It DOES sell with Redweek's suggestions!

I joined Redweeka little over a year ago as we started having more and more difficulty getting good exchanges with Interval International. I learned a lot in about 6-8 visits to this website and decided selling our timeshare would be our best option. I posed questions in the forums, read a lot of the selling info and started the process of selling our Marriott Mountain Valley In Breckerridge, Colorado. I went to TUG and put in an ad. I contacted Marriott about their right of refusal and ended up signing a contract allowing them to re-sell it for us in January, 2008. They listed it in February 2008 and in early September we got a call from Marriott that we had a buyer. A couple weeks later we received documents for review from the title company. About 1 month after that we got the closing documents which we turned around in record time. Yesterday we got the money wired to our checking account and today it cleared after pending due to the amount of the check. We paid about $13,000 in 1996 for it and dues were $367 annually at that time. Marriott sold it for $14,900 and we got 60%--$8940. We NEVER had to pay Marriott one single penny! I am soooooo glad we joined Redweek and took their advice!!!!! We never tried listing it with a scam re-sale company b/c of Redweek. We never tried ebay after reading Redweek! Their advice and suggestions were absolutely perfect and we are soooooo grateful we tried Redweek! Here is the best part; Our dues for 2008 were $799 which is what got us moving toward re-sale! The HOA decided we needed a special assessment for 2009 and informed us of that in June, with the amount to be decided last week. Well the dues only went up about $20 to $819 ---for a lousy studio unit--but the assessment this year was $150 on top of that. Almost a $1000 for 1 week maintenence for the equivalent of a hotel room. We are ecstatic! And truly--I am a real person, not someone trying to do a hard sell for Redweek! Feel free to contact me! Kathy K

It's great to hear first hand reports and experiences of people getting good outcomes from following good advice. I'm genuinely happy for you.

how do i go about at my unit to talk to them on the right for refusal dont know what that is? what do u say to them?

ellensue wrote:

how do i go about at my unit to talk to them on the right for refusal dont know what that is? what do u say to them?

From a previous post, you indicated you own at Hollywood Beach Towers. They most likely do not have a right of first refusal. This policy is usually in effect at larger resort systems such as Marriott.

ok thanks!

Kathy,

You say Marriott sold your Breckenridge ski week and that you ". . . NEVER had to pay Marriott one single penny!" Actually you did pay Marriott a 40% commission or $5,940 which is significantly more than one single penny. The real loser in this transaction was your buyer who paid Marriott $14,900 for the studio plus closing costs. Your uninformed buyer could have actually purchased a similar unit (studio at Breckenridge in ski season) for $7,900 on Redweek. There are seven listings for Marriott Breckenridge timeshares ranging from a Fall/Spring listing with a price of zero (or best offer) to the ski week for $7,900.

Your buyer probably fell for the salesman's assurance that buying from Marriott gives benefits not available to a resale purchaser. Actually, your buyer is entitled to exchange his week for 75,000 Marriott points a year which will get him three nights at a Marriott Hotel. Hardly worth the $7,000 premium he paid to Marriott. As for me, I will take a Marriott resale on Redweek and save the $7,000.

You may not realize it but based on the facts you give, (you purchased for about $13,000 and it sold for $14,900) you have a capital gain of $1,900 which I am sure Marriott's closing firm will dutifully report to the IRS on a Form 1099. The tax on the gain will exceed a "single penny"! Some accountant will say oh but she can deduct her selling expense. That won't prevent the Form 1099 from going out.

I congratulate you and cry for your poor buyer.

C. Glenn

You make a good point! I DID let Marriott make almost another $6K on that timesare. My point was that I never paid anything upfront to make the deal go through. I assume I will get the 1099 as well and let the dust settle--just feeling very fortunate to be done w/it! I feel bad for those buyers--what a scheme Marriott has going--but it isn't my job to inform them. I'll bet they did NOT find out about that special assessment until after they closed the deal! I just hope they can afford it! Kathy K

carvana wrote:

There are seven listings for Marriott Breckenridge timeshares ranging from a Fall/Spring listing with a price of zero (or best offer) to the ski week for $7,900.

If Marriott sold a similar week for alomst $15K, how many of the weeks listed on Redweek would've passed ROFR?

Yes, Kathyk, you will likely owe a few hundred dollars in capital gains tax as a result of this sale --- but so what? You got some enjoyment out of the ownership, you sold it without having to "spend" money to do so (and also without having to spend valuable time dealing with tire kickers, rock bottom bargain hunters, and / or scammers). Now you're completely done with it. The next buyer was solley responsible for undertaking their own due diligence before purchasing. From my perspective, Marriott taking a sizable "cut" from the resale still leaves you in a winning and satisied position. Congratulations.

I agree with Ken and Kathy. It is not her job to tell her buyer why they shouldn't buy it from the resort. I'm sure when she pays her capital gains tax she will do so with a smile. Congratulations to Kathy but let us not forget that if it were not for RedWeek this happy ending might not have been so happy.

"Some accountant will say oh but she can deduct her selling expense. That won't prevent the Form 1099 from going out." Anybody that's competent to fill out a tax return would know she has a loss and a refund coming (or other income sheltered.) Marriott found a buyer and did the sales job. Beats the heck out of what I could have done. It's fine to point out that there are ads somewhere, but anybody can put up an ad. I don't see why you are so sour about her sale that you have to try to twist the tax implications like that.

"I don't see why you are so sour about her sale that you have to try to twist the tax implications like that."

You sure misread my post to conclude I am sour about anyone successfully selling their timeshare. I am a Marriott Timeshare owner myself and I am glad that Marriott has a successful resale program that the rest of the industry should copy. Their 40% commission is excessive but it at least provides a way to sell a timeshare that is not available to most timeshare owners.

I am glad she was able to sell through this program. My point and apparently poorly made is that the IRS will look at her gross sales price and not her net when determining a gain or loss on the property. She certainly can and should mitigate this gain by deducting all allowable expenses but my point was that a Form 1099 will go out in any event. Pointing that out is not because I am sour at her success but because it is a fact. In my line of work we often settle debts for less than the amount owed and the debtor is later surprised to receive a Form 1099 reporting the difference between what they owed and the settled amount as a gain. I don't think it is being sour or raining on their parade to tell them in advance that they will be receiving a Form 1099. I am sorry you viewed my post as "sour" as that was not my intent.

I own in Tahiti Village in Las Vegas. How do I know if I am able to do what you did with your Marriot timeshare?

rosemaryh45 wrote:

I own in Tahiti Village in Las Vegas. How do I know if I am able to do what you did with your Marriot timeshare?

Contact the resort directly and see if they have a resale department.