My inlaws want to get rid of their 2BR week 20 in NOLA (highly rated resort). We're not interested in going there (I lived there for 11 years), but traded it through II a few times and found the process difficult. We're trying to decide whether we should buy it from them or help sell it. I'm in the process of determining its value and will call the resort tomorrow. I guess my question is in regards to its trading value, because I can't find much availability when searching on the II site. We banked 2010 early, thinking that we'd see more choices, but the availability seems the same as for our 2009 week that we still haven't used. If I want to get something in southern Florida during the winter (Jan-Mar), it looks as though I'll need to put in a request. But I have no idea how much or little to request as far as dates, areas and resorts. I don't want to be stuck with a not-so-nice resort. Can you please give me some advice?
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Keep or sell week in NOLA?
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Originally posted by desertgal View PostMy inlaws want to get rid of their 2BR week 20 in NOLA (highly rated resort). We're not interested in going there (I lived there for 11 years), but traded it through II a few times and found the process difficult. We're trying to decide whether we should buy it from them or help sell it. I'm in the process of determining its value and will call the resort tomorrow. I guess my question is in regards to its trading value, because I can't find much availability when searching on the II site. We banked 2010 early, thinking that we'd see more choices, but the availability seems the same as for our 2009 week that we still haven't used. If I want to get something in southern Florida during the winter (Jan-Mar), it looks as though I'll need to put in a request. But I have no idea how much or little to request as far as dates, areas and resorts. I don't want to be stuck with a not-so-nice resort. Can you please give me some advice?... not enough time for all the timeshares ®
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From the week after Memorial day to the end of Sept IMO they are worth less. As Hoc said way to Hot.Timeshareforums Shirts and Mugs on sale now! http://www.cafepress.com/ts4ms
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I would say and just help them sell or give it away(dump) unless you really like the resort!
Calling the resort to get value will get you nothing but bad information probably because what they think it is worth and what it probably sells for aren't close.
From your remarks about your dealings with II why would you even think of buying a place you don't like and don't care for exchange process either?
IMHO just help them get rid of it!
PHIL
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Thanks for your feedback. I was hoping that I could use it for some decent trades, but it sounds like that will be difficult. Interval's ShortStay program looks promising (I've booked 6 nights in HH), but I don't know what will be available in Florida this winter and don't enjoy searching multiple times per day.
The Gold Interval membership is paid through 3/2013. Will that transfer with the unit and is it a good selling point? Or maybe it can be cancelled and the unused portion refunded?
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What date does week 20 cover? If it includes the second weekend of May, my guess is you may be able to rent it as that's graduation time for Tulane and Loyola.
BTW, the remaining portion of II Membership can be prorated and refunded in case you decide to cancel.
Edit to add that week 20 seems to be one week later than the graduation weekend. So I agree it's best to sell if you can.
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The Loyola website indicates that graduation is May 7-8 next year, while our week starts on May 15. There are a few minor festivals at that time, but no big draw.
Phill12, you were right about the resort being pretty useless when it comes to putting a current value on the unit. They have some foreclosures that are listed for their outstanding balances (they said they couldn't make money on them), ranging from $5500-8500. Which is in line with the resale listings I found -- 18 "comps" that range from $3100-$19,900 (with the exception of one eBay listing for $1); the average is $10,000 and most are in the $8000-10,000 range. I wish I had some actual sales figures, but perhaps they're just not selling right now. It was hard to tell from my phone call with the resort.
I think I'm going to advise my inlaws to hang on to the unit for now, until the market firms up. Not sure if it makes sense to give it away, if we can trade it for a little more than it's worth.
The resort mentioned that they will be offering RCI points conversion and that this unit is worth 52,500 points, but you have to either pay $3995 or purchase another week. Sounds awful to me, am I wrong?
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From everything you have stated I would say still try to sell it but remember that now and for a long time many timeshares are close to worthless if selling.
The best thing to do is use it for family or exchange which should have always been only reason to ever buy it in first place.
I like having my deed and would never pay more to change to points. Your wanting out so why would you ever think of giving them more money. You would just be digging that hole deeper!
PHIL
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