Timeshare rip-off

[MELSMICE]

Originally posted by Geubux
True, I don't own it forever, but my doctor told me my chances of living forever are pretty slim

Geez - my doctor told me the same thing. I need to get a new MD that has a more positive outlook. LOL

 

[Lisa P.]

In the 6 years we have owned our Cape Cod timeshare, I have NEVER been able to get a Disney Trade.

Do you own a prime summer week? Is it 5 Star? If yes to both, this surprises me. There are II sightings of WDW DVC weeks regularly on TUG these days but they usually require a strong trade week to see them. A 5 Star summer week on Cape Cod certainly ought to do it!

 

[Lisa P.]

...Myrtle Beach (3MILES from the beach), Virginia Beach (twice), and Williamsburg, VA.... Disney was $4000 less than the cheapest!

I don't know of any timeshares in those areas where Disney is less expensive... unless you are comparing a small number of DVC points (enough for a studio or 1BR for a week) with a 2BR week at the other resorts. DVC is easily one of the more expensive timeshares in the industry. It's great for a specific market population. But cheaper? Probably not.

 

[MiaSRN62]

Sell their Vistana - haha!! I stupidly paid $9600.00 for a bi-annual, can trade to World golf village and PGA Village in Pt.St. Lucie, its a 2 bedroom floating time weeks 1-52 - no blackouts, I received an offer for 1250.00!!! For it. The killer is the dues, its about $680.00 for dues, so I pay $340.00 every year because its an every other year unit, but then they hit you with $99.00 a year for II and to belong to the Starwood Point System, that turns the unit into 65000 starpoints, then allows you to trade all over, but it doesn't get you very far, for my 65000 points, we got a 1 bedroom for 6 nights at the Atlantis, it was over Presidents week, so not bad, but it becomes, $860.00 in dues!! That is hefty if you only use the Vistana resorts, which you can rent for almost nothing!!!

I don't know ? I paid $8,500 resale for a yearly 2 bedroom prime floating week. My dues are $550. I have stayed at Vistana (in a really nice 2 bedroom/2 bath villa with balcony) every year for 9 years now. Considering Vistana rents these 2 bedroom villas out for $175-$225/night, I've made my money back. It's paid off as of November, so all I have is the $550 yearly dues. Considering it's about $1200/week to stay there, I'd say we're doing pretty well and I own it for life. As I stated, I can stay right on the beach at their sister resort if I choose also. I can split my 7 nights up during the year also. My husband has had offers from co-workers who want to rent from us and they're willing to pay $125-$150/night (we wouldn't ask for more than this). This pays my yearly dues and then some. We didn't buy here as an investment, but rather a vacation for our family so we've never taken anyone up on this, but the option remains should we want to. We still have our DVC so we may want to rent it out one year.
Sorry you're unhappy with your Vistana purchase. I know the whole starpoints operate differently.

 

[MiaSRN62]

its a 2 bedroom floating time weeks 1-52 - no blackouts, I received an offer for 1250.00!!! For it.

BTW, I think it's a joke that someone would offer this amount ? I'm assuming you own in either the Lakes or Cascades since you can do internal trading with Starwood ? I own in the Fountains section and watch the eBay sales closely. I've seen yearly prime floating weeks sell regularly there for anywhere from $4,500-$7,000 in the Fountains and Lakes (no starpoints involved). So either that person who offered you the $1250 was a joker or trying to get away with something ? Also, I've seen reasonable sales offers on the TUG boards. That offer you got was insanely low..........

 

[CarolA]

I don't think the issue that the poster over on the other board has was that they were "ripped off" in terms of money, but it appears they bought for trading into DVC which they can't.

It does bring up a valid point that has been raised numerous times. You really need to research before you buy!

 

[ClarabelleCow]

I think my problem with Vistana is the Starwood Point system, it is great if you use it, but if you occasionally use it, its expensive, it costs me $100.00 a year (even though I own everyother year) so that raises my dues. Plus because I belong to Starwood, I loose internal trading to World Golf Village (one of the supposed sister resorts!!!) That didn't make sense, I may just drop starwood and the years I want to go to say the Harborside at Atlantis, I may just rent! I think I could handle the dues, because I really like Vistana, but its that extra 100 a year when I can only use it every other year that irks me!

 

[MiaSRN62]

I think my problem with Vistana is the Starwood Point system, it is great if you use it, but if you occasionally use it, its expensive, it costs me $100.00 a year (even though I own everyother year) so that raises my dues. Plus because I belong to Starwood, I loose internal trading to World Golf Village (one of the supposed sister resorts!!!) That didn't make sense, I may just drop starwood and the years I want to go to say the Harborside at Atlantis, I may just rent!

I agree with you on this. I bought into Vistana before Sheraton and Starwood took over---when Vistana Inc owned Vistana. It was better then I think....simpler, not as commercialized. Being that I have no dealings with the starpoints system, as I choose not to pay the initial fee of $399 to join, I don't know all the specifics of it. I think it's ridiculous that you lose the use of World Golf Village ? I have heard you can rent from Harborside Atlantis owners cheaper than doing it by starpoints on eBay and TUG. This is an extremely tough resort to exchange into. It's even been removed from the DVC II lineup of exchanges. A friend of mine traded her Cascades villa at Vistana and just stayed at Harborside last month. She said it was one of the best vacations she's ever had.
But I agree Clarbelle, your dues do seem to be alot higher than mine......I'm glad I don't have dealings with the starpoints and it's nice you have the choice to opt out of it should you choose. It just might make your life simpler because Vistana is a nice resort unto itself, but true, not many Orlando timeshares trade out well because the area is just too overdeveloped.

 

[DanG]

But I will concede that the Starwood internal trading system likely won't meet the hopes and expectations of owners of the legacy resorts through Vistana and Embassy Suites. The system makes it far more difficult to trade up to a resort of greater quality or demand.

I think the system is far fairer than others in enabling like for like trades. I own at Westin Mission Hills, which, because it costs more, can get better internal trades. Similarly, St. John, Maui, Harborside Atlantis and the new Westin Kierlan have the highest trading value.

Marriott offers great opportunities for trading up; I bought at Starwood since it gave me first crack into a trading system that would give me better trading power for and into premium resorts.

It's not better or worse than other systems; just different in a way that works for me.

As a side note, the person ripped off by the TS salesman has no one to blame but herself. Given the reputation of TS sales reps and with someone telling you that you get get more than you pay for, most people would have that internal alarm go off.

Someone earlier in this thread noted, you get what you pay for.

 

[Lisa P.]

For anyone who is interested in seeing terrific photos from the older, sister resort, Sheraton Vistana Resort, there's a link in this thread. The lady who purchased at the newer Vistana Villages did, in fact, buy at a lovely resort.

The right buyer would enjoy this resort immensely (especially at resale prices). But she bought for the wrong reasons. That's a shame. Hopefully, she'll learn to make the most of it.

 

[Dean]

Originally posted by MiaSRN62
BTW, I think it's a joke that someone would offer this amount ? I'm assuming you own in either the Lakes or Cascades since you can do internal trading with Starwood ? I own in the Fountains section and watch the eBay sales closely. I've seen yearly prime floating weeks sell regularly there for anywhere from $4,500-$7,000 in the Fountains and Lakes (no starpoints involved). So either that person who offered you the $1250 was a joker or trying to get away with something ? Also, I've seen reasonable sales offers on the TUG boards. That offer you got was insanely low..........

Sorry to tell you I've seen many units at Vistana for $2000 or less even at the newer sections. What one paid, what the resort is selling the units for or even what people have them listed for are irrelevent to the buyer. I'd agree that most units that actually sell are a little higher but many are not. Be carefull with ebay, bidshares and the like as the bids can be misleading, especially if there are bids that don't reach the reserve price. Also, there has been quite a bit of bidding in the past on ebay that wasn't followed through on as most real estate (all in the past) on ebay wasn't a binding bid, only a way to get the buyer and seller together.

 

[ClarabelleCow]

I'm glad this discussion happened, I have pretty much decided to keep my unit and just dump the Starwood portion of it, I just find it to be ridiculous to pay the additional 200.00 on top of the maintenance so that if I decide I want to go elsewhere I can. Plus its easy to get into during spring or February breaks so we can go away and not use all our precious DVC points!! Plus after looking at the pictures someone had posted, I remembered why I liked Vistana!! So I just booked for PT. St.Lucie Vistana for 2/13 - 2/20, and will probably try for Disney for 2/20 & 2/21, then fly home on February 22!!! Air is a killer at $280pp from NY, but it is Presidents week, and I wanted non-stops! plus we are sneaking in that little race called the Daytona 500!!! YEAH!! Now to convince my hubby that this would be a great vacation!! Tahnks again for all your input, I know this thread didn't start out for this reason, but it helped!

 

[MiaSRN62]

Sorry to tell you I've seen many units at Vistana for $2000 or less even at the newer sections. What one paid, what the resort is selling the units for or even what people have them listed for are irrelevent to the buyer. I'd agree that most units that actually sell are a little higher but many are not.

Wow Dean....not doubting what you say, but it's not been my experience to see this ? On TUG I've heard of better resale prices. I have always thought the newer Cascades/Starpoints weeks were overpriced. I've already gotten my money back on what I paid for my resale in all my stays there, so I can't complain. I'm happy with the resort as it is very pretty, relaxing and there is plenty to do if I choose. I've been offered more than $2,000 for my Vistana timeshare and I own at the slightly older Fountains section.

 

[MiaSRN62]

I have pretty much decided to keep my unit and just dump the Starwood portion of it, I just find it to be ridiculous to pay the additional 200.00 on top of the maintenance so that if I decide I want to go elsewhere I can.

I'm glad you've come to terms with your purchase Kim. It's not Disney, but Vistana really is a beautiful, classy place to spend a vacation. And agreed--- it's fairly easy for us prime floating owners to get holiday weeks. I'm in agreement about the high DVC points for holidays (ouch). Congrats on booking your vacation next year

 

[Lisa P.]

I've seen many units at Vistana for $2000 or less even at the newer sections.

In the newer sections? Dean, were these actually "free & clear" or was that the initial resale price to take over loan payments? Was it for a restricted (Jan./May/Sep.-Nov.) 1BR week?

I've contact resale sellers at times, when they've listed a desirable place for a rock-bottom price. Nearly every time, they've THEN responded to questions by revealing that there was an outstanding loan balance with monthly payments. I have NOT been looking in Orlando but can't imagine $2,000 in the newer sections of Vistana for a prime, 2BR, float week. Have you seen it?

 

[Dean]

Originally posted by Lisa P.
I've seen many units at Vistana for $2000 or less even at the newer sections.

In the newer sections? Dean, were these actually "free & clear" or was that the initial resale price to take over loan payments? Was it for a restricted (Jan./May/Sep.-Nov.) 1BR week?

I've contact resale sellers at times, when they've listed a desirable place for a rock-bottom price. Nearly every time, they've THEN responded to questions by revealing that there was an outstanding loan balance with monthly payments. I have NOT been looking in Orlando but can't imagine $2,000 in the newer sections of Vistana for a prime, 2BR, float week. Have you seen it?

Lisa, since I wasn't actually pursuing that option, I can't truly answer your question. I know I've had two people contact me directly with prices around and just under $2000 but I don't recall which sections they were. I've also had two brokers (Stroman and Island consulting were the ones i believe) offer them to me at that price but again I wasn't interested so didn't ask he questions to answer the situation you are refering to. I've seen 3 on ebay "sell" for around or just under $2000 in the last 3 years or so, whether the sales were completed is impossible to say.

Timeshares are hard to sell and sometimes cold, hard cash will get the goods, period. Also remember that most brokers have a minimum, usually between $1000-2000.

 

[AZKathy]

Originally posted by Lisa P.
For anyone who is interested in seeing terrific photos from the older, sister resort, Sheraton Vistana Resort, there's a link in this thread. The lady who purchased at the newer Vistana Villages did, in fact, buy at a lovely resort.

The right buyer would enjoy this resort immensely (especially at resale prices). But she bought for the wrong reasons. That's a shame. Hopefully, she'll learn to make the most of it.

As long as you get the newer section. We stayed June 1-June 8 with a friend's trade. We were in the older section; the rooms reaked of imbedded cigarette smoke and had little critters like ants and roaches which had to be sprayed three separate times. We just hated our stay there. My friend who traded also told the resort that one family was interested in purchasing a time share and to put us in the new section....hahaha.

There were three families vacationing together and one family did not have a timeshare and was seriously interested in purchasing a timeshare. If we had stayed in the newer section, they may have listened to a sell presentation. They were so impressed with the next week's stay at OKW June 8-14 and they went to a DVC presentation and purchased that day at BCV.

 

[MiaSRN62]

I know I've had two people contact me directly with prices around and just under $2000 but I don't recall which sections they were. I've also had two brokers (Stroman and Island consulting were the ones i believe) offer them to me at that price but again I wasn't interested so didn't ask he questions to answer the situation you are refering to. I've seen 3 on ebay "sell" for around or just under $2000 in the last 3 years or so,

I'm sure ridiculous offers like this float around out there and if people are desperate to sell, they may take this. Stroman is the absolute worst to deal with---get postcards and letters from them all the time. Better believe they turn around and sell these timeshares for alot more than they offer the owner otherwise it wouldn't be such a lucrative business for them. In the past year, I've seen a Lakes and a Fountains week sell (deal closed on eBay) for approx $4600 (Fountains) and $5200 (Lakes). I specifically recall these two because I discussed this with my husband. I also get numerous emails from people close to buying resales from owners who ask me if the price is fair for the section they are buying. My email is listed on several sites on the web as a Vistana reference. I've never seen $2000 offered except for the very older areas (i.e. Falls, Spas, Palms). But as I said, not doubting you Dean.....just think there are much better offers out there if you know how to target the sale.

As long as you get the newer section. We stayed June 1-June 8 with a friend's trade. We were in the older section; the rooms reaked of imbedded cigarette smoke and had little critters like ants and roaches which had to be sprayed three separate times. We just hated our stay there.

I don't own in the newest section. We stay in the Fountains (it's 3rd/4th newest). In almost 10 years of staying every year and in many different villas we've never experienced any of the complaints you mentioned Kathy. We've been there in the dead of summer, the fall and the spring. I'm sorry you had an unfortunate experience, but I can't believe it is the norm there. Heck, I've even heard bug problems at the DVC resorts. FL is a tough place to control these critters. Hoping you complained to management and they corrected the problem. If this were the norm at this resort, I most certainly would not have bought a timeshare there. So, I don't own in the newest section, and I can honestly say it's a very nice place to stay. I've allowed friends and relatives to use my villa also---something I would never do if I found the accomodations to be substandard.

 

[Dean]

Originally posted by MiaSRN62
I'm sure ridiculous offers like this float around out there and if people are desperate to sell, they may take this. Stroman is the absolute worst to deal with---get postcards and letters from them all the time. Better believe they turn around and sell these timeshares for alot more than they offer the owner otherwise it wouldn't be such a lucrative business for them. In the past year, I've seen a Lakes and a Fountains week sell (deal closed on eBay) for approx $4600 (Fountains) and $5200 (Lakes). I specifically recall these two because I discussed this with my husband. I also get numerous emails from people close to buying resales from owners who ask me if the price is fair for the section they are buying. My email is listed on several sites on the web as a Vistana reference. I've never seen $2000 offered except for the very older areas (i.e. Falls, Spas, Palms). But as I said, not doubting you Dean.....just think there are much better offers out there if you know how to target the sale.

We are looking at this from opposite sides of the fence. If I wanted to find a Vistana week, I guarantee you I could find one for $2000 within a few months. The idea that some sell for more doesn't affect that. It's only worth what someone is willing to give and there are MANY Vistana Units for sale. There are currently 21 on ebay though most are from REMAX. The reserve on one is $3500, 2 BR every year, that's the lowest I can see from that standpoint there now.

Stoman is not good to sell through generally but they are good to buy through. I've bought 3 timeshares through them and got a great deal each time. Within the last 2 years I've bought a Marriott Grande Ocean for half what Marriott sells them for and a BWV contract at $54 pp when the buy back was supposedly $58 pp, no closing costs. I also had another sale pending with them for a great deal but the seller was upside down on the mortgage and couldn't come up with his part to close.

 

[ClarabelleCow]

this is the website that is run by Vistana, its for owners to sell their units - some of the prices are pretty low

http://www.resalesmart.com/buyresults.jsp?location=Orlando

www.resalesmart.com/buyresults.jsp?location=Orlando

Not sure if its clickable?