Need Advice Quickly

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

Hi All and thanks in advance for hopefully some advice.
My wife and I bought into Sunterra Greensprings Plantation in 1999 with a deeded property and a 9,000 point assignment. I've always been concerned with the seeming perpetuity of having to pay maintenance fees and felt like there might be a time we would want to get out. Not a proper approach for buying a timeshare for sure.
Yesterday, we attended a "update session from the Greensprings sales office primarily to get the $200 MF credit. During this session I was shocked to find out for the first time that I couldn't sell my Club Sunterra membership aka points, only my deeded week (shame on me for not paying attention in 1999; of course no one mentioned that during the sales process)
We also found out during this update session about the CSV Trust. Explain by a veteran salesperson, it seemed like a no brainer to join so that in the future if we wanted, we could sell our points (the interest in the Trust) and get out - maybe with some return on our original investment. So we went ahead and purchased 2,000 points for $5,240 and converted to the CSV Trust.
After reading this and other Forums, I think I have learned the following:
1. I can sell my CSV interest (subject to the approval of the Association - which I don't know if that is automatically given - of course subject to be current with fees, etc.) however the Buyer of those points would only be able to use them at the resorts in the Trust. They are not automatically members of Club Sunterra (which raises the question about how to they make reservations, etc.)
2. The Buyer of my Trust interest could join Club Sunterra for a fee of $2,995 and maybe also have to buy additional points (I am not totally clear on this)

Contemplating all of this, still with the thought that maybe someday I would like to get out from under all this timeshare business, I wonder if we made a big mistake. We still have time to rescind. I know there are cheaper ways to get additional points but again, my main concern is being able to get out at some point and recoup at least some value (sale of the points). A buyer certainly would not like the fees or additional points to join Club Sunterra which may make the points hard to sell or worth nearly nothing.

There seem to be some extremely knowledgable people on this forum and any advice would be greatly appreciated.

One last question, if we did want to rescind, can you do that at the sales center where you executed the additional sale? It looks like on the paperwork you have to do it at the Sunterra Las Vegas office via Certified Mail?

[Spence Super Moderator Find all posts View Profile Close Spence]

Based on what your goals seem to be, you have wasted $5000+ and will not recoup it in the way that you imagined. Rescind now by certified letter return receipt, if you are unsure of where to send it based on the contract you hold, send it to both Greensprings Sales Center and Sunterra Corporate.

Do you have a deeded week worth 9000 in Club, or do you have a deed that is an Undivided Interest UDI of 9000??

If you were to sell the CSV interest you presently have, the new owner would only have access to 21 Trust resorts but would make reservations the same way you do.

Recently, on eBay,
11,500 CSV sold for $531.00 (I couldn't pass it up!)
10,000 CSV sold for $2550.00
17,500 CSV sold for $5850.00

as you can see, you will not recoup your additional investment!

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

Thanks Spence

Thanks for the quick reply Spence! We have a deeded week at Greensprings that as I understand it, was assigned to get our 9,000 points. We were told that the new owner of Sunterra said he will raise point values at least every year and perhaps more often. We were thinking that if the points continue to be more costly, selling them directly to a buyer may be more attractive but at around $.05 a point, looks like the market is saturated.

I believe we will rescind and if we ever get to the point of wanting to get out from under the continual maintenance fees, will probably just donate or sell our deeded week and hopefully maybe get $500.

Thanks again for the advice! By the way, when you buy CSV points and are already a Club Sunterra member, I assume you still can only use those CSV points at the 21 resorts?

[Spence Super Moderator Find all posts View Profile Close Spence]

You still haven't answered my question. Is your deeded week at Greensprings a deeded fixed week or a deeded Undivided Interest in several units assigned a fraction of the total point value of 9000? This can change some of my answers.

Salesman BS. New owner isn't going to be jacking point values around. Point values haven't changed at Greensprings since inception of the Club in 1998 except for the fact that 4BRs used to go for a doiscount over two 2BRs and now they're the same which makes sense.

As a Club member, if you buy additional resale CSV (Trust) points, they will still be good only at the 21 Trust resorts unless you somehow slip them in or have some sort of special deal.

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

Spence - our current investment in Greensprings is a deeded fixed week. Week 46, a white week.

[Spence Super Moderator Find all posts View Profile Close Spence]

Spence - our current investment in Greensprings is a deeded fixed week. Week 46, a white week.

Well, they gave you an extra 1000 points because that week is only worth 8000! When you go to sell it the points won't transfer, all the new owner will have is the deeded week 46, normally the week before Thanksgiving and not a good week unless you like going to Williamsburg the week before Thanksgiving every year.

I don't follow those weeks, but similar weeks go in the $1-$500 range on eBay. A prime summer late july week just went for $1600! Not good news, sorry, but in buying more to change to Trust you're just throwing good money away. Keep what you had, use it, enjoy it, Club Sunterra is a very nice system.

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

Thanks for helping me think straight on this. After getting some advice from y'all and putting the numbers down, it is apparent we would be throwing away $5k for the "hope" of maybe selling the points for a couple of grand down the road. I sent our rescission in a short time ago and we'll go back to just utilizing Sunterra as we had.

Thanks again for the straight scoop!

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

Based on what your goals seem to be, you have wasted $5000+ and will not recoup it in the way that you imagined. Rescind now by certified letter return receipt, if you are unsure of where to send it based on the contract you hold, send it to both Greensprings Sales Center and Sunterra Corporate.

Do you have a deeded week worth 9000 in Club, or do you have a deed that is an Undivided Interest UDI of 9000??

If you were to sell the CSV interest you presently have, the new owner would only have access to 21 Trust resorts but would make reservations the same way you do.

Recently, on eBay,
11,500 CSV sold for $531.00 (I couldn't pass it up!)
10,000 CSV sold for $2550.00
17,500 CSV sold for $5850.00

as you can see, you will not recoup your additional investment!

I'm just curious. It seems lately that even 4000 point trust memberships are going on ebay for well over $1000, including closing costs. Why would 11,500 points go for only $531 (does that include closing costs?) while 10,000 points goes for 4 times as much. Was there a mortgage on the 11,500 points or did it just slip under the radar?

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

I'm just curious. It seems lately that even 4000 point trust memberships are going on ebay for well over $1000, including closing costs. Why would 11,500 points go for only $531 (does that include closing costs?) while 10,000 points goes for 4 times as much. Was there a mortgage on the 11,500 points or did it just slip under the radar?

Some idiot paid $2500 + closing costs for a 4000 when a 6000 went for the same $2500 + cc just a day or two earlier...Another auction just ended for 4000 a little under $900 + CC ...ebay is full of unexplained stupidity or great finds! all over the board.

[Spence Super Moderator Find all posts View Profile Close Spence]

I'm just curious. It seems lately that even 4000 point trust memberships are going on ebay for well over $1000, including closing costs. Why would 11,500 points go for only $531 (does that include closing costs?) while 10,000 points goes for 4 times as much. Was there a mortgage on the 11,500 points or did it just slip under the radar?

It was $531+CC for total of $930. MFs looked to be listed as a little higher than I think they are.