5 Myths About Timeshare
February 22, 2017
Whether you own a timeshare, are thinking of purchasing a timeshare, used to own timeshare or find yourself in front of a timeshare salesperson, you´re bound to come across some timeshare myths. Here are the Top 5 I run into:
1) Timeshare is a less costly vacation alternative to renting hotels.
In rare cases and when purchasing on the secondary market, this may be true. For the majority of owners, you´ll be paying more when you factor in the purchase price, annual fees and exchange/usage fees. That´s not necessarily a bad thing.
2) Real estate based timeshare is an investment and will appreciate in value.
NO, NO, NO, NO. A million times no,
3) You can hire a company to get you "out" of your timeshare because the sales presentation took more than the agreed to 90 minutes.
The length of the sales presentation has nothing to do with the legality or enforceability of the contract.
4) Brand name timeshares are better than others.
"Better" for who? Based on what? Each person has different needs. Don´t fall for generalizations.
I´ve purposely left off Number 5 on this list. What´s the biggest timeshare myth you´ve encountered?
Manhattan Club News
Some of you are aware of the ongoing nasty business at The Manhattan Club.
If you´re not, I urge you to do some research; it will serve as a cautionary tale and spur you to pay more attention to what is going on at your resort.
For those of you who are affected, here´s some important information:
Court: New York Civil Supreme Index Number: 654023/2015 Case Name: BARNETT, GLENN E vs. EICHNER, IAN BRUCE
This is Class Action so will include all owners. Mr. Wasser´s group is separate. People don´t Have to join Class Action.
This is a separate action from the one that Mr. Wasser is handling.
Owners should continue to contact NYAG´s office.
He is a NYC mover and shaker, and a very expensive lawyer and law firm. It is costing TMC/Urban a ton. This is the law firm that represented the State of New Jersey/Gov. Christie in the Bridgegate case. Everyone should make sure they have written to the judge objecting to this; and (2) maybe getting some people to the argument on 3/31 even if it might be postponed again. This is a big hearing—if the judge allows TMC’s/Urban’s motion, they may be allowed to be paid legal fees out of owner maintenance fees. In previous briefs filed with the court, TMC has already argued that its legal fees for all defendants are running $50K-$100K/month. Once the discovery gets going, it will cost even more. Honorable Justice Eileen Rakower,
Supreme Court of the State of New York
71 Thomas St.
New York, New York 10013