From September 18, 2008 comes the story with the most traffic here at the timeshare blog: "Hurricane Ike and Silverleaf Timeshares". This story generated a huge amount of interest - not only from Silverleaf timeshare owners, but from those who live near the Gulf of Mexico coast. Some areas devastated by Hurricane Ike will never be rebuilt. Galveston is steadily rebuilding and will come back strong. Here's the story:

Silverleaf Resorts, Inc released a statement yesterday about their Texas timeshares that were damaged by Hurricane Ike. The Silverleaf timeshare most directly hit by the storm was Silverleaf's Seaside Resort in Galveston. When Ike made landfall as a strong Cagegory 2 storm, it produced a huge amount of damage all along the Texas and Louisiana coastline. Silverleaf Resorts, Inc stated that " While there does not appear to be any structural or substantial flood damage to the interiors of any of the buildings at the resort, wind damage to exteriors and roofs was observed as well as a fair amount of sediment and debris that will need to be removed from the resort."

Given Galveston's history with one catastrophic storm, it looks like the seawall built in the early 1900's may have prevented similar damage. Still, the process of reestablishing the infrastructure will take time. Contingencies for this type of disaster are well thought out and the owners of Silverleaf Seaside Resort can be confident that they will be able to return to their vacation resort.

Near my home is Silverleaf's Piney Shores Resort. Officials at Silverleaf say that while Piney Shores sustained some wind damage, it will be fully operational as soon as power is restored. The eye of hurricane Ike passed a few miles east of here sparing us the worst part of the storm.

Please feel free to share your Ike stories here - especially stories of random acts of kindness and neighbors helping neighbors.

The Galveston Seawall Under Construction in 1905:

Technorati Tags: Silverleaf,timeshare,galveston,texas,hurricane,ike,damage,recovery,reopen

Today, Holiday Inn Club Vacations goes online with their newest program. From their press release "Starting today, travelers who are seeking a richer vacation experience can rent vacation villas online at www.hiclubvacations.com, a dedicated website where consumers can book a spacious one-, two- or three-bedroom villa just like they would any Holiday Inn hotel room."

In addition, owners of Orange Lake Country Club will have benefits from the Holiday Inn franchise. Everyone will benefit: Orange Lake owners, Holiday Inn Club owners, and the general public. It will combine the availability of RCI resorts (4,000 resorts), Holiday Inn Club some 4,100 hotels, plus the direct availability of Orange Lake resorts.

Orange Lake Country Club has long been one of my favorites. Not only is it well located near all the Orlando attractions like Walt Disney World, Sea World, Epcot, and Universal Studios, but it has one of the most fabulous on site pool complexes in Florida. Orange Lake also happens to be one of our best selling timeshares on the resales market. So, you really can't go wrong with this improved owners' package of benefits - especially when you buy your timeshare at a discount.

Check out these deals on Orange Lake Country Club timeshares for sale by owners!

By the lake at Orange Lake Country Club, timeshare in Orlando Florida.

In addition to "ocean view", some timeshare buyers are looking for high speed internet connections, WIFI, 42" plasma HD televisions, IP phones and more.

What's a timeshare developer to do? At the first glance, investing in fiber optic cables, HD televisions, and internet access seem too expensive to install, support, maintain, and upgrade. If you look a little deeper into the process of a buyer's decision, you'll find that they are looking for amenities that imply luxury, attention to detail, and the "wow" factor. In addition, the cost of fiber optic systems continues to drop while the cost of copper cables skyrockets. For example, a General Electric press release describes one of their new fiber optic systems: "GE Digital Energy announces the Multilin HardFiber System which eliminates the need for thousands of copper wires in a substation and replaces them with a few fiber optic cables. By eliminating the need to install and maintain thousands of copper wires, used for signaling and monitoring in electrical substations, utilities can save up to 50% of protection and control installation and maintenance costs, while at the same time increasing worker safety and power system reliability." (source) This product may be for power or industrial use, but the basic theory is the same: fiber optics are cheaper to maintain, can carry far more data than copper, and are now the same cost or less than copper.

Having said all that, if a timeshare buyer is impressed with the high tech amenities of their resort they will more likely recommend it to their peers.

In a previous blog article I talked about the timeshare resorts that have wireless internet access. The timeshares who have WIFI also have timeshare owners that are very pleased with that service and likely recommend their resort to others.

What about those 42" plasma HD televisions? The entertainment factor of a timeshare condo will make an impression on a timeshare buyer. While it may not be feasible to place High Definition hardware in place, it would be wise to build out the project so that when costs come down, the infrastructure will be in place to upgrade it quickly.

Yes we want the ocean view, palm trees, or mountains. But more and more, buyers are looking for a forward thinking resort - and the amenities that come with it.

Hopefully not too much more than you'd expect.  Most timeshare owners have the understanding that their annual "dues" or maintenance fee includes property tax plus fees required for the upkeep of the resort.

So, here comes the fun - yesterday's Miami Herald ran a news story explaining how a number of timeshare property management firms have been charging $3 to $5 fees to the timeshare owners without their knowledge. Does not sound like much? Well, in 2007, 4.4 million households owned one or more weeks of timeshare in the US. AND, it turns out that these fees have been going to a political action committee set up by the American Resort Development Association. According to the story, "This year alone, ARDA spent $540,000 lobbying against mortgage reform legislation on Capitol Hill, including the expansion of truth-in-lending requirements to timeshare buyers."

This discovery came to light during a Federal Election Commission audit of the Political Action Committee of ARDA. Their report covers a period of roughly 2003 - 2004's election cycle and $1.8 million raised during that time.

If you want to keep up with this developing story, check in here from time to time, or subscribe to this blog.

Great photo of Point Loma California, courtesy of www.pdphoto.org

If you are thinking of buying or selling your Wyndham timeshare, here's some valuable information! Over the years, Wyndham resorts have done well on the resales market.  Stroman Realty, Inc has published a list of their best selling Wyndham resorts.  Generally, these resorts are considered a great value and fine quality! The top selling Wyndham resorts include the Cypress Palm, Kingsgate, Westwinds, Fairfield Glade, Pagosa, Ocean Ridge, Star Island Resort, Sea Gardens, Branson, and Sapphire Valley.  In addition, these Wyndham timeshare resorts have shown great sales success: Royal Vista, Kona Hawaiian, Sedona, and Skyline Tower.

Many other Wyndham timeshare properties have been sold, but these have had the most activity in the resales market.  If you are ready to sell your Wyndham timeshare, go with someone who has had proven success.  See what the professionals at www.rpmls.com can do for you.  They will take the hassle out of selling - taking care of all the details.

Wyndham Star Island Resort, Kissimmee Florida

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

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......

"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.