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Your Thoughts On Strip Timeshares?

Discussion in 'Misc. Vegas Chat' started by Busyman, Mar 10, 2013.

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  1. Someone

    Someone High-Roller

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    I have always looked at timeshares like this..."hey I am thinking of buying one "suite" in a hotel that I can use about once a year at about the same time of year"......then a giant WTF :confused: forms over my head
     
  2. Snotick

    Snotick Low-Roller

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    Another person that doesn't understand (or read). I could make the same arguments about booking a hotel every time I wanted to go to Vegas? Why would someone want to "hunt" for the lowest price, worry about blackout dates, and pay a fluctuating prices depending on conventions and resort fees.

    I already mentioned that I can break my days up any way I choose, I could make three 2 day trips if I desired. I can also go any time of the year that I want, not just the week that I own.

    Everyone has their favorite place to stay. Maybe it's Bellagio, maybe it's the Wynn. What if you always stayed at Bally's and your best rate was $60 a night. Suddenly, you were allowed to join a club that guaranteed you a rate at $50 a night with very little risk of blackout dates. You would never have to worry about the price, the hotel, or the date.

    Doesn't seem so confusing to me.
     
  3. hammie

    hammie VIP Whale

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    I read it and it was very informative, thanks for taking the time to write up an excellent post. I don't own a time share, but I have rented them in the past. I agree, why pay $15k when there a ton of folks looking to unload their time share for a song, buy direct from an owner.
     
  4. jhpa

    jhpa VIP Whale

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    You are thinking about timeshares the way they operated when they first came on the market in the sixties and seventies. The industry has changed. High Quality timeshares provide incredible flexibility and value . I have owned one since 1998. I have used my "week" to stay in timeshares in four different countries and in eight different states in the US. And I have vacationed Summer, winter, spring and fall. I did buy it retail and - between my original price, annual maintenance fees and other fees, I have spent $29,000 and have used (conservatively) over $43,000 in benefits. I figure I broke even in 2005 and each year since has been gravy.

    They are not for everyone. They are not for every vacation. I love cruises. I love luxury hotels. I use my timeshare every year for some vacation, but also enjoy other vacations as well. But for an active traveler, they are very good value.
     
  5. warpdrvr

    warpdrvr Low-Roller

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    We have stayed at Polo Towers, although it was back in 2003 for our honeymoon. My sister gave us a week and exchanged it into the PT for us. First time we ever stayed in one. I liked it. We had a direct view to the Strip. I used to open the curtains every day and look at the temperature on the Boardwalk sign...wow that was a long time ago!

    Anyways, we like it because I stay up later than my wife and if I want to watch TV, I can do so without bothering her. We had the kitchen, which we could utilize if we wanted (we kept mostly water and soda in the fridge at that time), and every day we were there, a maid came and cleaned the room. We weren't expecting this, but she even washed the dishes we had left in the sink if we ate something. Needless to say, she got good tips from us just for that!

    So, we liked it, the location was good for us. They even have valet parking if that's your speed.

    We liked timeshares so much, we ended up buying one. It used points, so we could book as little as 1 night if we wanted to. The company we bought has the Desert Rose resort. Not directly on the strip, but close enough. Every timeshare room I've stayed in has been of 4 star quality to us, and my wife is uber picky on hotel rooms! They aren't for everybody, but we learned to use ours to our advantage. We are ok booking a vacation far in advance. We've been to Vegas, Arizona, and Hawaii 3 times, as well as letting family use it if they had a need. YMMV of course...
     
  6. WrongWayWade

    WrongWayWade VIP Whale

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    So you've had 16 7-day vacations and spent $29,000. That's $259/night. It seems I could get hotel rooms vastly cheaper than that (and $0 in Vegas). Is there something I'm missing in this calculation?
     
  7. jhpa

    jhpa VIP Whale

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    You are missing several factors:

    1) The units we stay in have been at least two bedrooms and often three (one time four!) So we have taken vacations with both our married children or with two other couples, etc. who could not have possibly fit into one or even two hotel rooms. One week in Disney we had three couples with a total of 7 kids in a four bedroom place. (including three baths, living room, dining room, etc). All of that for (your calculation) of $279 per night.

    2) Our marriot property (in Virginia) is on the grounds of a country club with three 18 hole golf courses - greens fees $60 per round. When we use our "home" resort I get six rounds of golf included. I did include the rounds we used as part of the benefit.

    3) Our Marriott property (like most Marriott properties) is very highly rated. For many years, when we "traded" our week - by depositing it with our broker (Interval International) we would receive two weeks in return. There were 5 different years we did that and we could (and did) withdrawal two weeks and use them.

    4) We received a significant incentive to buy the original week - 250,000 Marriott points. We used these points for two airline tickets to London and 7 days in a rather expensive London Marriott - with a few left over.

    FYI - I did not include in our calculation a substantial benefit - the full kitchen and with refrigerator, stove, etc. in al he places we stayed. I love going out to eat on vacation - good dinners, nice lunches and even breakfasts at restaurants are a big part of my vacations. But when you are away for a week, being able to have coffee and toasted bagels and cereal for breakfast a few days per week - or a simple sandwich or can of soup at lunch once or twice - can really add to some pretty big savings - especially with young kids. We have even made steaks or other dinners occasionally. After a day in Disneyworld or Busch Gardens (or on the Strip), a quiet CHEAP homemade dinner can be pretty welcome.

    Again - timeshares are not for everyone. And for me they are not even for every vacation. I love nice hotels and cruises and other options. But if you learn to maximize the benefits, you can get a very, very good value.
     
  8. DeMoN2318

    DeMoN2318 The DERS

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    Very well put
     
  9. jrinct1

    jrinct1 VIP Whale

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    Have to agree as well. I got my use from them for about 20 years. But I had to eventually get rid of it.
     
  10. JRSOBX

    JRSOBX Low-Roller

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    I bought a condo in Myrtle Beach for the same price as some of these prime week timeshare units are sold for.
     
  11. Snotick

    Snotick Low-Roller

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    that seems like a pretty vague statement.

    Care to share any details? Price, location.

    Most timeshares I've read about are in the $20k-$50k range. I remember reading something about a $100k place, but can't remember where. Most of those timeshares are not for just one week. Instead you own 1/5 or 1/10th of the property instead of 1/52

    Keep in mind that the timeshare principle only works by having as many people as possible buying in. At $100k, I think you limit your market greatly.

    You also have to remember that this thread is a discussion of Vegas Strip Timeshares. In my case, I am using my timeshare instead of renting a hotel room. If I was looking for a permanent residence, then yes the timeshare idea doesn't work.

    I pay $540 a year for maintenance fees for my week. If you extrapolate that out over 52 weeks, it's over $28k. Problem is, I don't want to be in Vegas for 52 weeks, and I can't afford $250k for a condo.
     
  12. jrinct1

    jrinct1 VIP Whale

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    I bought mine in 1990 for approx. 5 k in Orlando FLA area. So I DID get my $$$$ worth. My condo fee being a Crown resort was a bit higher than what you paid Snotick at the end when I was able to rid myself of it.
     
  13. DeMoN2318

    DeMoN2318 The DERS

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    Let's not get timeshare mixed up with fractional ownership
     
  14. Snotick

    Snotick Low-Roller

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    Where is the line between fractional ownership and timeshare?
     
  15. nostresshere

    nostresshere Mr. Anti Debit Card

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    Amazing how folks rationalize their purchase.

    Maybe it does work out for some.

    for us - I have no idea what we might want to do next year, and surely no idea what I want to do for 10-20 years. If we opt to not do any vacation, we are in great shape.

    No fees. No maintenance, no nothing.
     
  16. ken2v

    ken2v This Space For Rent

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    And rationalize their own choices relative to others and their choices.
     
  17. jhpa

    jhpa VIP Whale

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    Wow- you amaze easily.

    I may or may not know what I am doing next year or 20 years from now, but I know I like vacations. And I know I will be going somewhere each year. Maybe more than once a year. I am reasonably certain I will want to stay at a resort or a nice hotel. So having (what is by now) a pre-paid week I can take my kids to Newport Beach in a two bedroom apartment, or spend a week in St Thomas with friends, or a week in Vegas with the guys is pretty nice to look forward to.

    As I said, timeshares are not for everyone or for every vacation. This summer, we are doing a cruise to Northern Europe (paying cash, nothing to do with the timeshare).

    If all you calculate in your "rationalization" is the cost of the room you stay in, I hope you enjoy Motel 6.
     
  18. DeMoN2318

    DeMoN2318 The DERS

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    Fractional ownership is when you own a fraction of a property and you assume responsibility for your fraction...having to cover your portion of all expenses (maintenance, utilities, upgrades, etc.) It is common with expensive vacation homes like in Hawaii or Tahoe. This increases the risk since your annual expenses are not constant and problem could arise.

    Timeshares you own a week at a location and pay an annual fee that usually is the same per year...then the hotel that covers regular upkeep etc. Very little risk...if something breaks or something like that, the hotel takes care of it.


    It is a very fine line, and its hard to explain the difference, but I think the biggest difference is that with the fractional ownership if the property increases in value then you can sell your fraction for a profit. Yea you can do this with timeshares if the shares become really desirable but its less common.


    I like fractional ownership because it keeps the house occupied year round...

    Example: a $5M house in Hawaii, 5 owners pay $1M each for each fraction and get 10 weeks a year.

    Yea one of these owners could buy a smaller house with a less attractive view for $1M, visit it 10 weeks a year and own the whole thing. But the other 40 weeks the house is just sitting there...no water running, toilets not being flushed, etc.

    For the same amount, each owner can get a much nicer house with a better location and enjoy it the same amount each year while having the peace of mind that the house is not sitting there rotting away.

    This is the company I dealt with with my ex-GFs fractional ownership property...there is a good amount of information on the website about fractional ownership

    http://www.resortequities.com/
     
  19. Snotick

    Snotick Low-Roller

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    That's interesting. It would appear that fractional ownership is based more on a few people footing the financial burden, with the expectations of making a profit from the property. And cut out the middleman management company to run the operation. Whereas, a timeshare company has the expectation of making their money from the upfront sales and to a lesser extent ongoing maintenance of a property, with no intent of ever selling.

    I don't necessarily agree with your take on selling the fractional property. An owner is only able to sell his 1/5th share in the place. You can't just sell the entire property out from underneath the other 4 owners.

    Jockey Club is an excellent example of a timeshare possibly selling. While it is almost unheard of in the timeshare industry, there was some discussion about selling the JC to Cosmo, before construction started. Rumors were that they were going to move current owners to a new timeshare. (I had heard Polo Towers or the new Planet Hollywood Timeshare that was being built) There was also some discussion of other compensation for owners. Ultimately it fell through because 100% of the owners had to agree to sell. Plus there are a few people that live full time at the Jockey Club. I would think that a fractional property would require 100% agreement of all owners in order to sell the property.

    I'm sure the tax windfall for fractional ownership is much greater as well.
     
    Last edited: Jul 2, 2013
  20. ken2v

    ken2v This Space For Rent

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    It essentially comes down to the form of ownership. And even at that there are various ways of organization and management.

    And what about an ultra high-end outfit like Exclusive Resorts, where you own a period of usage that runs across scores of properties, which could be homes, or could be part of a Fairmont- or Ritz-like ownership club, but you have no deeded interest in a particularly unit or building. Sounds like timeshare to me but looks nothing like some rundown joint in Lahaina.
     
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