re time sharing in furtventura

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

Hi,

I recently purchased a timeshare in furtuventura. Company called Eliteclubresorts.com.

Anyone heard of them?

Joanne

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

Joanne,

Is this the place?
http://www.rci.com/RCIW/RCIW_index?b...e=resortdetail

How long ago did you buy it?
What exactly did you buy and how much did you pay?
Did you buy from the developer?
Did you buy to go back there every year?
Can you still rescind the purchase?

If you bought from the developer you definately overpaid.

The canary islands are a relatively easy trade with some planning and this resort is NOT on the beach which would certainly effect any trade value you have if you purchased a week. If you bought points, then things are a bit different but I still recommend you rescind and educate yourself and then buy resale.

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

re RCI

Hi Lauren

Thanks for response.

No we brought to be able to travel world and stay in 5 star anywhere. 1st week free 2nd week cost 150 pounds.As long as you book within good timescale each year you should get the places you want just avoid school holiday as much as possible.

Joanne

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

rci

Sorry Lawren

Forgot the cost was 4800 euros then further payment of 7200 euors. works out about 8000 british pounds. This purchase if for life and we can re sell and make money.

Jusr pay yearly maintainence, security fee of 200 pounds.

Joanne

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

Hi Lauren

Thanks for response.

No we brought to be able to travel world and stay in 5 star anywhere. 1st week free 2nd week cost 150 pounds.As long as you book within good timescale each year you should get the places you want just avoid school holiday as much as possible.

Joanne

I wouldn't recommend a Canary Island week for trading with RCI. I checked Last Call this morning and there were quite a few available. I would assume that this would be very high season there now. So if there is that much excess inventory with RCI it would trade very poorly.

Are you saying the purchase price was 150 pounds sterliing? That is only $280 US. Or is that what your annual maintenance fee is?

How long ago did you purchase this week? Can you still rescind?

The members here will certainly be able to help you find something that would trade better than this property.

Maybe Keitht will chime in.

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

Sorry Lawren

Forgot the cost was 4800 euros then further payment of 7200 euors. works out about 8000 british pounds. This purchase if for life and we can re sell and make money.

Jusr pay yearly maintainence, security fee of 200 pounds.

Joanne

OK Joanne that is more in line with reality. 1200 euro = 15,386 USD

Please follow instructions to rescind IMMEDIATELY. We can help you find something at 25% of that cost that will be much more effective to trade worldwide with.

Steve can help as he is very europe savvy and will help you avoid using RCI. I will PM him and Keitht to help with this scenario.

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

Joanne,

The price paid is way too high, and the 'exchange value' is likely to be low. It sounds as if you were given the standard rubbish about "Anytime, anyplace, anywhere" by the sale people.
Check this link to see your legal rights.

You don't say when you purchased or the dates you own each year. That is all relevant to the situation.

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

That is a good advice site, Keith.

Time is of the essence to rescind. If you are still within the recission window, I would cancel and find something that will cost less and serve your purposes better.

Trading power with RCI is based on supply and demand. The Canaries are an overbuilt area with excess supply, and therefore don't trade that well. To enhance your trading power, I would look more at the Netherlands, Belgium, France, or Italy, if you are using RCI. Resales are a small fraction of what a developer charges.

A better value exchange option for you might be www.daelive.com

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

That is a good advice site, Keith.

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Yes it is, I'm pleased to have come across it.

The Citizen's Advice Bureau provides entirely factual information on a wide range of subjects. It has no affiliation to any other organisation and therefore no axe to grind one way or the other.

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

Thankd Keithe

I purchased the timeshare or partshare in calete de fuste club montecastillio.

They are on the database for this website. It should be straight forward to exchange weeks for anywhere else according to them. on their website you just book.

Still unsure of paying final figure though at end of this week. Just feeling buyers remorse still and scared in case it all goes wrong.

Joanne

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

What people on this site are trying to say is that timesharing is a good thing, but purchasing from a developer rather than resale means you are paying a lot more than you should, and that there are many places that will trade a lot better than the Canary Islands.

You would be way ahead to back up and go a different direction, by rescinding this developer purchase and studying the resale market to pick a week that will cost you a lot less money and give you a better choice of vacations.

One place to start looking is the timeshare auctions sites on ebay and www.bidshares.com

[Glitter Brunello Super Moderator Find all posts View Profile Close Glitter Brunello]

JoAnn,

Do what pleases you, but if you continue with your purchase at that price after finding this site, I believe it will be a first!

Timeshare developers prey on the first time buyer who knows nothing of the resale market. The value of your timeshare on resale will not come anywhere near what you are paying. BTW, there are a lot of units for rent at this resort on ebay, ranging in price from $300 - $900 US per week depending on week and size.

Avery

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

Joanne,

If you are happy with the price you paid once you are aware that exchanging isn't as simple as saying I want to go to ..... from the ..... of..... to the .... of ..... and your wish will automatically be fulfilled then you have absolutely nothing to worry about. If you are having doubts about the reality of the exchange aspect, which seems to have been your main reason for buying, then you should try and cancel then think your options through carefully.
The people on this site are generally very happy with timeshare as a concept, but are becoming less happy with the major exchange companies such as RCI due to increasing membership and exchange costs and the apparently shrinking inventory of exchange units.
Did they tell you which exchange company your resort is affiliated to?
I'm afraid the biggest load of bull**** you have been told is that you can sell the timeshare later and make money from it. Typically resale value of timeshare is around 1/4 of the developer selling price - on a good day. Take a look at recent t/s auctions on Ebay to get a sense of the reality.

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

Joanne, making exchanges is not that easy as they tell you at the timeshare presentation. If I were in your shoes, I would cancel and start reading these forums before buying again. You will always find a re-sale later. We bought all our timeshares from developers before we found the timeshare forums and I wished I could do it over again and buy re-sale too unless there was no other option to get what you want.

Good luck with what you decide to do.

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

re cancel

Hi All those that have responed to my concerns. Wow you all have been there have'nt you.

I can cancel but will lose the money I have already put down which was 4800 euros. I could try and recover this back as paid on card.

Joanne