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Re: BUYING DEVELOPER vs RESALE (typical scenario) (by Phil L.):
jayjay wrote:The most expensive timeshare we ever bought was our first from the developer in a brand new area facing a waterpark (very coveted location) of a very popular gold crown resort in Florida, and we paid 10K for it. I thought 10K was outrageous. We were not educated about resales at the time we bought from the developer.A few years later when we were ready to sell I advertised it for 5K (half price as I had read that no way would we get the developer purchase price back on a resale). I advertised it on several internet sites with no interest whatsoever. I kept dropping the price and finally got an offer of $2900 which I took and was glad to get it. We lost 7K on our developer bought timeshare, which is typical on the resale market.
We definitely learned a (very expensive) lesson concerning buying developer timeshares. We went on to buy 8 resales (at very good prices) where we liked to go. When we were ready to sell them, we had no problem at all since we bought at such good prices to begin with.
A tough way to learn about developer bought timeshares vs resales.
A resale timeshare is the exact same product as a developer timeshare and costs 1/4 to 1/3 of the developer cost.
Jayjay I think we all have made that dumb mistake our first time and some a second and third time!
Remember back when many of us bought our first timeshare there wasn't timeshare forums and resales sites to work with!
You were scammed going into buy and scammed trying to sell later with upfront fee companies! You could pay to run ads in papers or put cards on bulletin boards and tell people at work and that was about it.
I mentioned how we sold our PV,Mexico condo back in about 1985 and that was to advertise that rental fee would go toward agreed price if they bought and the family did buy!
They went on tour and loved the place and after hearing the price at the resort called us to start the paperwork well they were still on vacation!
We as owners can try a warn new owners but some people can not be warned and will still make the same mistake over and over!
The way I see it is there are two problems here and one is new owners probably never heard of these timeshare forums before buying! Lets face it that most of us were on vacation when a sales rep walked up to us and offered dinner for four or free boat ride or something. Laying around the pool you decide for 30 minutes it might be fun and get free dinners!
Vacation family do not understand there over matched and will probably buy a timeshare and regret it before their plane hits the runway!
One of the good points(for resort) and made clear by the sales person is the resort is brand new and there will be no resales for long time and your getting in at the right time because prices will be going up! This one works great and most of us have fallen for it! Then they hit you with and we will handle the loan for you!
My statement to all new buyers and I feel this is the most important statement I can make! Do not take credit cards or check book with you to their tours and have cramp in your writing hand!
PHIL