Bought a Timeshare...is it good price?

[nari001 Junior Member Find all posts View Profile Close nari001]

HI,

Few weeks ago I bought a week, every year (winter red) at Olympic Village Inn which is part of Grand Pacific Resort for $15990. Can somebody say if this is a good deal? HOA fee is $580 per year.

Secondly is Olympic Village really part of Grand Pacific?

Thanks-

[taffy19 Gold Contributor Find all posts View Profile Close taffy19]

Did you buy from the developer? Most likely, it is not a good price in that case. Did you pass the date already of sending in your rescission notice?

Look that up quickly and if you still have time, follow the directions word for word and send it in, if you have any doubts that you made the right purchase. It is very easy to buy but a lot harder to sell unless you take a big loss.

Others will give you their opinion too as I don't know anything about your timeshare. Good luck and welcome to TS4MS.

[falmouth3 Senior Member Find all posts View Profile Close falmouth3]

Welcome and congratulations

First, congratulations on your timeshare purchase!

I don't know anything about the resort. Yes, you may have paid a lot for the resort if you bought from the developer. If you can't rescind, just plan on enjoying the timeshare. Almost everyone here bought their first timeshare that way so you're in good company.

Also, you'll find that the people here love being timeshare owners and you'll get a lot of insight and advice from everyone. It's a great group of people, some with many, many years of timesharing under their belts.

I just came back last night from another timeshare vacation in Las Vegas. We were just saying how much we like being able to come back to a living room and kitchen, in addition to the usual bedroom that you'd find in a hotel room. You can spread out and relax. It's a fantastic way to vacation!

Welcome to timeshare forums!

Sue

[nari001 Junior Member Find all posts View Profile Close nari001]

Thanks. I bought it directly from the developer. On their business card it says Offered by Global Intervals, agent of Grand Pacific Resorts.

I can cancel it only within 7 days. It has been a month now. Am I stuck with this and no recourse?

[Pstreet1 Senior Member Find all posts View Profile Close Pstreet1]

Unfortunately, yes. It's a legal contract.

[taffy19 Gold Contributor Find all posts View Profile Close taffy19]

If you like the resort, enjoy it and your family will have great vacations in a nice condo rather than in a cramped hotel room. It looks like you bought at a resort that has many others to choose from so that makes it even better plus you can make exchanges with an exchange company too.

We also love our timeshares and bought our first one in 1983 and the last one last year so that tells you enough. Timesharing has it's advantages and will force you to take vacations too.

Enjoy and do not look back and make yourself miserable. Make the best of it and take lots of pictures of your family so you have the memories for later.

[1950bing Senior Member Find all posts View Profile Close 1950bing]

Yes, you are stuck with it. You are also stuck with increasing maint.fees that will go up every year. Look out for that SA that the salesman failed to mention to you.Some places are charging for parking and now even laundry. Get ready to pay for a trade club every year too! Actually get a trade and they charge you for trading, AGAIN! Know that you will need to request a couple of years in advance for a trade too! When you no longer want it you will take a beating on your investment. Expect well below half of what you paid for it if you can even sell it at all! Check the net and see how many thousands of places are for sale. You can find people selling them for one dollar on ebay. Some owners want to just give them away. That will let you know what their worth really is.
Sorry the passing of 7 days have left you stuck.
Remember, timeshares are a very poor investment.

[Guest Close Quarterbore]

Try not to let Bing get you down too much. It is true that you could have made a better purchase but it really is too late.

We are glad you are here and we hope that you will stay and enjoy the company and we can all get the most out of our timeshares. You can also learn from the experience and try to help others to not make the same mistake.

Timeshares really are a great way to vacation. We just really try to let everybody know that the resale market can save a whole lot of money. Unfortionately, too many people find us too late for their first purchase but then they tend to buy a couple more off the resale market at 30% or so of retail and it helps them balance out the costs some.

It is still the same place that the salesperson convinced you was worth $15k... We just didn't catch you in time to tell you that you might be able to get it for about $5k on the resale market but we did try.

[acesneights Member Find all posts View Profile Close acesneights]

Well, it looks like it rents for $2000 a week in winter, so from that point of view if you use it every year, you are saving $1400 over a cash rental.

I couldn't find a resale value.

Stan

[brother coony Senior Member Find all posts View Profile Close brother coony]

Congratulations on your purchase, and enjoy,
Thimeshare are great investment,I use to buy rental realstate years ago ,but rental no longer cover cost and leave a cash flow due to price of housing
I now but timeshare and rent them out at least $500 over maintance fees,and have more demand that I have Supply, Yes its a matter of supply and demand,buy where there are one or two in an area that that every one wants to go,like NYC new years week, US open week thanksgiven week ect.
Boston, week of Boston pops Daytona FL. Race week or bike week, buy in walking distance to whatever events or as close as possible, I buy resale and developer
3 yrs ago I paid $48,000 for A new years week in NYC from Developer and contracted for for a 2nd at $44,000 recinded the 2nd , went back 30 days later they were all sold out of new years week, I am still looking on the resale market, Ebay, Tug, Red week, Stroman ect. no luck (sorry saw 1 at $55,000
bottom line enjoy your purchase and rent it out when you dont want to use it
brother c

[bigfrank Administrator Find all posts View Profile Close bigfrank]

Not sure if you know this or not but GPR HOA is on this website. You have to request to join in or you will not see the forum. You can find the link to join under member tools then click on private groups.

http://www.timeshareforums.com/forum...editusergroups

[Jim McLaren Member Find all posts View Profile Close Jim McLaren]

Remember, timeshares are a very poor investment.

If you are trying to buy something that will appreciate in value over the years then Bing is right. But then a car is a poor investment also. If you bought your timeshare to enjoy quality vacations then it it not a poor investment. You will probably keep your timeshare for 10 years or more in which case you will come out far ahead of the cost of renting and enjoy it more. Back in the day some people were burned by timeshare purchases and have soured on them. By and large that does not include the people on TS4MS. Most everybody here loves having a timeshare and many have multiple timeshares. (I only have one but that is because DW doesn't think it's a good idea to get a second.)

Stick around. The people here will give you an education. I've only been here a month or so and have learned much that I wish I had known before I bought my timeshare.