pmd@cbscc.UUCP (Paul Dubuc) (01/18/84)
In adding to the discussion of timeshare condominiums, I would like to share my experiences as a timeshare owner. About 3 1/2 years ago I purchased two timeshare weeks at a resort called Fairfield Glade, near Crossville, Tenn. The resort was developed by a company which also has several similar resorts in the southern states, mostly (All have "Fairfield" in their name). They used a common ploy to get us to come and listen to their sales pitch--two free nights in their lodge and $50 cash. We decided to make the trip, since we wanted to vacation in that area anyway. The salesman we had was not the high pressure type. He showed us a short film explaining how timeshares work, gave us the financial details and a tour of one of the condos. Everything seemed good to us so we said "yes". I think that (with this salesman, at least) if I had said "no" that would have been the end of it. They even gave us the $50 before he made the sales pitch. With these timeshares (and most others) the year is divided up into seasons--low, swing, and high--according to the demand for vacation time in that area during the year. The weeks are priced accordingly. We paid $6500 for a high season week and $5500 for a swing week. The purchase at this resort is like real estate. It is not a "right to use for 20 years" type deal. You get a "deed" to the property when you pay off the loan and you can sell, rent or will the property like any other property. With purchase at this resort membership is available in an organization called Resort Condominiums International (RCI) which coordinates a world wide timeshare exchange program. In this program, like is traded for like. If you don't want to go to the resort where you own every year, you can notify RCI that you will let someone else use your week and give them your preferences (picked out of hundreds of resorts in a directory) for other resorts covered by RCI. If you plan this exchange a few months in advance you are very likely to get your first choice. e.g. If you own a high season week you can trade it for another high (or lower demand) season week at any other resort in the RCI directory. When you trade you get a condo that has similar facilities to the one you own. We usually take our vacation in Tennessee, but we did trade once for a week at Fernwood in the Poconos (sp?). We had no problems. The number of resorts available through RCI seems to grow every year. You do have to maintain your membership (about $30/yr.) and pay a fee each time you make an exchange (also about $30) to use the exchange privilege. Also there is a initiation fee (about $100) to discourage you from dropping your membership during years you don't plan to trade and picking it up again in the years that you do. The resort usually pays this fee when you buy a timeshare. My overall experience with the Fairfeild Glade resort has been very good. They have almost every recreational pastime you could want: Mini-golf, boating and fishing on a small lake, swimming (one indoor and a large outdoor pool besides the lake), three 18-hole golf courses, tennis courts, a small shopping center, riding stables, restaurants. The fees to use these things are range from nothing to reasonable if you are a timeshare owner ( I can't speak for the golf courses, since I'm not a golfer.) The resort is fairly quiet and not crowded. It's really a resort community with many permanent homes on it as well as timeshare condos. I think this is good for the stability of the resort. The timeshares we own are in a condo develpment called Sterling Forrest. They are well built. They're fairly luxurious by my standards: Thick carpet, fully equipped kitchen and laundry, two bedrooms, two baths (one with a Jacuzzi), fire place, nice furnishings cable TV, central air, etc. Very comfortable. They have some newer ones that are even fancier. There is also a yearly fee ($180 per timeshare week) that is supposed to cover cleaning, taxes, utilities, maintence, furniture replacement escrow, and the expenses of the townhouse association (a policy making body formed to represent owners in Sterling Forrest). The property is very well kept. They claim that $190 is the average fee for timeshares of this type. I think that timeshares can be a good deal (depending on how you like to take vacations), but you need to be careful. There are plenty of bad deals out there. Also, the resale market for timeshares is not very well developed yet. Don't buy one expecting to sell it at a profit in a year or two. The whole concept of timesharing is still new and unfamiliar and there are still lots of new resorts being built or converting to timesharing. I have had my timeshare weeks listed at the Glade Realty office for over a year, at the original price. I'm not in any real hurry to sell, and I'm not trying to sell because I think its a bad deal. I have just decided that luxury resort vacations are not my style. It's fun and I wouldn't mind keeping them if they don't sell, but happiness is not found in great posessions. I guess I'd rather do something else with the money. Paul Dubuc ... cbosgd!cbscc!pmd