These days, everyone is thinking more about saving money - for food, medical care, insurance, and yes, holiday travel. There are even magazines devoted entirely to the subject like Arthur Frommer's Budget Travel. The best way to save the most money on your vacation would be to use a timeshare for your accommodations.  The best way to accomplish that is if you were to buy a timeshare on the resales market at a destination you are likely to use.  Many people have purchased timeshares from the resort with never intending to use their timeshare at the resort. They intend to exchange to other locations. But if you really want to get the most use out of your timeshare and travel dollars, try to plan your timeshare vacation around the location of your time share resort. 

The initial cost of your timeshare should not be driven by the pressurized sales force at the resort. That's why buying a timeshare resale is the best way to go. Usually, you can purchase a timeshare from an owner who would be willing to make you a deal anywhere from 25% to 50% off the retail price. So if you can save thousands why do thousands of people buy timeshares at the resort every year?  It is a combination of good sales practices, seizing the emotional moment while you are there at their timeshare resort, and being sold on the idea that you are getting a great deal.

Nonetheless, the best deal would be if you buy it through a timeshare resales broker, like those at www.rpmls.com.  The have a huge selection of timeshare resales properties to select from, an educational and informational approach to helping you find the right timeshare resale deal, and a professional timeshare resales staff to get the deal closed - making everyone happy.

If you are ready to buy a timeshare on the resale market, check out these best deals.

If you are thinking of selling your timeshare on the resales market, check out what they can do for you.

This is a great place to do your research on the whole process of timeshare resales.

Marriott's Aruba Ocean Club Timeshare

 

Todays news on www.forbes.com describes what many timeshare owners already know: timeshare loans are increasingly getting behind and defaulting. The Fitch ratings say that "total timeshare delinquencies increased 4.1 percent in September, compared with 3.1 percent for the same period in 2007."

Now may be the time to go ahead and sell your timeshare. If you are not using your timeshare it will quickly become an unused luxury you'd be better off without.  Having said that, if you want to keep your timeshare but are falling behind on the loan payments, try to work with the lending institution that made you the loan. Your loan is one that is considered "secured" with the timeshare deed - and is worth salvaging from the loan writers' perspective.

The only people genuinely worried about increasing foreclosures are those who buy these loans in large groups and bundle them together to sell them as a different type of security. Not exactly a warm and fuzzy feeling for the timeshare owner? No.

Before you get into danger of foreclosure contact a timeshare sales specialist who can guide you through the process. Be flexible on your asking price, and stop the loss before it gets too big.

Just my 2 cents....

Palm Beach Shores Resort Timeshare Florida

Central Florida Investments, Inc, parent company of Westgate Resorts, Inc, has closed their Houston sales office and laid off 106 employees. (source)  This office has been doing "off-site" sales of timeshares for their network of Westgate Resorts.  Their office, located on Richmond Ave, featured a full sized model of one of their timeshare units to present to their buyers. They called this their preview gallery. The reason they gave the Texas Workforce Commission for the layoffs was that they "experienced an unforeseen business emergency brought on by the collapse of the credit markets." They were not able to sell their notes to their usual buyers, and the cash flow stopped. So far that all sounds like a normal by product of a severely tight credit market.

The reason this story caught my attention was because of the sales tactic of "off site" sales. I know that Westgate would not have kept the office open for the last 4 years if it were not successful. But, how hard must it be to sell a timeshare (at a top retail price) that may be actually sitting hundreds or thousands of miles away? Richmond Ave in Houston is nice, but it is not as popular destination as Las Vegas, Orlando, Hawaii, or others. So what kind of confidence can the consumer have when buying a timeshare in Vegas without going there? And how hard must it be for a sales person to close a deal when the buyer is not able to enjoy all the benefits and excitement of the terrific destination? Then, I'd wonder how high is their rate of cancellation compared to on site timeshare sales?  You'd think it would be harder to hold a buyer in this kind of deal.

I'd love to hear from any of you who used to work there or who have done "off-site" sales for timeshare developers!

Take a look at how we sell timeshares with no hassle, no pressure, and always "off-site".

Polo Towers Timeshare in Las Vegas

 

In today's BBC news, they reported that the European Parliament has passed a law mandating a 14 day right of withdrawal for timeshare purchases. Also known as the "right of recission (rescission)" in the US, this practice has been unevenly regulated for many years in the European timeshare market. Estimates are that there are 1.5 million timeshare owners in Europe. And, until now, a timeshare buyer had a difficult time changing their mind if they bought a timeshare.

This, along with several other unsavory sales practices, has left a very negative impression on the general public when it comes to timeshares in Europe. You don't have to look far to find hundreds of examples of European timeshare owners who have had bad experiences.

In the United States a timeshare buyers' right of rescission may vary from seven to 15 days. The length of time will be determined by either the laws of the state the timeshare is located in, or by the timeshare developer.  If you find yourself wanting to back out of buying a timeshare from the resort, you have to act fast and in accordance with the method they require. When you closed the deal on buying your timeshare, you were most likely given a checklist saying that they explained your right to cancel. It should also explain exactly what you must do to cancel. Usually, you have to exercise your right of recission by sending it in writing. Just make sure you go through the wickets they require.

 

Sheraton's Vistana Villages Orlando Florida timeshare

PS: Is it "rescission" or "recission" ? - I found it in the dictionary both ways......

 

Villa Group Resorts, based in Mexico, announced the opening of one of their finest timeshare resort projects: Villa La Estancia, Puerto Vallarta. This resort features 245 beautifully appointed suites ranging from 1,200 sq ft one bedroom units to the 3,350 sq ft three bedroom units. Coming from the Villa Group of timeshare resorts, it is no surprise that the quality, elegance, and value are unsurpassed.  All the units will feature the most modern communication, information, and luxury appointments. "Each of the spacious suites is stylishly decorated with marble floors, granite countertops, whirlpool tub, walk-in shower and spacious balcony. Wrought-iron gates open to Hacienda-style entryways where individual doors lead into each suite." (source)

In the world of timeshare resales, Villa Group Resorts' Villa del Palmar is a consistent best seller.  These resorts in Cabo San Lucas, Puerto Vallarta, Nuevo Vallarta, Loreto, and Cancun have high quality service, features and amenities. Timeshare owners of these properties have always given them way above average reviews. If you are thinking of buying a timeshare and want luxury, service, amenities, pools, spas, palm trees, and all at a bargain, then this would be the way to go.

Villa La Estancia, Puerto Vallarta

The headline from Business Wire October 9th was "Silverleaf Resorts, Inc. Accepting Reservation Requests for Its Seaside Resort on Galveston Island Effective Immediately". Rooms will start coming available next Friday, Oct 17th and they expect to be fully operational by the end of November.  The Galveston timeshare resort was battered by 100 mph winds and rain by Hurricane Ike 3 weeks ago. Most of Galveston Island sustained damage but has quickly been working to restore power, water, and essential services to the area. Silverleaf Resorts stated that their insurance has adequate coverage to "mitigate these damages". (source)

In my last article about the storm I received a lot of interest from the photo of Galveston Island's Seawall. The photo was taken on July 31, 1905.

To the northeast, Bolivar Peninsula experienced major damage from the tidal surge.  Few homes survived the surge. Conversely, a notable example of strict building code enforcement would be Tiki Island, located just north of Galveston. This waterfront neighborhood of about 850 homes was established in 1982. Homes built there featured a "break away" bottom floor. As the tidal surge arrived, these homes were battered with 5 to 6 feet of water on the ground floor. Today only one home is in danger of being condemned. The others sustained damage but still stand. Other code requirements included "plywood on both sides of a home’s walls and 2-inch-by-6-inch studs to frame all outside walls." (source)

"What is my timeshare worth?" "Do I need an appraisal on my timeshare before I sell it?" "What is my timeshare's value?" I hear these questions and other variations of it every day. Everyone who is thinking of selling their timeshare wants and needs an answer in order to come up with the best strategy for selling their timeshare.

Stroman Realty, Inc's website www.timesharelink.com has an in depth study of that very issue. You can find the entire article here: "Setting your timeshare sales price".

Long held industry advice is that the average timeshare will sell for about 25% to 50% of the current retail price from the resort developer. The problem with averages is just that - they are averages. An average will not take into account specific locations, supply and demand, amenities, developer's reputation, and many other things.  For example, a timeshare that gives you a fixed week during peak ski season in Breckenridge will be worth more than the same unit and resort during off season. Or, a Manhattan Club timeshare that guarantees you New Year's eve will be worth more than the same timeshare two weeks earlier.

The quality of service the resort gives to the owners also comes into play. Interval International and RCI rate their resorts with the quality of service being a large factor in deciding if they are a Gold Crown or Five Star timeshare. That will also influence the value of a timeshare when you get ready to sell it.

How about "a room with a view"? The article found at www.timesharelink.com says "A room with a view is not limited to areas near the beach or ocean. Some resorts may have rooms on one wing that is obstructed by another building while an adjoining wing may have a view of the downtown area. A resort may also have multiple views where one area of the resort gives owners a view of a mountain landscape, while another view overlooks a lake or the heart of the city."

Ultimately the value of a timeshare is in the memories of great vacations you have enjoyed by owning it. But when it comes time to sell it, it is harder to put a dollar amount on those memories. And, what if you never even used the timeshare? You'd have little or no emotional investment in it and would likely just prefer to get rid of it.

Either way, take a look at the guide I mentioned if you need help in figuring out what your timeshare is worth. Now that would be time well spent!

In a word, nothing. The value of your timeshare will not be determined by the price of the timeshare resort developers stock price. Just because Wyndham's stock dropped by 7% on Monday, does not mean you should panic. The same goes for Marriott timeshare owners. The quality of service you receive as a timeshare owner will not likely be affected either.

These companies are still very profitable and any cuts they make in the short term will have more to do with new sales and new developments than current operations.  From the Associated Press, "Wyndham's stock has dropped more than 20 percent since Marriott International Inc. (nyse: MAR ) said Thursday that its timeshare sales have dried up amid the tight credit market and cutbacks in business and consumer spending." Large timeshare developers who have significant hotel business depend on the steady cash flow of timeshare sales. This cash flow is stopped when other businesses will not buy their loans. The emerging strategy is to focus their marketing on buyers with a higher credit rating.

As a side note, Starwood has taken a similar hit on their stock price but maintains an "outperform" rating by Oppenheimer. Starwood resorts include big names like Westin and Sheraton.

Chances are, when this economic storm passes, the big players in the timeshare world like Wyndham, Marriott, and Westgate will once again "lower the bar" to make more sales.

"History teaches us that we never learn from history."

PS: Anyone know if this has stopped resorts from exercising their "right of first refusal" on a timeshare resale?

MAR - Marriott, WYN - Wyndham, HOT - Starwood

There's a brand new guide for timeshare owners that will prove to be quite valuable: "Selling Timeshares Property Owners' Guide". There is a huge amount of well organized information that anyone who is contemplating selling their timeshare should take the time to read.

In the guide you will find detailed information about how to set the sales price, your options for selling your timeshare, timeshares "For Sale By Owner", Realtors who specialize in selling timeshares, advertising companies, fees, commissions, escrow, and lots more.

In the section entitled "Understanding Timeshares and Being Prepared to Sell" the guide advises the timeshare owner: "Considering the many options and varying degrees of methodology between a FSBO method and utilizing a Licensed REALTOR, you should be able to find a method of selling timeshare that suits your needs."

Many of the misconceptions and myths surrounding a timeshare sale are addressed. As with all things, "fear may be overcome with knowledge".

This is not a "mashed up" rehash of old news. You'll find advice from timeshare experts who have hundreds of years of accumulated timeshare resales experience.

If you are thinking of selling your timeshare, read this guide. You will save yourself a lot of time, money, and aggravation.