Timeshares

manhattanskier · Aug 27, 2015

Hey everyone,

What do you all think of time shares, we are thinking of getting one in the Catskills or VT. What are your experiences? Thanks

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VTKilarney · Aug 27, 2015

Don't do it.

You are locked into something whether you want to use it in the future or not. When you add up the maintenance fees and the purchase price, is it really worth giving up your flexibility and just staying where you want to stay paying on a per-night basis?

ThinkSnow · Aug 27, 2015

Yes, I agree with VTK. All the time-shares I've seen have lots of associated fees which make it not worth it.

jimk · Aug 27, 2015

I’m against them too, for same reasons. Annual fees (maintenance, etc.) are close to the price of a week at a motel which has none of the commitment/hassle. The only way they might make sense is if you get a nice unit and a good week for a couple thousand dollars or less on the resale market and you have a couch potato spouse/family who won’t go on a ski trip without the motivation to get their money’s worth out of a prepaid timeshare.
Nevertheless, there are those who swear by them usually because they got them dirt cheap and theirs is nicer than a typical chain motel room or well-worn ski area condo. These people also have become experts at swapping their timeshare week for alternate/better destinations.
The reality is once you own one they can be hard to unload even if you try to give it away because you can’t find someone else to take on the annual fees. Some people get tired of the timeshare drill and just quit using them even as the fees pile up.

No disrespect to DrJeff below, who I perceive as an experienced and intelligent skier who has made this process work for his situation.

drjeff · Aug 27, 2015

Depends on where it is and what you REALLY intend to use it for.

My wife and I have owned a timeshare at the base of The Canyons (or I guess now more appropriately the Canyons side of the Park City resort) that we originally purchased in 2001 during the pre Salt Lake City Olympics building out there. It wasn't one of the properties that American Skiing Company developed, but from a company, Westgate Resorts, that is out of the Orlando area. We have a 3 bedroom unit every other year deeded in ski season. We've been quite happy with it, as we love all the ski options that exist in the Park City/Salt Lake City area, its walking distance to the lifts at The Canyons, the property itself has both expanded and continuously upgraded its facilities and room decor in the now closing in on 15 years since we bought, and we use it and don't look to trade it for a vacation at another property - we know that we are somewhat the exception of the timeshare story where were happy with it, and we feel that the value that we get from it is worth it, and makes financial sense given what we'd be paying per night for a place of similar size and amenities in that general area (the fact that we bought it way back at pre construction prices doesn't hurt either especially compared to what something comparable is selling for today in the same property now that Vail Resorts bought The Canyons and the link to Park City Mountain Resort is happening), but for us, and what we use it for, it has worked.

Smellytele · Aug 27, 2015

I was given a timeshare from my Dad in North Conway. While I never actually use it in North Conway. I am in RCI and trade it. It cost me about 700 a year plus 150 to trade it. Would I have bought it on my own? No. Do I use it and enjoy it? Yes. It would not be worth it to me to buy one but to get a 2 or 3 bedroom condo for 700-850 a week every year is okay. Also being a member of RCI I can but other weeks for as low as 250 for a week in a 2 or 3 bdrm condo.

hammer · Aug 27, 2015

drjeff said:
Depends on where it is and what you REALLY intend to use it for.

My wife and I have owned a timeshare at the base of The Canyons (or I guess now more appropriately the Canyons side of the Park City resort) that we originally purchased in 2001 during the pre Salt Lake City Olympics building out there. It wasn't one of the properties that American Skiing Company developed, but from a company, Westgate Resorts, that is out of the Orlando area. We have a 3 bedroom unit every other year deeded in ski season. We've been quite happy with it, as we love all the ski options that exist in the Park City/Salt Lake City area, its walking distance to the lifts at The Canyons, the property itself has both expanded and continuously upgraded its facilities and room decor in the now closing in on 15 years since we bought, and we use it and don't look to trade it for a vacation at another property - we know that we are somewhat the exception of the timeshare story where were happy with it, and we feel that the value that we get from it is worth it, and makes financial sense given what we'd be paying per night for a place of similar size and amenities in that general area (the fact that we bought it way back at pre construction prices doesn't hurt either especially compared to what something comparable is selling for today in the same property now that Vail Resorts bought The Canyons and the link to Park City Mountain Resort is happening), but for us, and what we use it for, it has worked.

Agree...we have a Disney timeshare which works well for us because my wife loves to go there and it's great to get very nice accomodations in the resort at an overall cost much less than what we'd pay for a comparable hotel. It's also on a point system so we have the flexibility to take a year off without losing out. Exchanges don't work out as well as advertised but we have been able to exchange into some nice accommodations and with the nightly exchanges we have used it a few times for long ski weekends.

If we were not the types to go to Disney World every few years (we usually don't go during ski season) then it wouldn't make sense.

One note if anyone is interested in a timeshare...you may be able to get a good discount if you look into resales.

BenedictGomez · Aug 27, 2015

manhattanskier said:
What do you all think of time shares

One of the biggest wastes of money I can think of.

VTKilarney · Aug 27, 2015

People seem to forget that it was hard to find accommodations other than hotel rooms back in the 1980's and 1990's when timeshares were at the peak of their popularity.

Between internet listings and the apartment-hotels and all-suite hotels that have popped up all over, there are a TON of options out there now - none of which charge a hefty fee to get your foot in the door and demand your allegiance forever.

Masskier · Aug 27, 2015

Many years ago I owned a timeshare at Smugglers Notch. A week in the winter and a week in the summer. We bought it for 17,500, used it for about 8 years (when the kids were little). Then sold it for $12,000. I will tell you the times we had and the family memories we created made it well worth it.

thetrailboss · Aug 27, 2015

Just don't. That's all I can say.

If you need any further information, there is an informative South Park episode called "Asspen" that makes it clear why it is not a good idea. It's here: http://www.hulu.com/watch/250070

manhattanskier · Aug 29, 2015

thetrailboss said:
Just don't. That's all I can say.

If you need any further information, there is an informative South Park episode called "Asspen" that makes it clear why it is not a good idea. It's here: http://www.hulu.com/watch/250070

Thanks for the informative video ;-)

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thetrailboss · Aug 29, 2015

manhattanskier said:
Thanks for the informative video ;-)

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That episode is hilarious and not far off from reality!

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deadheadskier · Aug 29, 2015

The only thing timeshares are good for is listening to the sales pitch and getting free stuff. Did this in Saint Thomas. Took 45 minutes of my time and I got a decent bottle of wine for listening.

thetrailboss · Aug 29, 2015

deadheadskier said:
The only thing timeshares are good for is listening to the sales pitch and getting free stuff. Did this in Saint Thomas. Took 45 minutes of my time and I got a decent bottle of wine for listening.

All I can say is that you need the Westgate experience. It was torture.

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drjeff · Aug 29, 2015

thetrailboss said:
All I can say is that you need the Westgate experience. It was torture.

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Their pitch is tortuous for sure!! The product though that they delivered in Park City has kept my wife and I happy for closing in on 15 years

thetrailboss · Aug 29, 2015

drjeff said:
Their pitch is tortuous for sure!! The product though that they delivered in Park City has kept my wife and I happy for closing in on 15 years

That's funny because our experience was at the park city facility. They just did not understand that we were not interested at all because we live in Salt Lake City in ski at Alta and Snowbird. If I was going to buy a timeshare or some vacation home it would be in one of the Cottonwood canyons.

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VTKilarney · Aug 29, 2015

I've never been on a timeshare pitch, but from what I have heard you were VERY lucky to be done after 45 minutes.

joshua segal · Aug 29, 2015

I have to agree with the consensus: Big rip off! You're locked in to one particular week. Even if you convert it to points, it's not free to swap. There are maintenance fees; there are taxes - and depending on the local laws, there are even issues if the management company goes belly-up. When you add it all up, you can rent a nice condo in ski country for a week of your choosing for the same money.

If after reading all of this, you still want a time share, you should be able to pick one up for less than $100 on Ebay. It will still cost you a few hundred beyond that for the closing costs. Make sure that the fees and taxes are up-to-date.

thetrailboss · Aug 29, 2015

joshua segal said:
I have to agree with the consensus: Big rip off! You're locked in to one particular week. Even if you convert it to points, it's not free to swap. There are maintenance fees; there are taxes - and depending on the local laws, there are even issues if the management company goes belly-up. When you add it all up, you can rent a nice condo in ski country for a week of your choosing for the same money.

If after reading all of this, you still want a time share, you should be able to pick one up for less than $100 on Ebay. It will still cost you a few hundred beyond that for the closing costs. Make sure that the fees and taxes are up-to-date.

Exactly. They are going for like $100 on eBay for Snowbird.

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