Timeshares are being sold for $24,000 and you are given a "deed" to the property located in Sedona, Arizona at Los Abrigados Resort. This is for a two bedroom/two bath unit that "in theory" could be used one week per year or traded for travel almost anywhere in the world.
But the actual address of this deed that I hold at the Los Abrigados location is NOT available. I tried booking for a week in 2008, and the entire year was not available up until next February 2009. The best they could do was put me on a wait list. I paid $500 to a separate internet company to try to rent my timeshare, but now I realize why they never called with interested renters. THE SITE IS NEVER AVAILABLE!!! How could I "own" a week but not have it available?
We also pay $760 per year maintenance. This means that the sellers are collecting from buyers for approximately 50 weeks per year. This is $38,000 per year that should be going toward maintenance. By the looks of the unit (when we toured the location), all of this money is not going toward maintenance. It is slowly being run down.
We are having other problems with our "package deal" and tried to GIVE the property back to ILX. At this point, we have paid $12,000 plus two years maintenance fees. We were prepared to take a loss of almost $14,000, but Corporate Office didn't want the property back from us. What does that tell you about the value? They could pocket the $12,000 and re-sell the property to the next naive buyer. But I believe they are waiting for the next $12,000 due next month. Then they will probably be willing to take the timeshare out of our hands and re-sell.
If there is already a class action lawsuit against this company, please give me more information about this and how I can participate.