Lonely and Dreaming of the West Coast wrote:
tycobb wrote:
This has got to be a troll, right? We pay $2,500 for a beach front house in North Carolina every June. You pay $3,000 in fees?!
North Carolina? You’ve got to be joking. People pay to vacation in North Carolina?
I lived in North Carolina, my favorite state I have lived in so far.
I stay in time shares a lot. I get offers from the resorts all the time to stay for a week for $599 or $899. I have to attend a 90 minute presentation and I usually spend the time laughing at their laughable offers. Sometimes I book places on Redweek. I’ve probably stayed in your resort for the cost of maintenance...that’s kind of a splurge for me, but much less than you’re paying. You’re paying way too much. You probably could have bought a similarly equipped condo , rented it out the 50 weeks a year when you’re not there and turned a profit instead of sinking more and more money into it every year.
One little storm and your ocean front dream will be wiped out.
Enjoy your dream while you can.
https://www.theguardian.com/environment/2018/nov/14/climate-change-hurricanes-study-global-warming
Living the Dream wrote:
sit and kick wrote:
how is this superior to renting a hotel/airbnb in the same location, and maintaining infinite (?) flexibility in your vacation plans, and investing in a diversified portfolio instead ?
what about maintenance/cleaning/hoa/etc ?
I could never bring myself to spring for this kind of luxury if I didn’t already own it. A similar unit would rent for $2000 a night. You have not enjoyed a vacation until you’ve been in a three bedroom luxury villa. When they want to bring friends, there’s room for that too. We could easily fit 12 people if we felt like roughing it a little. As far as flexibility. I have that. I can go anywhere in the world and again at a level I would not otherwise be willing to pay. Could I have put the money in the market and then pulled $25,000 out every time we wanted to book a hotel? Sure. And maybe that would have been cheaper. But I’d have instead found a $3000 a week place and it would have been far less enjoyable.
The nightly rent is $2k yet weekly it's $3k? I cant keep up with your story...
sit and kick wrote:
Living the Dream wrote:
I could never bring myself to spring for this kind of luxury if I didn’t already own it. A similar unit would rent for $2000 a night. You have not enjoyed a vacation until you’ve been in a three bedroom luxury villa. When they want to bring friends, there’s room for that too. We could easily fit 12 people if we felt like roughing it a little. As far as flexibility. I have that. I can go anywhere in the world and again at a level I would not otherwise be willing to pay. Could I have put the money in the market and then pulled $25,000 out every time we wanted to book a hotel? Sure. And maybe that would have been cheaper. But I’d have instead found a $3000 a week place and it would have been far less enjoyable.
The nightly rent is $2k yet weekly it's $3k? I cant keep up with your story...
Were I to rent my place, or similar on the open market, it would run $2000 a night.
If I were going to take a trip without using the timeshare, I would find a cheap place for $3000 a week. Any other questions?
All you really own is the right to use it a week a year, right? You have no deeded ownership in the real estate. You own what we in the south refer to as “bragging rights”, but not actual property. The numbers just don’t work for me...
No way are you renting a 160k property for $2000 a night...makes no sense.
I have stayed in some nice VRBOs....none were ever more than $600 a night, even the 4 bedroom rentals.
Old Hobby Jogger wrote:
All you really own is the right to use it a week a year, right? You have no deeded ownership in the real estate. You own what we in the south refer to as “bragging rights”, but not actual property. The numbers just don’t work for me...
I hold a deed to my property. It’s just like any deed to a shared community (condo, etc) except my rights are only for 14 days a year instead of 365.
My family has a spot in Santorini which rents to foreigners for $2000/night. It is not out of the market price, either.
Troll story bro wrote:
No way are you renting a 160k property for $2000 a night...makes no sense.
I have stayed in some nice VRBOs....none were ever more than $600 a night, even the 4 bedroom rentals.
It’s not a $160,000 property. Assuming everyone paid the same as I did, it’s an $8.3 million dollar property. Maybe you could buy something similar on your own for six.
I’m sure your VRBO rentals were very nice for you.
geeker wrote:
My family has a spot in Santorini which rents to foreigners for $2000/night. It is not out of the market price, either.
People on this forum talk like they’re ballers, but it’s largely a Hampton Inn crowd.
Living the Dream wrote:
I could never bring myself to spring for this kind of luxury if I didn’t already own it.
That's what you're paying a surcharge for: your refusal to be rational about what you want and how much it costs. To be fair, if that's really how you feel and you can't change it, then I guess it makes sense.
But I’d have instead found a $3000 a week place and it would have been far less enjoyable.
This is the part that gets me. You figure that, without having sunk money into the timeshare, you wouldn't be able to convince yourself to spend more than $3,000 per week. And yet, with the timeshare, you're on the hook for up to the $3,000 a week in maintenance costs alone, beyond the massive upfront capital costs?!
How does it compare to condos or houses listed for sale in the $8 mil range? Unless it’s in Miami, Palm Beach, or select California beach towns, I can’t imagine that it is really an $8 mil condo. So, where is it located? And that deed, is it registered with the state/county, or is it just a document they gave you? Just trying to understand....
You never payoff a timeshare. The maintenance fees continue forever. Can’t imagine any timeshare being worth what you claim to have spent on it. Would be cheaper to stay at a resort.
What exactly do people do in these locales that they can't do practically anywhere?
Let me try to do the math.
You spent 320000 dollars upfront so that you are forced to go on vacation in the same place every year for 3K/week.
If you invested the money, this 320000 would easily become 500000.
Assuming that you use the property for 25 years for 2 weeks every year, this works out at 10K dollars/week + 3K of maintenance = 13K dollars/week, which is close to 2K/day. So, even assuming that your property rents at 2K/day (it must be a really awesome property), the only difference between renting and Timesharing is that with timesharing you are on the hook forever, and you pay even if you do not use the property, while if you rent, you can go wherever you like.
Not my cup of tea.
The first thing I’d do if I inherited any timeshare would be to figure out how to sell it.
+1. Inheriting a time share is inheriting an obligation, nothing more. I think that time share buyers believe that they are buying some sort of solidity and security when in fact they are buying into being trapped.
I like vacations wrote:
The first thing I’d do if I inherited any timeshare would be to figure out how to sell it.
Living the Dream wrote:
Briefly, we bought 2 weeks of new construction about eight years ago. Initial purchase price was $160,000 a week. It’s a 3 bedroom, ocean front, floating weeks. Because of the value in our unit, I can trade these 2 weeks for 4 to 6 weeks just about anywhere else in the world. It was a long, long, slog getting the thing paid off, but I knew I’d enjoy vacation more if I wasn’t worrying about a mortgage. .
$160000 for a week. That is $5333.33 for the next 30 years!!!
You can do a lot of vacation for that without paying additional fees. Sounds like you got screwed and try to make it look good.
Obviously a troll post but still amazing how many people get suckered into these things.
I’d go buy a lake front property somewhere in the mid-west and just chill for 2 weeks at that amount. Or a condo in the mountains. Damn that’s a lot.
What’s the perks? Massage with happy ending, use of a Porsche, all you can eat food and drink?
And is the 3k annual maintenance fees for one week or both combined?