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Your Location: Timeshare Users Group Advice: Tri-East October '95 Timeshare Auction    |updated: 2/22/08


Report on Tri-East's Oct 95 Timeshare Auction

Timeshare Auction Results

I attended the Auction held by Timesharing Realty International (TRI East) on October 8, 1995 in Tyson's Corner, Virginia. I would like to share with you some of my observations of this auction as it may be of general interest to your readers because of the prices that timeshares did, and in most cases didn't, sell for.

I left the auction with three overall impressions; (1) the resale market is a buyers dream, (2) many timeshares on resale market are still overpriced and (3) if you decide to "mail-in" bid on an auction timeshare, bid low, you'll probally get the property.

Two hundred and forty-eight properties were offered today (a complete list of the properties which were offered can be found on the internet at http://www.tri-international.com). Of the 248 properties which were offered only twenty-nine properties sold. A stagnent sold/offered percentage of 11%. Of the 29 that sold 8 were below the seller "reserve" selling price and subject to seller refusal. The average sale price was $1905.17. All but 4 of the properties that sold were red weeks, most were 2 or 3 bedrooms, and most were what I would consider prime resort locals (e.g. Hawaii, Orlando, Cancun).
 

An unofficial list of the properties that sold were:

Resort
Week
Type
TDI
AF
S/S
MN
RESV 
Auction $

Shawnee Phase

I & II, PA
37
D
H
RCI
2/6
335
Absol
$1,600

Chalet High

North, VA
40 
D
H
RCI
2/6
250
Absol
$1,900

Massanuttens

Mtnside, VA
21
D
H
RCI
2/8
255
Absol
$2,200

Sea Villas

FL
11
D
H
RCI
2/6
325
$3000
$1,600*

Resort World

of Orlando, FL
25
D
H
II
2/6
356
Absol
$3,000

Four Sails,

VA
40
D
H
RCI
1/4
265
$4000
$1,400*

Beach Place,

Cancun, MX
35gld
R-19
H
RCI
2/6
729
$2,500
$5,200

Royal Aloha

Wakikiki, HI
fl
R-99
H
RCI
1/4
355
Absol
$1,100

Desert Vacation

Villas, CA
fl
D
H
RCI
2/6
414
$2,875
$3,250

Kinston Manor

at Foxwood, SC
35
D
H
RCI
2/6
295
Absol
$2,000

Hotel y Villas

Solaris, Cancun, MX
fl
R-23
H
RCI
1/4
370
$6,000
$1,000*

Tanio Beach

Vacation Resort, Bahamas
fl
R-37
H
RCI
1/4
150
Absol
$1,500

Lehigh Resort

Club, FL
40
D
H
RCI
1/6
229
$1,400
$2,800

Caribbean Palm

Village, Aruba
fl
D
H
II
1/4
325
$5,000
$2,500*

Sheraton Buganvilias,

P. Vallarta MX

fl
R-18
H
RCI
1/4
325
Absol
$1,100

Driftwood Inn

Resort, FL

02
D
H
RCI
S/4
257
$1,200
$1,400

Ocean Sands

Beach Club, FL
02
D
H
RCI
2/6
325
$2,000
$1,000*

Beach Palace

Cancun, MX
fl
R-18
H
RCI
2/6
700
Absol
$1,100

Eagle Village

at Taminent,PA
05
D
H
RCI
2/6
320
Absol
$1,000

Sea Scape Beach

& Golf Villas, NC

10

D

L

RCI

2/6

305
Absol
$2,400

Kinston Manorat

Foxwood, SC

36

D

H

RCI

2/6

295
Absol
$1,100

Thunderbird

Resort Club, NV

fl

D

H

II

1/4

300
Absol
$1,000

Abaco Towns

by the Sea, Bahamas

fl

D

H

RCI

2/6

475
Absol
$1,500

Massanuttens

Shenandoah Vi,VA

20

D

M

RCI

3/10

390
$2,500
$3,100

Inverness at

S. Padre Island, TX

fl

D

H

RCI

2/6

303

$4,500

$1,000*

Westin Regina

Club, Cancun, MX

fl

R-22

M

RCI

2/6

330

$3,500

$3,600

Imperial Hawaii,

HI

fl

R-99

H

II

1/6

375

$3,500

$1,200*

Spas at Resort

World, FL

11

D

H

II

3/8

432

$8,000

$3,000*


Here's what all the columns mean:
Resort= the Resort;
Week= the week # of use
Type= D for a deeded property, and R for right to use followed by the numerical # of years left for use
TDI = time of demand, R for Red, M for medium, L for low

AF= affilation, either RCI or II
S/S= number of bedrooms/how many the unit sleeps
MN= maintanance fees/year;
RESV= (the most confusing of the columns) if it says "absol" then the unit was offered to sell absolutely at any bid at or over the minimum starting bid of $1,000, if the is a $ figure then any final bid below that figure is subject to a "right of refusal" by the seller
Auction $= the$ value the unit sold for at the auction. If the figure has a (*) after it it means it was below the seller RESV value and is sold subject to sellers refusal.

Of probally the most significance is that most (89%) properties did not recieve ANY bids. 52 of these properties were "absol" units and could have been sold for $1000 but they didn't recieve a single bid. For example:
(1) RCI's Royal Holiday Club at Sol Caribe, Cozumel, 1 bedroom, red week, RTU-21.
(2) Pueblo Bonito Resort, Mazatlan, Mexico, 1 bedroom, red week, RTU-21.
(3) Eagle Village at Tamiment Resort, PA, 2 bedroom, red week, deeded.
These properties did not even get a bid today.

Not all the properties are this good, some of them are definite lemons. Most were still overpriced and needed "seller approval" of the final bid, hence they discourged bidding. With seller approval of final bid you might as well make a standard offer.

TRI East had a very professional auction however I think that if they did away with "seller approval" of the final bid they would sell a lot more property at the market value. Auctioneers should set minimum bids based on the property (i.e. numbers of bedrooms, high, medium or low demand week, deeded or Right To Use, Gold Crown or 5 star) not the seller.
 

If one cannot physically attend the auction they can submit "mail-in" bids. Most of the large dollar sales on the above list went to mail-in bidders. I am of the opinion that mail-in bidders, in general, bid too high on the properties, and could have gotten the properties for less money (however I have no data to back this statement up). The number of properties that recieved no bids was so high that the odds of a mail-in bidder competeing with a sit-in bidder for any one property are low. My advice to mail-in bidders is to bid at the minimum on an absolute property and below the RESV figure on a property that has a RESV seller right to refusal.

All things considered the auction is a great way to aquire a timeshare but you have to be willing to do alot of homework.

Happy Hunting,

Bob Gramzinski

gram@radix.net



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