Buying another timeshare - Ocean City Sea Time 3BR - Week 28

[bigfrank Administrator Find all posts View Profile Close bigfrank]

You've looked at the TUG reviews, right? Most are old but one is from 2006 and the guy who wrote it, Jim Eisenberg, seems very familiar with Ocean City. Maybe you could get in contact with him?

Both myself and Lawren stayed here with in the last year. Auction ended at a higher price than both me and Lawren felt it as worth.

[SOS8260456 Moderator Find all posts View Profile Close SOS8260456]

Ken,
I know it is hard to pass on something that sounds great, but one thing that I have learned from these forums is that there will almost ALWAYS be another deal out there. So if you decide to pass on it, then keep that in mind. Also with the end of the year coming soon, you know what kind of deals that brings out.

I haven't done any research on this particular deal. But I do know that 3 bedroom prime ocean front units in the Northeast aren't exactly out there for sale all of the time.

Just curious, Lawren and Frank, what are the reasons why you don't think it is worth the price?

Lisa

[Guest Close Quarterbore]

Sorry, I got busy....

The resort is certaily a little older and we recognize that. We also recognize that the unit is off the main bordwalk areas (not a bad thing IMHO) as we can always drive to a more active area if desired.

We have been looking for a 3BR week in this area for well over a year and darn there are not a lot of options that show up and the prices we have seen have consistently been in the $6k and up range.

Odds are very good that we will not be renting or exchanging this week anytime soon as we are buying to use. I plan to call the resort tomorrow to verify the seller information and then we will likely roll the dice on this one and send the payment.

I do appreciate the advise, this has just been a tough search and this one is in reach even if we may be paying a little on the high end and I am not sure that this is a high price for the size unit but if it is we just need to dollar cost it out for the next few years.

Thanks Again,
Ken

[Guest Close Quarterbore]

Did you use your week 33 in Pennsylvania?

We did, and it will be the last year we try to go on vacation with three kids to a resort that only has 3-beds. It rained most of the week and man was it a really rough week.

We are replacing the 2BR unit with a 3 or 4 bedroom week one way or the other! That was a really rough week

[lawren2 Malibu Beach Barbie & A Super Moderator Find all posts View Profile Close lawren2]

I would have been much happier if the auction had ended at $5k but it didn't. and the reason is it is a very hard to find size, for the second week of July in a very popular east coast summer destination with extremely low maintenance fees.

The beach entrance is no more than 100 feet away and there is a complete oceanview from this floor. Something OceanTime <the next block inland from the beach> does NOT have.

The units are not spectacular. As with many beach resorts in NJ, MD and NC they are well maintained, very roomy and well equipped.

Sea Time like many other older eastcoast beachfront "resorts" is probably only a third timeshare while the rest of the units are year round residences. I think this is a positive for these resorts. Although the prime season is quite short the buildings are well maintained because of the fact that people LIVE HERE. The HOA also has reliable fees coming in all year long from residential which should keep the MFs low.

I had looked at the sales list and not a single summer unit was for sale when we stayed in August 2006.

Since Ken intends to use this unit each year I think it warrants it's cost. Particularly as Ocean City is easy driving distance from where he lives. I would not spend nor recommend this kind of money on a trader.
If he DOES choose to rent or trade in the future he will be very happy with those options as well. Ken will also not take a loss if he decides to sell this unit down the road when his timeshare needs change.


I may not have been the very best person to come to for advice as I will sacrifice glitz for location. I did advise Ken of my bias. I also have dibs on this unit if he ever rents it.

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

I have dibs on this unit if Ken ever decides to trade it privately for a very nice THREE BEDROOM in Williamsburg (Yes, that's THREEEEEEE BEDROOMS!) or a LARGE week 30 two bedroom in Cape Cod. Whaddya say, Ken?

[bigfrank Administrator Find all posts View Profile Close bigfrank]

Ken,
Just curious, Lawren and Frank, what are the reasons why you don't think it is worth the price?

Lisa

When Ken asked I said $6K max, It just so Happens Lawren told him the same thing. I would not even pay that much for an old resort but he wants it to use.

ken I would try talking to this guy to see if they will remove the $500 fees if not then he might put it back up on Ebay and you can get it for less.

[davhu1 Senior Member Find all posts View Profile Close davhu1]

We bought beach weeks on ebay several years ago. At that time prime red weeks (I consider them Jul and 1st 2 weeks in Aug) in mid Atlantic do not come by ofter and when they do, they are bid up high. A 2 bd in a decent resort is about $4000-$5000.

Personally mid $5000 may be okay but not too sure about more than $6000. For a 3 bd and low mf, may not be too bad if you use every year (at least 6-7 years). But then again will you really use it. I don't know how old your kids are. We went to ours resort a lot the first few years, but has not been back for the last 3. Then this year, my younger one, now a teenager, tells me really does not like the beach.

Also, beach weeks tend to have higher mf. With the low mf at Sea Times, they may not have reserves, so be prepare to pay special assessments. We paid on the avg for our 3 beach ts ~$100/yr extra for reserve or special assessments.

May be you can try negotiate with the seller to see if he will lower ther price.

[Guest Close Quarterbore]

Well, darn this unit has proven to be an issue to get...

First we get outbid in the last 5-seconds of the listing. Then we get a second chance offer and we decide to go for it. I e-mail the broker for info about the buyer to verify ownership with the resort before we send the payment and the owner decides they don't wish to sell now.

So, the short of it looks like we will need to continue our search for a 3BR or larger beach unit sometime in July. Easy come and not so easy go but perhaps we will get lucky on the next go round.

[bigfrank Administrator Find all posts View Profile Close bigfrank]

Ken walk away.

[lawren2 Malibu Beach Barbie & A Super Moderator Find all posts View Profile Close lawren2]

Buying season approaches.

[riverdees05 Platinum Contributor Find all posts View Profile Close riverdees05]

From reading reviews at several places, sounds like things worked out for the best for you.

[slim04 Junior Member Find all posts View Profile Close slim04]

I've been looking for a large 2Br or a 3Br in Ocean City, MD for a while and noticed that ebay posting. I declined to bid after the seller stated she was selling on the behalf of someone else, I would have to pay cash directly to her in 2-5 days, she would represent me at closing as the buyer, and then would deed the property to me. Huh? When she said no to escrow or using a legitimate closing company (at my expense), I tried to find out about her company. As best I could figure out, she is some sort of psychological therapist in MD that sells Texas land on the side on ebay (with some ads featuring scantily clad women). I couldn't find any evidence of a real estate license in either MD or TX, so there was no way I was going to send $5K+ directly to her. Oh well. It probably worked out for the best that the deal was called off at an early stage.

[slim04 Junior Member Find all posts View Profile Close slim04]

Good luck in finding a July timeshare in OC. I think I am about to give up and try Virginia Beach or OBX. Though, I don't know if my 3 year old can take a 4.5 or 6 hour car ride.

That 2.5 hour trip from DC to a beautiful beach is so seductive, eventhough most timeshares there are of low quality (compared to Orlando, Williamsburg, Myrtle Beach, or the OBX). But then again, 2 star hotels a few blocks off the beach in the OC were charging $200 per night last August. Makes that $425 MF seem like the bargain of the century.

The only places that I know in the OC that is ocean front with 3BRs are St. Tropez, Sandy Square, and SeaTime. Sandy Square and SeaTime's units are very large and nice (OC standards). Most of SeaTime's resales units are sold through the management company and they have an email distribution list. Sandy Square is mostly sold through Parke Realty. I've never seen a 3 Br summer week on sale at either Sandy Square or SeaTime. I'm told that there are large waitlists for 3BR summer weeks, so they are sold quickly, often at insane list prices. So if you are willing to pay the going rate, you should contact Parke Realty or another OC real estate company to keep a look out for you. The lowest price I've see for a summer week in OC was $2,800 for a week 31, 2BR. But it was bayside, coupled with a blue week, and had a $1,500 special assessment coming up, so I passed.

The rarity of summer weeks in the OC and the relative affluence of nearby DC and Baltimore really drives the prices much higher than they should be. When I see $1,500 August weeks on ebay for Myrtle Beach, I just cringe.

[Guest Close Quarterbore]

Welcome Slim! Yes, I have found that finding a 3BR summer week in OC to be tough like you describe. There are more options up towards Cape Cod and we may look at going that way as much as I would rather not.

This seller did make me nervous as well as she suddenly got cold feet when I asked for the name of the deed holder and the actual unit they owned so that we could call the resort and verify that the deed we are buying was legit. Too much fraud and this one had me nervous....