Timeshares

[Alligator Appraisals]

I received an order to appraise a home for estate purposes. No problem. However, I was also asked to appraise a time share the deceased owned as well. He owns three weeks in a timeshare located on Treasure Island in St. Petersburg, Florida. I have never done a time share and not sure what to do. I don’t even know what questions to specifically ask on this forum regarding timeshares. I imagine it is fee simple with divided interest but given my lack of knowledge regarding timeshares in general, I am looking for someone who has experience with timeshares to take on this assignment. I don’t know what reliable data sources exist for timeshares – both active listings and re-sales versus the price someone pays after sitting through the painful 2-hour sales presentation. I can be reached below.
Thank you,

Michael J. Gordon
St. Cert. Res. Rea #RD6009
Alligator Appraisals, Inc.
2451 McMullen Booth Road, Ste 207
Clearwater, FL 33759
727-204-6374

 

[Dennis J. Black ASA IFAS]

Time shares are a special type of ownership. I would be very careful considering you do not have experience with this type of ownership. I would recommend to the client that they retain a firm that deals with time share ownership.

 

[Alligator Appraisals]

Dear Dennis,

That is exactly what I am trying to do. I know I lack the knowledge which is why I am looking for an appraiser with expertise in timeshares who can do the report. Do you know anyone?

Thanks you,

Michael J. Gordon

St. Cert. Res. Rea #RD6009

Alligator Appraisals, Inc.

2451 McMullen Booth Road, Ste 207

Clearwater, FL 33759

727-204-6374

 

[Don Clark]

Dear Dennis,

That is exactly what I am trying to do. I know I lack the knowledge which is why I am looking for an appraiser with expertise in timeshares who can do the report. Do you know anyone?

Thanks you,

Michael J. Gordon

St. Cert. Res. Rea #RD6009

Alligator Appraisals, Inc.


Call 1-800 timeshare. They are a good source of what may be the TS value.

 

[ccooper]

I have been asked to appraised timeshare about 100 times in the past 10 years. I actually tried to do one or two in the very beginning. Now, I just explain to the client that we do not complete them "because of a lack of accurate sales data". I live in a non disclosure state and I never really did believe what the salesmen were telling me at the timeshare office. At that point, I felt that it was best to return the $300 fee and explain how I was unable to complete the assignment.

Since I started rejecting timeshare assignments, I've learned a lot more. Many times, timeshare owners are solicited by slime balls who want to list and sell their weeks for them, i.e. resale. They quote an "appraisal fee" of $500 or $750 as part of their listing service. They are not allowed in many states to charge an upfront "listing fee". So, now they call it an "appraisal fee".

I ran into one of these resale guys socially once. I asked him how many "listing fees" he collected last year. A couple of hundred, he said. I then asked him how many weeks he actually sold, no reply. In other words, these guys prey on people who have already been victims. They call them up and realize they don't want to continue paying their costly annual dues and talk them into selling their timeshare week. Then they hit them up for the up front fee. They could care less if they sell it or not, they just want the up front fee.

A majority of people calling me have been trying to avoid this "appraisal fee" in order to list their timeshare.

I know things are slow for everybody. Now is not the time to stick your neck out on an appraisal for which there is "no accurate sales data".

 

[Alligator Appraisals]

CCoper,

Thanks for your reply. I was hoping there might be an appraiser out there who specialized in timeshares, possibly in the Orlando area where so many timeshares exist, but no one responded. I informed the attorney I could not help him. I gave him a couple of web sites where he could search to see if any weeks were listed for sale from the same timeshare, but the lack of actual re-sales (not listings) and accurate data makes any information suspect.

Best regards,

Michael J. Gordon

St. Cert. Res. Rea #RD6009

Alligator Appraisals, Inc.

2451 McMullen Booth Road, Ste 207

Clearwater, FL 33759

727-204-6374

 

[Couch Potato]

Did you check the public records to see if there were any resales? In an older timeshare development you can often find resales. You may even find some of the transactions where a company was paid to take the timeshare.