Los Angeles, CA · Member since 2021 · 3 posts · 0 votes
Hi BP Community,
I was curious if anyone has purchased timeshares at a tax auction? I have seen some timeshares at places like the Four Seasons in San Diego go for $100. I know you are responsible for any liens and the yearly maintenance fee. Just curious if anyone has bought them to use or
Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
5y
@Angela Daigle No I haven't. I can't imagine why anyone would want a timeshare.
However when buying at tax sale the most important thing to consider is what is the value of what you are bidding on. If there is a secondary market for time shares and it's worth $5,000 then it's probably worth buying at $100. It's all about the numbers.
Keep in mind part of the numbers may be hidden costs like recording of your deed etc.
Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes
5y
I have not bought time shares at tax sale. I remember back about 10 years ago there were lots of foreclosures at Aviara. HOA dues or whatever they call them are something like 2000+ a week/year. Probably varies on size of the room. I've stayed there a handful of times and got different type of room each time. One was basically hotel room, another one I remember was bigger with more or less full kitchen, living room, and dining room table. I think there was also a point where they had a special assessment of several thousand for refresh of the property a few years ago. Not 100% sure about that, but seems like I heard something about that. If you normally vacation someplace like that, it is a beautiful place. At one point you could also trade in weeks for certificates to use at other FS properties and maybe trade with Scottsdale, but not sure if that is still the case.
I think there are a lot of people that consider timeshares a liability. You're buying the right to use it for a certain week, but you're also buying the right to pay thousands each year for that priveledge. At least you can feel good that you didn't pay whatever their originals sales price was...$50,000 or $100,000 a week or whatever.
Traditionally there have been pretty cheap resales if that is where you want to vacation. I think some people even give them away...so not sure what the advantage of buying at the tax auction is. You might be able to pick these up cheaper at just the regular resale outlets. Then again you have to wonder why people give these away or why they have no value?
Here's the link to the San Diego County Tax Sale Timeshare info.
Lender · San Diego, CA · Member since 2011 · 664 posts · 231 votes
5y
@Angela Daigle if you want the timeshare for yourself it might be worth spending $100, but the resale market is horrible. I have a couple friends that own timeshares here in San Diego and they'll probably give them to you if you want to take them over.