Understanding MF

[JMPM4 Junior Member Find all posts View Profile Close JMPM4]

There is a 2br lockoff on ebay at Greensprings with MF for $896.03. WK 16.
I own a 4br lockoff at Greensprings with MF of $853. What am I misunderstanding? Mine breaks down to two 2br units. How do they figure the MF for these?

[sheilaanthony Member Find all posts View Profile Close sheilaanthony]

We are also owners at Greensprings, and to the best of my knowledge all the units are 4+4 lockoffs. I believe the seller is misinformed. Our maintenance fees for 2008 were $891.03 plus $5 voluntary contribution. I suppose that's where they got $896. If you paid less then you are certainly special, or lucky. I thought all owners paid the same. Also the e-Bay listing won't get too many bidders the way that ad is written. Someone should do some research and if they like that week, pick this up for $1.

[JMPM4 Junior Member Find all posts View Profile Close JMPM4]

Special I highly doubt it. Wouldn't be that lucky. We purchased our unit towards the end of 2007. We made our MF with closing cost and winning bid. Maybe they made a mistake in the listing. I haven't received anything from Greensprings to say anything different. If it was higher they must had paid the difference. So in theory MF should be half as posted? Any idea what the point value would be on this if it was to be converted to The Club?

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

Special I highly doubt it. Wouldn't be that lucky. We purchased our unit towards the end of 2007. We made our MF with closing cost and winning bid. Maybe they made a mistake in the listing. I haven't received anything from Greensprings to say anything different. If it was higher they must had paid the difference. So in theory MF should be half as posted? Any idea what the point value would be on this if it was to be converted to The Club?

To my knowledge, no units were sold like this (but you never know) they sold 4BR deeds then they sold some UDI points deeds, then they sold the Trust. There is no such thing as a 2BR lockoff (2x1BR), doesn't exist. Unit 88G is half of a 4BR lockoff. Week 16 is worth (cost to rent) 5000 for a 2BR and 10000 for a 4BR.

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

Maint. fees have always been a thorn in the side of timeshare ownership. When I was an owner I figured out what the resort brings in just in fees. The number of places ava. X the figure x 51 was huge!!!! At least at the place I owned there was no input of owners as to how much to charge and how to spend it. This did not figure the other income outside of MFs. The resort would throw in a SA every now and then that = more money. There was always a large figure in " non paid maint.fees" on the year end statement. I always felt that was one reason my fee would go up every year. I also found out that not everyone would pay the same fee for like places. There should be a cap! I also think fees should reflect what your resort has to offer. Star ratings should also reflect what they can charge.
Take the time to figure your place, it may just shock you. Maybe just maybe they could lower the fees for a couple of years. That would make paying it feel better. But, once they get it why should give it back?
Fees was always an issue with me. I hope that whole area can be improved for todays owners.

[timeos2 Senior Member Find all posts View Profile Close timeos2]

Fees aren't going away

Maint. fees have always been a thorn in the side of timeshare ownership. When I was an owner I figured out what the resort brings in just in fees. The number of places ava. X the figure x 51 was huge!!!! At least at the place I owned there was no input of owners as to how much to charge and how to spend it. This did not figure the other income outside of MFs. The resort would throw in a SA every now and then that = more money. There was always a large figure in " non paid maint.fees" on the year end statement. I always felt that was one reason my fee would go up every year. I also found out that not everyone would pay the same fee for like places. There should be a cap! I also think fees should reflect what your resort has to offer. Star ratings should also reflect what they can charge.
Take the time to figure your place, it may just shock you. Maybe just maybe they could lower the fees for a couple of years. That would make paying it feel better. But, once they get it why should give it back?
Fees was always an issue with me. I hope that whole area can be improved for todays owners.

At well run resorts - which usually means resorts with Boards under the majority control of the individual owners - the fees are based on informed decisions. That would be made up of the real costs of operations, the future needs of the resort (reserve collections) and taxes less any outside income (rentals, commissions, etc - usually not a large number unless there is a large number of delinquents to rent) plus a discount for estimated delinquencies.

Done correctly fees will almost always go up (things aren't getting cheaper as we all know) but it will be in a reasonable way and without special assessments. Done wrong - as most developer controlled Boards do - the reserves are seriously underfunded (lower current fees mean easier sales), operations get shortchanged and eventually owners get slapped with a large SA as the money wasn't collected slowly over the life of the units to fund replacement. Not to say owner controlled Boards can't make mistakes (they too can be too focused on the rate and lose sight of growing delinquencies, reserve funding thats too low, under funded operations, etc) but in general they seem to do better than when Developers remain in control to properly operate and maintain the resort. They are the owners and have no obiligation except to make things work for all owners thus aren't as tempted to cut corners - especially not to help sales.

The real cost of any timeshare is the ongoing fees not the upfront expense. Another reason paying the inflated developer price makes no sense over the usual big savings found in resales. Fees are never going to go away and seldom go down as long as you own a timeshare. Only when they don't represent a good value for vacation use received do they really become an issue.

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

John,
I'm not sure why you humor Bing. His post has nothing to do with this thread, yes, I know the title is "Understanding MF" but that's not what the OP was getting at.

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

I am not here to be humored. I am here to inform. Not everyone that clicks on here are as informed as the pros that live here.