Timeshare Valuation

[Thomas Fiehler]

Paul-I purchased a time share a few years age but it is not by "the week". We purchased a number of points thru Cendant and then with the points you can book at any resort they or RCI have. We actually have the deed to 1 week in Florida in the Ft. Lauderdale area. One thing to consider is maintenance fee. If I were doing it over, I would probably check the maintenance fee in Las Vegas because I believe their fees will be lower. We have used our points for air fare, rooms in Gatlinburg, Las Vegas, and are now planning a trip to Florida this spring. With the points, you are not committed to any certain week. If you have any questions, please feel free to email me at: fiehler@fuse.net. Tom Fiehler

 

[Mike Garrett RAA]

Run like the wind!

 

[Pamela Crowley (Florida)]

The fee would have to be VERY HIGH to even begin to make me think about taking on a time share appraisal. I mean at least $5,000 and about a month for me to find someone I trust to help me with it.

That basically means, I don't want that order and there's no way they're going to give it me. Might as well take on grenade and carry it around with you for at least 5 years knowing full well it has a shaky pin that could go off on you at any time. Especially here in FL.

My $.02 worth of advise: Just say "NO!!!"

 

[Walter Kirk]

My point is that in my opinion most time shares are personal property not real estate.

 

[Randy Beigh]

Tim

I agree with Walter in that I think they are personal property. They aren't real estate.

Having said that, I don't completely agree that you should run like the wind from the appraisal. I suspect there is a niche that may be worth fulfilling. For the one time appraisal that you have mentioned, I would agree that it may not be worth you time and trouble. But, if you look into that niche, there may be a market worth pursuing.

 

[John Wilson]

Do you appraise the the Fee Simple portion of the bundle of rights per owner, or do you appraise all the portions together per unit? Seems these would be more like an Income or Leased Fee approach.

Never done one, didn't know you could, wouldn't know were to start. :blink:

 

[Randy Beigh]

John

I haven't done any either, but I would think the 2 places to start asking questions are lenders and the sales offices that sell these things.

I would doubt they are leased fee, probably personal property, more like a car appraisal. You are not buying a unit, only the right to use a unit, in other words, just paper. Probably why they don't seem to be good investments.

If a niche exists, then after initial learning period, one should able to do these things throuhgout the country and never leave your desk, since there is nothing to see. Since they aren't real estate, I'm not even sure USPAP or state licensing laws would be in play. Standard 7 deals with personal property, but I don't know if it would have much to do with this.

 

[Fred]

Make no mistake. Timeshares are real property, not personal. They are permanently affixed to the ground and not movable. They sell on warranty deeds and are recorded. Unit owner pay real property taxes because units are assessed. The furniture is personal property.

only the right to use a unit,

The right to use is not a stick in the bundle of real property rights?

How would one enter or leave a timeshare without walking or driving on someone’s ground and entering someone’s air space. These rights, are real property rights.

Pam,
$5,000? What do you charge to appraise a shopping center? $5 million :lol:
I want to appraise in your area!

 

[Randy Beigh]

I asked to see the unit and I asked for the dates of the timeshare. I was told that the owner had never been in the same unit (or even the same resort) twice and that the time floated within a window of several weeks. With those facts in mind I determined that the time share was not an interest in real property.

Steven

I took my thoughts, in part, from Walter's post. It seems to me that if one never stays in the same unit twice, then he doesn't anything, but paper and a right to stay in a unit. At that point, it doesn't sound like real property, to me.

We used to have campgrounds like this. Thousand Trails is the big name I remember, but there were others.

 

[jtrotta]

someone suggested to search the web-good input; wouldn't do one, expense outways the worth.

timeshares are like ( in some areas) condos. - your buying the air rights, with an option to swap your air time for someone else's. How much do you spend on a vacation suite per week and I don't mean a $29.99 per night flop house; these puppies are loaded to the nines and are in prime locations.

real estate - location, location, location :mrgreen:


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