Recently, at the annual San Diego Tax Auction, San Diego County Tax Collector Dan McAllister briefly became the county auctioneer and tried to sell a record of 197 lots and timeshares which are owned by people who had gone five years without paying their property taxes. These may also be the owners who were trapped to get out of their timeshares and as a result, have gone without paying such properties. The auction also landed future homeowners, builders, and investors seeking to score good buys and enjoy the thrill of the bidding.
As one bidder pointed out, an empty lot usually goes for $50,000. There is one expense however with a 1% property tax, which is assessed at the auction price.
On the other hand, Dolores Lukeralli, a Vista resident who owns eight San Diego County timeshares, was hoping to land one of four timeshare properties she had her eye on. According to her, timeshares are considered to be luxury items with almost no resale value, but they can produce a decent rental income if they’re close to the beach and are available during a good week. She had bought a property in Del Mar last year and she’s very pleased with. This year, she spent $4,600 on a timeshare unit in Pacific Beach but doesn’t usually rent them out.
In all, 58 properties were sold during the auction for a total of $532,400. The other 139 properties that didn’t sell will be put up for auction again on April 24.
Nowadays, many owners are having difficulties with their timeshares. That’s why some of them just hire a timeshare transfer company such as the Transfer Smart just to get rid of such properties. With the economic condition we have today, a timeshare may be considered a luxury item. Thus, if you plan to own one, make sure that it is right for you or else you will end up being in a trap that’s hard to get out with.