Rich_by_the_Bay
Moderator Emeritus
Over 20 years ago, the DW and I bought 2 weeks of a time-share in a great location in New Orleans (between Canal and Poydras, down from Mother's restaurant). We got several years of enjoyment from it, and another few years of trading for places elsewhere. Probably paid about $12K for both at that time. A few years we even made a few bucks renting our weeks.
Times change. We haven't used it for years. Katrina-related vandalism trashed part of the building which has now been re-built from insurance proceeds. Selling the weeks is not likely in the current market I'd guess. New Orleans is back, if a bit bruised, but it will take time for it to regain its former drawing power.
Last week we got an assessment notice for about $1K for rebuilding shortfalls. The directorship of the hotel (a nice place) is a bit opaque and I don't fully trust them, though don't have the time to be an activist.
I told my wife I think it's time to cut our losses and walk. She feels we should pay up and hang in there. I'm afraid that next year we'll get yet another assessment and be throwing good money after bad. She says the new construction will make it better than ever. I say we won't even be able to rent it given the slow N.O. recovery. She says we can just trade it in....
So, anyone had experience with time shares? What happens if we just walk (aside from the unit being repossessed by the corporation)? Is it worth a try selling them? What to do?
Times change. We haven't used it for years. Katrina-related vandalism trashed part of the building which has now been re-built from insurance proceeds. Selling the weeks is not likely in the current market I'd guess. New Orleans is back, if a bit bruised, but it will take time for it to regain its former drawing power.
Last week we got an assessment notice for about $1K for rebuilding shortfalls. The directorship of the hotel (a nice place) is a bit opaque and I don't fully trust them, though don't have the time to be an activist.
I told my wife I think it's time to cut our losses and walk. She feels we should pay up and hang in there. I'm afraid that next year we'll get yet another assessment and be throwing good money after bad. She says the new construction will make it better than ever. I say we won't even be able to rent it given the slow N.O. recovery. She says we can just trade it in....
So, anyone had experience with time shares? What happens if we just walk (aside from the unit being repossessed by the corporation)? Is it worth a try selling them? What to do?