San Franciso to auction timeshares to pay off tax debts..

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

On Wednesday, the San Francisco Board of Supervisors Budget and Finance Committee will vote on whether to authorize the public auction of these 117 properties. The properties will be sold at a minimum bid, to cover the delinquent taxes and fees to The City....

Of the 117 properties, there are 96 timeshare units, five condominiums, one vacant lot, eight single-family homes, one commercial retail store, two duplexes, three apartment buildings and one hotel. The sale is expected to net The City $1.1 million.

Article can be read Here.

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

People are walking away from their timeshare units. Some of the maintenance fees (big name developers especially) are getting ridiculous so it may get worse yet. A timeshare is not a necessity and certainly not when renting becomes more economical than owning.

What is very telling is that the Marriott is planning to spin off their timeshare division. I wonder who is next? Who is going to buy a timeshare when fees are higher than renting?

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

People are walking away from their timeshare units. Some of the maintenance fees (big name developers especially) are getting ridiculous so it may get worse yet. A timeshare is not a necessity and certainly not when renting becomes more economical than owning.

What is very telling is that the Marriott is planning to spin off their timeshare division. I wonder who is next? Who is going to buy a timeshare when fees are higher than renting?

Nobody that is knowledgeable about timesharing will buy. Unfortunately there will always be the uninformed that don't understand M/F and fall for the sales pitch. When they realize what they have done, many of them will walk out causing M/F to go even higher.

[Ryne08 Senior Member Find all posts View Profile Close Ryne08]

Is this one major timeshare development that is delinquent in taxes?

[T. R. Oglodyte Moderator Find all posts View Profile Close T. R. Oglodyte]

Is this one major timeshare development that is delinquent in taxes?

Most likely it's just deeded owners at San Francisco timeshares who have stopped paying taxes. Tax auctions have been done for years by counties such as Riverside, San Bernardino, San Diego, and Ventura for at least ten years.

Since CA bills taxes directly to the deeded owners, it's not uncommon for owners to not receive notices if they move and fail to tell the tax collector their new address. Other times, people have simply stopped paying anything on their timeshares - maintenance fees as well as taxes.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Based on these replies, it sounds like the best prospects for the auctions would be folks who don't know anything about timeshares.

Or, for that matter, it raises the question as to why non-payment of fees and taxes is not more widespread. (or is it?)