind ours is a 2br exchange. I've seen what others have paid as a non timeshare to some of these places we've stayed at and they were paying $700-900 a night for the 2br units we were staying at. Basically what we pay for the year is about $950. Of course we've already paid the initial ownership so factor that into what the yearly cost is and I think we have been pretty even at this point. We do have more time now so we should get to use these timeshares at least 2 times a year so that will work out fine in getting even more of the value of our ownership. Also they changed to some points system so since the point value of our property in Cancun actually high, we should be able to do 2 trips out of the year for about $1100 cost per year for 2 weeks.

    I honestly dont think you get your timeshare value in Vegas since there are so many other cheaper options that are still pretty good places to stay at. I also think that some timeshare owners have not received the full value of what they paid for because they dont use it or go to the properties that arent worth it for their exchange.

    We stayed at a 2br in Cayman with a beach thats 50ft from our sliding glass door. Pool is 20 feet away and the area is private with no other resorts really in the area. I was snorkeling before breakfast at 7 and walk over to the restaurant on the beach right after to eat. It was perfect. I think timeshare ownership is all about finding what you can get the best out of your property.

    Some dont explore the Exchange programs available so I think theyre missing out on new places they can visit. I dont think we would have ever gone to some of these places unless we had a timeshare. Its helped us explore and be open to new places. Next up in our list is St Lucia, St Maarten, Barbados and Dominican Republic.
     
    Last edited: Jun 1, 2012
  4. wigwam_salesman

    wigwam_salesman VIP Whale

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    Do you rent them out privately? Is that possible with a timeshare?
     
  5. jr7110

    jr7110 VIP Whale

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    I actually bought a timeshare at Jockey Club a few years ago because I thought it would be cool to have a place right on the strip that I could use. I got it for about $500 on ebay and it was a deeded floating week that could be used any time.

    I ended up deeding it back to Tricom Management because I never used it, except for the one time I reserved a few days just to check out what the rooms were like in person (I was staying next door at Bellagio in a Penthouse Suite and never actually stayed at Jockey Club). I preferred to stay in places like Aria and Bellagio and it was a waste to keep paying maintenance on something I had no use for (although the maintenance was pretty cheap at about $435 a year).

    The timeshare market is dead - there is no viable reason to purchase a timeshare in Las Vegas unless you actually trade the weeks out for other properties in Europe etc - otherwise it is much less expensive to get a hotel room as you need it. And a timeshare is virtually impossible to unload once you have one. Look on ebay - they are listed starting at only about $1 at The Jockey Club. There are additional closing costs on top of that dollar but but is still nearly free when you realize how much these units originally sold for - upwards of $20,000. The rooms are virtually worthless on the timeshare market now, even in a destination like Las Vegas.

    There are organizations such as "Donate For A Cause" that offer to "take the time share off your hands" as a donation but you must pay them a fee of about $3,000 to do so(!). So much for the charitable approach. I decided it was much easier to do a deedback and completely wash my hands of the timeshare and I am so happy I did.

    The Jockey Club had a lot of major renovations paid for by The Cosmopolitan in the last couple of years, and there are even a certain number of daily pool passes to the Cosmo pool that are reserved for owners. The Jockey Club is not a bad property - it is very clean and the location is prime -but I like luxury and it is certainly no Bellagio or Aria lol

    The thing that made me decide to finally get rid of it was reading on a timeshare forum about some resort in Hawaii that leveled a large assessment on their owners of something like $5,000 each. They all were forced to fork over that money without warning because the property had flooded and needed to be repaired. Many people who owned were retirees who didn't have that kind of money to fork over. If you do not pay the maintenance on the timeshare or can't pay a large assessment that is hurled at you from out of the blue, then it can damage your credit report. The renovations at Jockey Club were paid for by Cosmo, but I was not about to wait until some crazy assessment came along, especially for a property I never even use.

    Tricom was very good about taking the property back (it has to be fully paid off and paid up in maintenance for them to do this) but I can only assume there is a limit to the number of units they will take back.

    I would not recommend buying a timeshare to anyone - there are just too many better options in Vegas and it is really more of a burden in the long run.

    @Wigwam - yes you can rent out your week at the timeshare or even let friends and family stay there. There was a program that Platinum Interchange had with The Jockey Club where for a small fee they would list your timeshare for rent but of course not of this means you would actually get someone to rent it. The weeks also roll over for a year - so if you don't use your week one year, you would have two weeks the following year.
     
  6. worldtraveler661

    worldtraveler661 VIP Whale

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    I would never do a Vegas one. But if your timeshare has some exchange value and you can get it cheap, low maintenance fee and its connected to some Exchange program like RCI or Interval, that is the only time I would do it.
    I would research it first before jumping into it.

    I honestly regretted it at first to spend it at Cancun back in 2001. But once we started using the system and actually staying at 4-5 star resorts, I was hooked. We pretty much stay at 2br for a 4 person family. 4 and 7/yo. So a 1200-1600 sq ft space for a week is more than perfect for us.
     
  7. jokerswild

    jokerswild Tourist

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    timeshare owner

    I went to a presentation with no thought to buy, but the price and I liked vegas alot,so I bought,,BTW, I got tickets to see Lance Burton at the Hacienda,which was about where Mandalay Bay is now.
    I got a phone call from the same owners asking if I would interested in buying at the new PoloTowera and was offered a pre-opening price and also a discount,since I was a owner at the Jockey Club.
    Owning a timeshare isnt for everybody and some have different ideas about their usage.Ive enjoyed mine and will keep them and use them and enjoy them as longas I can
     
  8. jhpa

    jhpa High-Roller

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    I bought a timeshare from Marriott in Williamsburg Virginia in 1998. We went on an overnight package - 2 nights and a $200 dinner voucher in exchange for sitting through a 90 minute presentation. The presentation was not high pressure at all - in fact, we said no and walked out, reconsidered, and bought the unit the next day. When we bought, we we given an incentive of a bunch of Marriott points which translated into a trip for 2 to London (airfare) and 5 days at a hotel in London. We have done similar Marriott "tours" in Hawaii and New Jersey and got ome nice benefits but never have felt pressured. (On the other hand, we went on a visit to the a NON MARRIOTT resort in the mountains of Pennsylvania and it was a sleeazy, high pressure sales pitch that was very uncomfortable.

    We have used "our own" place about 6 times over the past 14 years. We have also traded it and stayed in Florida, London, Boston, New Jersey, and Las Vegas. We have absolutely gotten our money's worth. I figured that we broke even after about year 6 and now - even with the annual maintenance fees - are getting more value for our annual outlay every year. Our timeshare in Williamsburg comes with 6 free rounds of golf at the Ford's Colony Club which adds about 350 in value when we stay there. Now that Marriott has added an option to turn your week into timeshare points, we are able to book a timeshare day by day (we often do not want to stay somewhere for a full week) and vary from an efficiency to a three bedroom depending upon whether our (now grown) kids come with us. I like having a full kitchen and sitting room when I travel- saves a lot of money on breakfast and lunches. I love eating out at good dinners, but don't care as much about breakfast or lunch. (and this was a major benefit when the kids were small.)

    Regarding Vegas, the Marriott location is beautiful and a great location - about 1/2 a block off the strip at Harmon (across from the side entrance to Planet Hollywood. We stayed there in 2008 and are returning July for 5 days. I also like that it is not in a casino....it is nice to escape the craziness of a casino when you want. The downsize is the rather small rooftop pool, (although last time we had use of the big pool at Planet Hollywood) and the lack of an onsite restuarant. But there are so many places to eat in vegas, it is really not an issue. I love going to a spa and, although there is no spa at the Marriott, it is easy to book an appointment at one of the major spa's on the strip and then have the use of the facilities for the day. I've done that with Planet Hollywoord and Bellagio and plan to do the same this trip at Aria.

    As others have said, timeshares are not for everyone and not all timeshare companies are alike. If you think it might be for you go with a repuatable company like Marriott and learn how to make the most out of the investment.
     
  9. hammie

    hammie VIP Whale

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    Yes, some of the listings on eBay are time share rentals.

    jhpa, very nice write up about Marriott and how they handle time share owners. I didn't know you could rent for a few days instead of a week.

    We rented a time share through a seller on eBay a few years ago and stayed at the Marriott Grand Vista in Orlando. We received a two bed, two bath condo that was a lockoff. This was one of the nicest condos we have rented and I set the bar higher for our vacation rentals.
     
  10. oghuman

    oghuman High-Roller

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    I own two Marriott's timeshares. I own one in Aruba, the other in Ft. Lauderdale. I've stayed in my Aruba every year except one. Sometimes I lock-off one side of the unit and trade it for somewhere else. Ft. Lauderdale
    I've only stayed one quarter of the years I've owned it. I've traded into
    Palm Desert, Ca; Aruba before I owned; Orlando; Palm Beach Shores; Maui; San Francisco; St. Martin; also Las Vegas 3 times when I went with a couple guys. I've even traded a smaller unit for a two bedroom unit several times. I've never rented my unit. I like my timeshares. I'm accustomed to have a pretty nice sized room so when I get in a regular size I feel cramped.
     
  11. worldtraveler661

    worldtraveler661 VIP Whale

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    I think Timeshare owners have a standard they like to live up to now when you have experienced 4-5 star properties. Honestly, I'm picky now on where we stay. I personally wouldnt want to trade somewhere in the US unless its a super top notch place. Places like FL are easy to get good rates on so we tend to search throughout the Carribbean. This is personal preference and I know alot of people like FL. I just feel I want to get the most out of what I spend and make the timeshare worth it.

    We've been pretty much sticking to Carribbean area since the plan fares are $400-600 each x 4. I've looked into South Pacific, Australia, Europe, etc and the plane fares are just over our budget at the moment. So we keep it within 5-6hr plane ride at most.

    Like I was saying, our standards are pretty high now so we always look for the best of the best in the area. If we can't get that, then we just move on to the next one. Its been pretty exciting to see new places and explore on our own. Without the timeshare, I think we would have been less daring in our trips.
     
  12. jrinct1

    jrinct1 VIP Whale

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    I was a t/s owner until earlier this year. I always enjoyed it but do realize it wasnt for everyone. My base was in FLA but always switched to LV.
     
  13. Snotick

    Snotick Low-Roller

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    I've owned 2 separate weeks at the Jockey Club for the last 4-5 years. I am a pretty frugal (aka cheap) traveler. I visit Vegas at least twice a years. People need to remember what the hotel rates were prior to 2009. I know, every time I tried to plan a trip, I was looking at higher and higher rates.

    So, on one of my trips, I took a look at both Jockey Club and Carriage House. I took the time to get a property map of JC, so I knew which rooms were on the Bellagio side, and which rooms face construction.

    When the Cosmo began construction, owners were running away from JC. This started flooding the market with units that people were trying to get out of. I purchased both my units for under $500 (most of this was closing costs) I figured I could always sell one when the market bounced back.

    As it stands now, the JC costs me $73 per night (based on current maintenance fees) I usually go to Vegas for a 3-4 day weekend in January and then for a 10 day trip in Sept/Oct. With the longer trips, I will stock up on groceries and use the full kitchen at JC to help save a little money when traveling. Something as simple as having a bowl of cereal, or a bagel with cream cheese is great. I hate having to leave the room to get a quick bite, especially when I am hung over.

    I have never had a problem booking my JC room, but I do plan my trips a couple of months in advance.

    I don't need to have both weeks, since I could just pay for any additional days at the $73 dollar a night rate. But, having 14 days to use each year is a good excuse to extend my trips.

    I will probably keep at least one of the weeks for as long as I am able to physically travel.
     
  14. Bronco Joe

    Bronco Joe Newbie

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    Happy Multiple Week Jockey Club Owner

    My brother and I we own 7 weeks between the two of us at the Jockey Club. We use them to stay and we rent them to other people. Please don't let people tell you how terrible they are - they are really very nice.

    Pros:
    - less than $100 a night (less than $70 a night for 1BR)
    - 1100 sq ft on the Strip (600 sq ft for 1BR)
    - full kitchen, dining room, living room, bedroom(s)
    - recently renovated, with new furniture, flat screens in LR & BRs, DVD player with each TV
    - run by extremely active board and management company with plans and reserves for three more upgrades, once every 10 years for the next 30 years
    - access to Cosmopolitan pools WITHOUT passes
    - dedicated underground parking with JC only elevator to Cosmo casino floor and JC access
    - walking distance to center Strip and within 2 miles of everything from the Mandalay to the Wynn
    - floating week, meaning you can use it any week of the year there is availability, or you can use your deeded week (one of ours in Xmas to NY and we use it every year)
    - Fitness center, DVD library, computer use, free wi-fi, etc., with NO resort fees

    Cons:
    - you pay every year whether you use it or not
    - it is not luxury like the Bellagio or Wynn
    - no casino or restaurant on site (although attached to Cosmo)

    Seriously, we consider the JC our home away from home. I go for at least a week once a year and make a one or two other shorter trips. On those longer trips I appreciate having somewhere I can relax in comfort and recharge for an evening. We have had friends and relatives stay at JC and go back again and again. It is like having an apartment, not a hotel room.

    Now, if you go to Vegas with the intention doing nothing more than sleeping in your room, I would agree you should go for a hotel room. If there are only one or two of you and you don't need very much space, go to a hotel room. If you like going to Vegas, if you like to be comfortable, and you want the best value for your dollar, it is hard to beat the Jockey Club.

    I have tried exchanging and had very little luck. I am convinced if you want a timeshare, buy somewhere you want to go, because you are going to waste your money unless you're willing to go there. I LOVE going to Vegas and the JC. As someone mentioned, the JC can be bought on eBay, often times for LESS than $500, sometimes with banked time. (One year usage can be rolled over if not used and used the following year.) Or look to rent some time there on Craigslist or contact one of the JC owners here on this site. Obviously don't buy retail, but as I said, buying secondhand on eBay gives a great value if you travel to Vegas regularly.
     
  15. JaviSRK

    JaviSRK Low-Roller

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    I own a week at the Marriott Grand Chateau (next to PH). Back in 2005 I thought it was a good idea to own, but not so much anymore:

    Pros:
    • Great View
    • Full Kitchen, Living, Dining Room, Washer/Dryer
    • Close Proximity to Cosmo, Aria, Planet Hollywood
    • Floating week (except for the last week in December)
    • It's a better set of rooms than any regular room on the strip (maybe save for Cosmo/Aria/Wynn)
    • Fitness Center, Free Wifi
    • Use of PH Pool
    • Great place if you want to get away from a casino
    • Good if you have more than 2 people with you
    • Valet

    Cons:
    • Crappy pool
    • No casino or restaurant onsite
    • No practical use for only 2 people
    • Very high maintenance fees ($1000+) per year
    • Valet

    The maintenance fees are what kills it for me. Back in 2005 I paid about $700. It's gone up every year since and is no longer worth it. For $1000, I can get an entire week at Aria and still have money left over to gamble.
     
  16. jhpa

    jhpa High-Roller

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    JavSRK: I understand what you are saying. I do not own at the Marriott in Vegas, but have stayed there. I actually don't mind the cons - I don't rent a car, don't spend much time at pools and love the fact that there is no casino - sometimes you need to get away from the sensory overload of Vegas. And the use of a kitchen is huge- I like going out to nice dinners every night, but would just as soon have breakfast and/or lunch most days in the condo. Saves a good bit of money that way.

    But I do not understand your comment about "not much use for 2 people" I thought all units were lock offs - meaning you could either use the 1 bedroom suite (with living room, kitchen) on one trip and and the one bedroom "efficiency" on another trip. To me, that means two people would have two weeks to use in Vegas every year. A pretty nice option.

    I own in Williamsburg and have traded into units in Florida, New Jersey, California, and Vegas. Even with the maintenance fee, I feel I have recouped my investment several years ago.
     
  17. JaviSRK

    JaviSRK Low-Roller

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    I agree with the kitchen aspect, and I actually use it that way. I use the kitchen for breakfast, snacks and booze.

    I paid over 20k for my timeshare, and it was horrible for me to do. Coupled with a horrible interest rate, and the amount of time it took for me to pay off, it was something that I will never recommend or do again.
     
  18. Nevyn

    Nevyn VIP Whale

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    Gotta admit, I've never seen the appeal of a Vegas timeshare.

    Maybe if you're coming in once annually from overseas and doing longer stays.

    But to me Vegas is usually less than a week's stay, and even before I started getting free room offers, hotel was often one of the smallest expenses (less than both airfare and gambling, and food/entertainment too).

    My parents had one on Sanibel that they quite liked for awhile. Although I think it got a bit expensive cleaning up after one of the hurricanes. Anyway, to me, that's a more practical sort of destination for a timeshare. Something you can get to cheap (my parents had it for 2 weeks and would drive down), and would enjoy going to over and over, where lodging is the major expense.
     
  19. ken2v

    ken2v This Space For Rent

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    Ouch, Javi. Bummers.

    We don't own but get a week given to us every other year or so from various family members. We've stayed at several Hilton and Marriott fractional properties in Vegas, and elsewhere.

    Like EVERYTHING else involving time, dollars, results, expectations and value, mileage varies greatly; a Yaris provides transportation yet some people insist on a Benz. We've thought about picking up one of the kagillions of pennies-on-the-dollar shares on the market, but still have yet to do so. We're as fond of homestays when we travel as resorts, and between VRBO and the hotelier-run options available third-party, we've been able to what we want, where, without making the plunge. We certainly don't fault the basic business model, however.
     
  20. VegasGroove

    VegasGroove VIP Whale

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    More often than not, I hear or read unfavorable experiences of having a timeshare.

    The stories I hear or read usually consist of:
    "Oh, we couldn't get the week we wanted at xxx resort in xxx."
    "If we wanted that week, we would have to pay extra points/dollars."
    "We can only go this xxx resort during xxx time of year."
    "They switched us to xxx resort because our original xxx became unavailable."
    "I'm fed up, I want out, I can't sell."

    What good is it if you can't use it when you want it, where you want it.

    Ownership? Isn't it really "rentership". When you say "I own", I think of the house or condo or car that you will eventually really own and have the clear deed or title to. Is this the same with timeshares? Say, after 15 years, do you really own it exclusively?

    I'm not being snarky, just wanting clarification. Thanks!
     
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