May 31 2007
Timeshare
It’s a Memorial Day weekend 17 years ago that I first heard of timeshare. A Filipino coworker saw me looking for a weekend trip so she offered me the ‘opportunity’, charging me $200 for a 2-night stay in the Poconos, the condition for the cheapness was that we had to attend a tour. She never disclosed it’s a timeshare nor we’d be facing a hard sell. Timeshare at that time, just came out of the rehab for years of bad reputation and behavior. Unlike previous timesahre experience, two exchange companies RCI and II added zest to the prospect that you don’t have to stay at your home resort year in and year out. Golfer was bit leery since he’d knew it before, negatively. I was sold, not for the salesmanship but the concept. So, $14,000 for a deeded week at Shawnee each year, with $300 maintenance that includes taxes, etc, $99 x2 to join the exchange companies (we joined both even we only had one week to exchange .. the salesman never got a single referral from us), and something like $299 for the 5-yr membership each, $69 for exchanging a week with RCI or II, plus title and closing, etc., we are in timeshare biz. Any regret since? Not really. But I’d enjoy it more if I didn’t have to pay such steep tuition for I did feel bit duped by the co-worker thou and the salesman was lousy … hey, here is where the tuition comes in, :). Do I have qualm about paying tuition? No, I don’t.
Few years after that a salesman found me at home, said he has timeshare to sell, in Orlando, for only $6,500, with yearly maintenance $450 or so. I just had Kinglazy and was heavy with Slowpoke. So, I thought, hmmm … it’s a great idea, kids would enjoy the parks there. Also they’ll each have a week to inherit .. .. and buy one get 2nd one at 50% off, lol. So he got an audience, drove over from PA and made the sale. We have never visited that home resort even we’ve gone to Orlando 4 times with the kids. Hopefully that’s it for me. I told the kids last year in the park while waiting on the endless long line, that if they’d like to come again, they’ll be by themselves or with their friends.
We have good use of the timeshare, although I lost week here and there for forgetting to deposit (shhhh … pls don’t tell Golfer, lol), many vacations spent at really nice locations/resorts, beach front in Nassau or in the heart of city in Wien when by surprise we caught the Polgar sisters competing in a chess tourney. We toured few more resorts while on vacation, like Marriott at Orlando, selling a week at premium, $38,000 or so; and New York near Central Park was selling $75,000 … Of course there is Steve Case’s million or multi-million dollar home timeshare, or fraction ownership to distinguish the drastically up market. So timeshare’s really taken off. Many resorts offer promotion package of $99 or $199 for 2 or 3 nights stay; my co-worker’s resort, now mine too, could be had for $99 or $129 nowadays lol ..
Starting few years ago, the week system has a sibling, the point system, which gives you more freedom. To convert to the point system from week, the easiest route is to buy a point resort, then pay $26 per week for the conversion. Last night, we just won an auction on eBay for a Hilton Head resort, for all of a US$1. It’s a biannual resort on odd years, maintenance of $895 only due on the odd years. We’ve dropped II long time ago, dealing exclusively with RCI. Now the membership has gone up to $200 for 3 years (promotional), exchange fee’s increased to $164 per domestic week. It’s not for everyone, nor a free lunch. Learn the details and do your math.