Post reply
Original Message:
Re: sELLING MY TIMESHARE (by Mary D.):
angelmitc wrote:adahiscout wrote:kekouri wrote:============Angel:I don't know about the share profits parts to the buyers . The developers are supposed to share with the stockholders, and they seem to forget them, too.
If you know anyone who owns a full time condo, you get get a sense of the maint fees, insurance, and taxes needed. In S Florida, non residents get taxes up to 2% a year on the value of their home. So, a Marriott Beach Place or Ocean Point 2 bed 2 bath one week would be taxed at just over $200 a week.....not counting the maint or oceanfront insurance rates. (On a $500,000 house within blocks of the ocean in Broward, (we checked & ran this winter), the insurance would be just under $10,000 a year. And 2% (approx) of $500,000 is ( I think) $10,000 a year in RE Tax. So....$20,000 before you look at a mortgage.
I don't know how the HOAs will be able to keep the fees down too much in most timeshares in the wind belts....which extend even out of Florida.
A few months ago, many were complaining of the maint fees & taxes of many Florida timeshares. They need to remember the insurance may have had a big impact. So does the maint fees.
Today on TUG, a retired couple want to know how to sell their weeks at a resort, as an assessment of $7000 is being required for 2007. (Thats on top of the maint fees. ...and he said for one red week and two 'off color' weeks. ( Probably in N florida, most in S fl are all red. )
Yes, Florida is poplar but overexpensive because of taxes and insurance--neither one of which is really the fault of the resort developers. I recently "rolled" our last Florida Fairfield contract into their new Wisconsin resort where I feel rather more secure. MD
We need somebody who can write a good piece where these developers can buy back these timeshares at least the same amount we bought it, since they, developers have made so many times over, selling or renting our units many times.. We need help of our congressmen to get us out of this rot.
========== It would be nice if developers had some sort of buy back policy for people who buy from the developer. Some who are "sold out" do offer lists of availble resale units to vacationers. But involve Congress? God help us all!