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captiivated

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Reply with quote  #16 
What an amazing site.  I now know how to buy or sell a time share or rent or sell a week.  I don't think I could have obtained that information any where else. My Masters in finance never touched the subject.

Thank you to reebop, suzig45, Donny, CB  and all other Forum posters on the subject. Experience is truly the best teacher.

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DonFromSLC

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Reply with quote  #17 

Reebop, realistically, I think you will be lucky to get enough to cover your taxes and maintenance if you rent through HGVC.  As I understand it, they don't necessarily rent it for the whole week.  Since the weekends are most in demand, you may only get 2 or 3 days of rental.  I have found that when we rent the unit privately for the full week, we cover taxes and maintenance plus a hundred or two. 

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captiivated

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Reply with quote  #18 
captiivated
Registered: 03/19/07
Posts: 1,056

                                       
    Today at 03:18 PMReply with quote#792

CB: 

As a very successful marketing pro you must know HGVC has a serious conflict of interest.  Sell a time share week for a 30% commission or fill a SSIR Hotel Room for $500 a night.  Easy decision. In fact if you don't move inquires to Hotel rooms vis a via TS's you will probably have extreme job jeopardy.

I think you have to use Han's site to search for the weeks you want and make your e-mail bid.. 

The other conflict of interest which I have commented on earlier is that when a TS unit is known to be vacant for the week and unsold there are sometimes occupants in that unit. This is an absolute fact as I have talked to the family occupying my unit when I had it for rent with the HGVC. I received  no rental income. I don't know if the occupants are Blackstone/ LXR execs or friends of the HGVC/SSIR family.  Regardless, it is a distasteful conflict of interest.

Personally, I would never, ever list with HGVC no matter what the commission.
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captiivated

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Reply with quote  #19 
Suzig45:

Understand, and I really appreciate your input.

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suziq45

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Reply with quote  #20 
CB - This is an important issue. We OWN that week. How could it be rented without the owners permission unless it was turned into HGVC?  Who is collecting the rent? I have a suspicious nature - someone is making money on vacant units. The Board(s) should be notified this is happening. 
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captiivated

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Reply with quote  #21 
suzig45:

It is good to be skeptical but, remember the Board of Directors and their families may be the beneficiaries of the current policy.  There is no good way to avoid the problem but, I have tried to address the issue on the other thread, "More Firsthand Observations"See below.
 
captiivated
Registered: 03/19/07
Posts: 1,067

                                       
    Today at 02:26 PMReply with quote#805

On second thought the practice is somewhat preventable.

1.  As I have said before, rent directly, not through the Resort, if necessary rent at a  discount under the premise, something is better than nothing.
.
2.  Give the week to a friend at a discounted price or a family member
     but never indicate to the Resort that you will not be occupying your week. The people occupying your week should be designated as guests.

3.  Trade your week through Interval International, you will get your money back by the trade but  some unauthorized family may still use your unit if II is unable to effect the SSIR side of the trade but, that will not effect your side of the trade..

4. Be vigilant. If you see people occupying a unit and you have never seen them before  introduce your self and inquire about their rental.  If they say they rented through HGVC check it out, it could be legitimate but may also be a scam . 
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reebop

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Reply with quote  #22 
Letter from Bicknell & Smith offering PH unit 1909, weeks 9 & 10 for sale in an estate.

Anyone want the $2500 finders fee?

This is interesting.  Beyond the estate sale, what's interesting to me is that they were able to get our name as a "current or previous owner" at SSIR from the Lee County Registry of Deeds.  How do we do that?  I wouldn't think that they would go to a lot of expense to obtain our names.

While they're asking $39,000/week in this letter, they're also asking $42,000/week on Hans' site.  I have no idea what units are going for.  Weeks 9 and 10 are right in the middle of the prime weeks at SSIR.  In 2006 the Real Estate Office listed week 10 at PH for $76,000.  These are being offered at about half that.

I'm surprised that 2 unit weeks sold at PH in May 2009 for $140,000.  That seems quite steep for 2009.

PH and the Cottages differ from other associations in that unit location is a significant factor.  The new pool area has a greater impact on certain units at PH and the Cottages than others.

Anyways, I though I'd pass this letter along.

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captiivated

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Reply with quote  #23 
I think I would like to have Bicknell & Smith manage my estate some day.  These people don't have a clue on real market values at SSIR.

PS: reebop your post did not come clear...maybe it was my computer's problem.  But, you may check it out at you end as well.

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justpeachie

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Reply with quote  #24 

Hi All,   Amy whose office is handling the two estate weeks for sale contacted me directly through a referral to let me know that the units were available for rent. ( I was able to place someone in both units) The estate has been open for some time and needs to close quickly, that is why the prices are so low. They are a great buy!!! She does have to go through Hans (he's hard to reach when at the resort) to change her ad, so that is why the difference in prices. I had told her I was unsuccessful in the past by going to the court house to obtain owner names. She said it is available to the public if you know where to look and said she would send me a copy of what she found.  She is only targeting the few weeks around  PH 9 & 10. The two weeks that sold for 70,000 each were in the middle of a 4 week ownership in 1912. I think it may have been a matter of "name your price I want them". I believe unit 1912 for weeks 13 & 14 sold for twice the amount we paid for the same weeks in 1901. Both of these unit weeks sold the same month in 1996. Some people are willing and able to pay whatever to get the unit they want.


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Justpeachie
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captiivated

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Reply with quote  #25 
Justpeachie,

I will pay $1000 for each week, want to play?

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reebop

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Reply with quote  #26 
Hi Justpeachie:  Thanks so much for the info. 

We we're the ones that bought unit 1912 in 1996.  We paid, I think, around $35,000 a week for them back then and you're right about getting the unit we wanted, but not about the pay anything for it.  It was a real stretch for us and we thought we were crazy, but the view from the lanai was second to none.

Plantation House and the Cottages are unique.  I believe they are the only associations where the location and views from individual units vary significantly from one to the other which drive value.  Unit 1912 at Plantation House has (in our opinion) the best location and view of any Time Share at SSIR.  Again that's our opinion.   In 1996 we were renting at Plantation Bay Villas and had the opportunity to buy weeks 13 and 14 there or  unit 1912 at PH for the same price.  The units at PBV are 50% large than those at PH, and as far as accommodations go, there's no comparison between the two.  In addition the units at PBV have beautiful views of the bayou, but it was the view and location of 1912 that we couldn't pass by.

I'm truly bowled over by the $140,000 figure and I agree, those people were willing to spend a lot of money to get what they wanted.
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justpeachie

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Reply with quote  #27 

Reebop,  We actually bought site unseen and just wanted to make a low offer to hold the units a few days to get down and take a look. $16000 each week and the family accepted it. They now own in the Seabreeze. The view was disapointing (looking at bushes and pool filter) but we only have ever stayed in our own unit for 2 nights in april of 1996. Since then we either needed a bigger unit or a different week & have always rented both weeks out for 2800 each, so still consider it a very good investment. Most of the families we rent to during those weeks have children and don't care as much about the view as the convenience to everything. I find that people coming earlier are much more into the view. If you are able to use your own weeks each year I think the view is more important. We just got back from renting a week 8 in 1904 and I must say other than the palm trees blocking much of the view it was still much nicer now that the new pools have been built. We usually stay in 1910 when we are in the PH & that view is great also. I'm sure you are not interested, but weeks 9,10,11,12,13,14 & 15 are all available for sale in 1909. Four different owners, but all want to sell.


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Justpeachie
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reebop

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Reply with quote  #28 
We just picked up week 49 at Plantation Bay Villas for $8000.00  While this is not a prime week, it's was the week we've been looking for, thus prime week for us, and the price was hard to pass by.  I am amazed that someone would pay $140,000 for two weeks at PH.  The view's spectacular, but the view from the Sanibel Cottages is pretty decent as well and those are Lands End units on Sanibel.  You may not have the resort, but you've got all the attractions of Sanibel close by.  When you're talk that kind of money there are a lot of options available.

I do agree with Hans.  A couple of years ago he and I had a conversation where I said I always wanted to own a whole unit.  He said why do that when I could own a number of weeks at different places without the headaches.  Made sense.  We're now up to 4.  Next ones will be someplace other than SSIR.

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justpeachie

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Reply with quote  #29 

We own 9 now. 2 PH  2 SSC 1 Sanibel Cottaged and 4 Eaglesnest (Marco). Problem is we can still only get away 1 or 2 weeks a year, so trying to keep them rented or traded for something else I can rent until we are able to use them. Maintenance fees have gone up 300-400 dollars in each of them though, so not sure we will be able to use them when we do retire. Probably still rent out the PH to help pay for all the fees.


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Justpeachie
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captiivated

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Reply with quote  #30 
Why are time shares so hard to sell?  Because they are. And the reason they are is because they are overpriced and the maintenance fees keep rising. Maintenance fees are very likely going to continue going up but hopefully at a lesser rate.

Sellers have to look at their time share as any investment they want or need to sell.  Prices go up and down and to sell in this market slash the price. That will help, but still may not do it. Remember, the eventual clearance price may be lower six months or a year from now. 

New TS building is not a problem, demand is.  The paucity of demand has to do with unemployment and job uncertainty. The reluctance to travel does not help and the difficulty off setting maintenance fees with rental incomes is becoming  much more difficult.

I think TS buyers have to look at the maintenance fee as the cost of your annual vacation. If the TS becomes a good investment consider yourself fotunate. Any other thoughts?
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