Jordan Grand Summit - Time Share Intel

[gnardawg]

Would like to pull the trigger and find a place in Maine. We've stayed at the Jordan Grand Summit many times. People talk about the downsides of a time share but I've never met anyone who has actually owned one. Can anyone please explain to me the true cost of ownership of a time share like this?

I saw one listed on a site for $23k 2 bed, 2 bath.

 

[2Planker]

Would like to pull the trigger and find a place in Maine. We've stayed at the Jordan Grand Summit many times. People talk about the downsides of a time share but I've never met anyone who has actually owned one. Can anyone please explain to me the true cost of ownership of a time share like this?

I saw one listed on a site for $23k 2 bed, 2 bath.

What's that for ? How many weeks year ?

 

[Smellytele]

23k for 1 week? or is that a quarter or 1/8th share?

Anyway maintenance cost can raise without notice and special assessments pop up time and time again.

I was given a timeshare from my parents and have used it for the past 15+ years. Having no upfront money in it made it better. started out with a 600 maintenance fee. Now the yearly maintenance fee is around 1k.
Now we the weekly owners of the place have decided to sell the whole thing off and it will be converted to single occupancy residents, I think each weekly owner will get around 6k per week. I am okay with that as my kids are now all college age and older and it will just be my wife and I travelling. It was nice to have a place that slept 8 people but really don't need that any more at this point.
We were members of RCI as well and that was the best perk as I could get extra last minute weeks for under $300 (some times under 200) at hundreds of places around the country.

 

[gnardawg]

What's that for ? How many weeks year ?

OwnershipDeeded

Usage TypeFractional

Weeks2

Usage FrequencyAnnual

Maintenance Fees$1,700

SeasonOther

Bedrooms2 Bedrooms

Baths2

Sleeps8

ViewVaries

Unit #131

AffiliationRCI

 

[djd66]

$23K + $1K/year and you only get 2 weeks per year?

 

[Edd]

OwnershipDeeded

Usage TypeFractional

Weeks2

Usage FrequencyAnnual

Maintenance Fees$1,700

SeasonOther

Bedrooms2 Bedrooms

Baths2

Sleeps8

ViewVaries

Unit #131

AffiliationRCI

I’m reading this as 2 weeks a year. That’s incorrect, right?

 

[2Planker]

YIKES - That's why we bought a house in Bethel

 

[xlr8r]

I think it might refer to 2nd quarter for 12 weeks per year

 

[Smellytele]

I think it might refer to 2nd quarter for 12 weeks per year

I don't think so. look like 2 weeks. where 1 will be during 1 26 week period and the other the other 26 week period. So 1 during ski season 1 not so much

 

[thebigo]

I thought those were quarter shares? Think week 2 is the second week in the quarter share calendar. I looked at attitash once and the fees were outrageous, plus if you have kids your week only lines up with vacation every four years. It was a number of years ago but annual fees of around $7K come to mind for a quarter share.

 

[bizarrefaith]

It was a number of years ago but annual fees of around $7K come to mind for a quarter share.

Jesus. You can get seasonal rentals for not much more than that and if you don't need the full season, you could Air BNB what you need for the same or less with none of the headaches. Do not want.

 

[Former Sunday Rivah Rat]

Would like to pull the trigger and find a place in Maine. We've stayed at the Jordan Grand Summit many times. People talk about the downsides of a time share but I've never met anyone who has actually owned one. Can anyone please explain to me the true cost of ownership of a time share like this?

I saw one listed on a site for $23k 2 bed, 2 bath.

I was on a lift with a guy that regretted buying his Jordan timeshare. Frequent windholds make it less valuable that being on the main part of the resort. If it is 2nd week of the month you would basically go 3 plus weeks between trips.

Having your own place means you can go on weekends too, a big plus. They are also a better investment as demographic trends favor real estate in ski resort towns. Timeshares are also hard to sell.

 

[downdraft]

Fractional ownership at the jordan Grand and Grand Summit consists of quarter shares with the weeks (13) spread throughout the year. There is some information here:
https://www.sundayriver.com/hotel-ownership . I don't own at either, but considered it before I bought a slopeside condo at SR. I have friends with quarter shares at the hotels. It works for some people. Some friends with second homes in the area bought for access to the amenities - pool, hot tub, etc. and use the rental income to offset the yearly costs. But,they paid considerably less than the price posted above. My advice would be to do a good bit of research before purchasing. Historically, there has been very little demand on the resale for these and resale prices reflected that. There have also been units available at foreclosure when owners decided to stop paying the maitenance fees and taxes. Bottom line - the quarter shares at the SR hotels work well for some and not so well for others.

 

[machski]

The other issue with the share hotels is that you cannot expect to be able to get space available during the season, at least weekends. So you will only have your unit on deeded weeks to use.

We looked at it in 2010 but decided to buy a full on mountain condo. We went with a studio but the unit we snagged was selling for a song compared to normal asks. That likely isn't an option now so tough call depending on your dollar tolerance.

 

[1dog]

Fractional ownership at the jordan Grand and Grand Summit consists of quarter shares with the weeks (13) spread throughout the year. There is some information here:
https://www.sundayriver.com/hotel-ownership . I don't own at either, but considered it before I bought a slopeside condo at SR. I have friends with quarter shares at the hotels. It works for some people. Some friends with second homes in the area bought for access to the amenities - pool, hot tub, etc. and use the rental income to offset the yearly costs. But,they paid considerably less than the price posted above. My advice would be to do a good bit of research before purchasing. Historically, there has been very little demand on the resale for these and resale prices reflected that. There have also been units available at foreclosure when owners decided to stop paying the maitenance fees and taxes. Bottom line - the quarter shares at the SR hotels work well for some and not so well for others.

Those are good thoughts DD. Ive heard no less than 3 companies blanketing the airwaves over the last few years advertising those who can get people out of timeshares. That seems like a good place to possibly buy one at a discount.

If its anything like the picture painted above, lower prices due to low demand says you might be able to get a much better price.

At $23K plus $10K over 10 years - assuming no increases and cash purchase - that's $253 a week for 130 weeks - if you can rent the weeks not used - it could be near free if you're renting high demand weeks.

 

[Smellytele]

Those are good thoughts DD. Ive heard no less than 3 companies blanketing the airwaves over the last few years advertising those who can get people out of timeshares. That seems like a good place to possibly buy one at a discount.

If its anything like the picture painted above, lower prices due to low demand says you might be able to get a much better price.

At $23K plus $10K over 10 years - assuming no increases and cash purchase - that's $253 a week for 130 weeks - if you can rent the weeks not used - it could be near free if you're renting high demand weeks.

But no one will rent non ski season.

 

[keyser soze]

A friend of mine used to go to timeshare weekends that were heavily discounted with the stipulation that you and partner had to attend a brief presentation. I was reluctant to try one thinking I would get suckered into a too good to be true deal that i would later regret. He sold me on them when he said the way you don't bite is knowing that no matter how good the deal is, you can get it for half on sites that cater to sales of timeshares from owners that no longer want them.

 

[crank]

A friend of mine used to go to timeshare weekends that were heavily discounted with the stipulation that you and partner had to attend a brief presentation. I was reluctant to try one thinking I would get suckered into a too good to be true deal that i would later regret. He sold me on them when he said the way you don't bite is knowing that no matter how good the deal is, you can get it for half on sites that cater to sales of timeshares from owners that no longer want them.

We did that 20-something years ago at Ascutney. I think it cost me $90 for a 3 day weekend for 2 adults and 1 kid, skiing included. We had to listen to a very hard sell pitch and I have to admit we came close to falling for it. To paraphrase, "Only available at this price here and now..." Was glad to get out of there but got a nice weekend out of it for next to nothing.

 

[Smellytele]

We did that 20-something years ago at Ascutney. I think it cost me $90 for a 3 day weekend for 2 adults and 1 kid, skiing included. We had to listen to a very hard sell pitch and I have to admit we came close to falling for it. To paraphrase, "Only available at this price here and now..." Was glad to get out of there but got a nice weekend out of it for next to nothing.

I did at Breckenridge a few years ago. I got 2 nights at Beaver Run Condos for $100 and got 4 tickets to Breck for another 75. Wife and I had to sit through a 1 1/2hr spiel but went into knowing no way we were buying. They didn't even show us a unit as they knew we weren't.

 

[prsboogie]

To answer the original question, this is a quarter share. It is 425 per weak used and there are a lot of non-skiing weeks included in the 13 weeks you receive. They have a rental program but as said before, who goes to SR in the off season.

I own at Attitash Mountain Village - week 4 which is roughly the last week of January. We use it every year (except this year- Covid and all) and our maintenance fees are 660. It was 580 6 years ago for reference. For us it is a great value for a full week of vacation that is extremely close to multiple ski areas as well are non ski things to do.