Montecristo Villa 8

david5173 wrote:

We purchased Villa 8 when Montecristo was just a vision. We own the month of April and 2 floating weeks during the summer. We have been able to rent our unit in 2005 and 2006; 2005 was rented at about 350 /day and 2006 for 425 per day. We have been very successful in making enough to cover our maintenance fees plus a little but I wouldn't bank on covering the payments to a 112K mortgage. We have used our unit the two floating weeks of July every year; this year I rented to my brother and friends for 2K for the week and donated 1 week to a local charity. If we don't get any of April rented, we will probably go down for a while. I had one inquiry thus far on Vacation Rental By owner. One of my regular rentors is not able to come this year but is hoping to come next year.

How many weeks are they selling for 112K and what is your maintenance fee?

Marlene Macbeth

arip2 wrote:

My wife and i were invited to listen to a presentation to purchase a fractional ownership at Pueblo Bonito. The sales guy, Dirk Meyer, mentions that we could purchase an ownership interest in a house for $112K, using a 0%credit card and financing it with mortgage lender. So, in essence we get in with 0 down. The rental income will more than offset the mortgage payments, commissions and fees. What have been your experience? Would you do it?

Thanks,

Ari

Hello. Pretty much same story here. We own Villa 33. Jan 2 - 17 and Villa 51 April 1 - 16....NO luck with renting. VRBO, Vacationrealty.com, vacationrental.com We used Jan time (at the last minute) ...and loved it. Hate the monthly mortgage. We are now going back to use April time. But we know we will enjoy it...Seems we forget about the $$ when we are in MX. I think it may be tough to resell. Ronda villa 33 and 51

I own Villa 8 for the month of April and 2 floating in the summer. I rented all of my April time between Redweek and VRBO.com. I am not sure why I have done so well over the past 3 years but its been Ok for me. I agree about the resale issue but I have never tried either. Marlene Macbeth

rondaf7 wrote:

Hello. Pretty much same story here. We own Villa 33. Jan 2 - 17 and Villa 51 April 1 - 16....NO luck with renting. VRBO, Vacationrealty.com, vacationrental.com We used Jan time (at the last minute) ...and loved it. Hate the monthly mortgage. We are now going back to use April time. But we know we will enjoy it...Seems we forget about the $$ when we are in MX. I think it may be tough to resell. Ronda villa 33 and 51

david5173 I own Villa 8 for the month of April and 2 floating in the summer. I rented all of my April time between Redweek and VRBO.com. I am not sure why I have done so well over the past 3 years but its been Ok for me. I agree about the resale issue but I have never tried either. Marlene Macbeth

Marlene, What was your 2008 rental rate for the month of April? We were in Cabo last week, and Dirk told us units are renting for $700-$1200/night. I figured that those rates were not realistic, and am happy to have found this discussion site. What is a reasonable nightly rental rate for 2008/2009?

Does anyone have any information on the third party mortgage financing - we were told by Dirk it would be available in early 2008, and are now being told that PB is working on setting up their own mortgage financing? I am wondering whether either of those statements are true.

Lisa G

daver111

lisag322 wrote:

david5173 wrote:

I own Villa 8 for the month of April and 2 floating in the summer. I rented all of my April time between Redweek and VRBO.com. I am not sure why I have done so well over the past 3 years but its been Ok for me. I agree about the resale issue but I have never tried either. Marlene Macbeth

Marlene, What was your 2008 rental rate for the month of April? We were in Cabo last week, and Dirk told us units are renting for $700-$1200/night. I figured that those rates were not realistic, and am happy to have found this discussion site. What is a reasonable nightly rental rate for 2008/2009?

Does anyone have any information on the third party mortgage financing - we were told by Dirk it would be available in early 2008, and are now being told that PB is working on setting up their own mortgage financing? I am wondering whether either of those statements are true.

Lisa G

Lisa, Did you already buy? If not I can give you a good deal on the first half of October. I bought back in September 07 and wasn't able to find any good Mortgage options. My bank wasn't willing to go to Mexico to appraise the place. I ended up with a 10 year home equity loan, but the payments are more than I can afford if I'm not able to rent the weeks. I figured the home equity loan was a decent option since you can write off the interest. The only downfall is finding one with a long enough term that you can afford the payments. Let me know if you're interested. Maintenance fees are already paid for this year. -Dave

I rented most of my April time 3+ weeks for 425 per diem. I had five days left in the middle of the month which I rented for $200 per diem because it was not a full week and I thought something is better than nothing. I have rented most of my time every year we have owned except for the weeks I have used. One of the issues I get from tenants trying to rent is they do not receive a quick response from owners. I'm a real estate broker and realize "if you snooze, you lose" and price is everything so I generally am responding to emails within hours of them being sent and try to be realistic about what I charge. Hope this helps you.

Marlene

david5173

daver111 wrote:

lisag322 wrote:

david5173 wrote:

I own Villa 8 for the month of April and 2 floating in the summer. I rented all of my April time between Redweek and VRBO.com. I am not sure why I have done so well over the past 3 years but its been Ok for me. I agree about the resale issue but I have never tried either. Marlene Macbeth

Marlene, What was your 2008 rental rate for the month of April? We were in Cabo last week, and Dirk told us units are renting for $700-$1200/night. I figured that those rates were not realistic, and am happy to have found this discussion site. What is a reasonable nightly rental rate for 2008/2009?

Does anyone have any information on the third party mortgage financing - we were told by Dirk it would be available in early 2008, and are now being told that PB is working on setting up their own mortgage financing? I am wondering whether either of those statements are true.

Lisa G

Lisa, Did you already buy? If not I can give you a good deal on the first half of October. I bought back in September 07 and wasn't able to find any good Mortgage options. My bank wasn't willing to go to Mexico to appraise the place. I ended up with a 10 year home equity loan, but the payments are more than I can afford if I'm not able to rent the weeks. I figured the home equity loan was a decent option since you can write off the interest. The only downfall is finding one with a long enough term that you can afford the payments. Let me know if you're interested. Maintenance fees are already paid for this year. -Dave

I rented most of my April time 3+ weeks for 425 per diem. I had five days left in the middle of the month which I rented for $200 per diem because it was not a full week and I thought something is better than nothing. I have rented most of my time every year we have owned except for the weeks I have used. One of the issues I get from tenants trying to rent is they do not receive a quick response from owners. I'm a real estate broker and realize "if you snooze, you lose" and price is everything so I generally am responding to emails within hours of them being sent and try to be realistic about what I charge. Hope this helps you.

Marlene

Dave and Marlene

thanks for your responses. We appreciate the hints on getting our weeks rented.

Dave -we bought when we were in Cabo last June, and are not looking for more time, but thanks for the offer

Our unit won't be available for rental til 2009, so we have been investigating different sources for renting. This discussion has been the most valuable thing I have run across so far - since I can talk to other owners and find out what the real story is.

The bottom line for us when we bought was that we would be thrilled to spend a month in Cabo every year, but our jobs/kids ages don't allow that quite yet.

I bought my first presidential unit week at Sunset Beach when there was only a model on the side of a barren mountain. Over the last 7 years I have seen enormous development - and have faith in this developer. However, everything seems to move much slower than promised that seems to be the way of Mexico.

Lisa G

I'm also curious if anyone has had any luck on the rental front or with 3rd party financing. My fiance and I bought last September and now own July 16-31st timeslot. As much as we loved Cabo I don't know that I want to spend two full weeks there every year....

Ari, run away from Montecristo as fast as you can, as it is a terrible deal. I should know, as I bought there almost three years ago and I have been trying to sell my unit for almost 2.5 years. I am now trying to get 50% of what I paid for it.

davidb645 wrote:

Ari, run away from Montecristo as fast as you can, as it is a terrible deal. I should know, as I bought there almost three years ago and I have been trying to sell my unit for almost 2.5 years. I am now trying to get 50% of what I paid for it.

Ari, we purchased a Villa at Montecristo estates in July and after reading a number of comments, we are beginning to question our decision and wonder what options we have at this point. The actual monthly payments are scheduled to begin in a couple of weeks. Can we terminate the contract and lose the deposit? Any feedback would be greatly appreciated.

rickw127 wrote:

davidb645 wrote:

Ari, run away from Montecristo as fast as you can, as it is a terrible deal. I should know, as I bought there almost three years ago and I have been trying to sell my unit for almost 2.5 years. I am now trying to get 50% of what I paid for it.

Ari, we purchased a Villa at Montecristo estates in July and after reading a number of comments, we are beginning to question our decision and wonder what options we have at this point. The actual monthly payments are scheduled to begin in a couple of weeks. Can we terminate the contract and lose the deposit? Any feedback would be greatly appreciated.

We are also attempting to cancel our contract purchased in July as well, and have not paid our monthly payments as it is currently under dispute with our cc company. They will get the collections folk coming after you in no time. We sensed, as you did, that we had been "sold" by a slick but nice salesman, and noted several misrepresentations within weeks of signing, but not early enough to be within the 5 day window. Any feedback from others will also be greatly appreciated. Not only do they want the earnest money ( we were willing to lose this to get out of the deal)...they want to hold you to the contract for the full amount, and take your credit rating down with it. So much was simply NOT in writing at the time we bought. How I wish we had all those smooth words either recorded, or in writing.

Your options are very few, as there is no way you will be able to get out of the contract. If it were me, knowing what I know now, I would just stop making any more payments and be glad you didn't pay it all within 30 days like me. The small print on the contract seems to cover them at every turn. Nothing the sales person told you is binding without it being in writing. And, any court case has to be held in Cabo. The best you can hope for is to contact PROFECO and se if they can be of any help.

Hi Ari, I am not sure when you posted and I usually never read these posts but don t believe what they tell you. The rental won t offset the payments. They tell you that the units rent for more than you can get. Look for a resale and then maybe you can offset the cost. Most people are lucky to cover the maintenance with rentals. There are a few who might get more but if you have the higher maintenance it will be hard to cover them. Everyone is doing the same thing and trying to rent the units as an income. Most times doesn t work. Good luck. Jean

We own Villa #6, bought pre-construction. We have enjoyed many stays at our villa but have not had any luck renting except to friends. It aggravates me to hear the sales people spout their propaganda about buying 2 weeks and then renting 1 to basically pay for your weeks usage. IT DOES NOT HAPPEN - DO NOT BUY FOR THAT REASON.

We too have seen the delay in the promised golf and Montecristo workout facility.

There have been many good changes take place here but it is disheartening to realize that many of the promises made are a probably never going to happen.

Cabo is no longer the sleepy Mexican destination it was years ago - the conveniences are nice for us when we are here and those who live here year round, but it has lost a little of it's character.

We try to enjoy what we bought and wait for the promises to be fulfilled. The Phase II properties are beautiful, but not worth the move down the hill. There will always be something seen as better, don't spend life chasing your tail trying to keep up with the Jonses. Life is short try to enjoy it.

Perhaps someone on this site could start a system to exchange weeks with other owners. We have posted a note in our Villa but have had no response and when we return the notice is gone.

Hi!

My wife and I find the monthly payments too much to handle due to drastic changes in our financial situation after my wife lost her job. Add to that the maintenance fees and it's just too much. We've been paying and coming here for three years now, and truly enjoy the place, but we're stuck.

Anyone know of any options with Pueblo Bonito. Would they consider trading our "equity" from our deposit and several years of payments for a smaller unit like an Executive Suite and take our villa back into inventory? Or if we had to just walk away, what would happen? Has anyone contacted Pueblo Bonito directly with a similar situation?

We would welcome any responses.

Thanks! K&J

Dont, you will struggle to recover maintenance cost which rise fast.

Max Unit 47/April.

Do you know what happens if you don't pay the maintenance fee for the year? Do we forfeit the year or the property?

We own six weeks and haven't been able to find renters at even 200. per night and we own all the important dates! Last two weeks March ...first two in April and the last two weeks in the hacienda at the end of the year!!!!! Our maintenance for the six weeks is twelve thousand dollars....yup hard to believe but we thought we could rent them and paid the extra premium for the "busy" weeks... At this point its hard to scrape that money together every year but we don't want to give them back so they can resell.

Does anyone know what the heck is up with Redweek deleted our posts??? Someone asked for a recommendation on where to rent out their villa so I put my business e-mail on here to have the contact me, twice, and Redweek deleted both of my e-mails, as well as this guy Davids!

What is going on?

See the Note in the reply to topic box - "Do not post ads for businesses, rentals, resales, exchanges or vacation requests in the timeshare forum". Redweek routinely deletes any post which mentions a unit for sale or rent. Look at it from their (possible) perspective - they don't want anyone competing with their rental business

spenceri2 wrote:

Does anyone know what the heck is up with Redweek deleted our posts??? Someone asked for a recommendation on where to rent out their villa so I put my business e-mail on here to have the contact me, twice, and Redweek deleted both of my e-mails, as well as this guy Davids!

What is going on?

Hi Spencer,

I monitor the postings on our forums. Above the box where you add your posting on our forums you will see the following:

"Note: Do not post ads for businesses, rentals, resales, exchanges or vacation requests in the timeshare forums. If you want to add a timeshare posting, go here. If you want to post a want ad, go here."

Please follow these simple rules and your postings won't be deleted.

Thank you, Marty

lisag322 wrote:

See the Note in the reply to topic box - "Do not post ads for businesses, rentals, resales, exchanges or vacation requests in the timeshare forum". Redweek routinely deletes any post which mentions a unit for sale or rent. Look at it from their (possible) perspective - they don't want anyone competing with their rental business

Thank you, Lisa. :-)