Stronger Laws for Timeshares in the Caribbean

One of the leading timeshare companies in the world, Interval International has been encouraging stronger regulations in The Bahamas. They are doing this as a way to promote more timeshare business in The Bahamas, this is just one way of boosting visitor arrivals. Exec VP of resort Sales and Marketing, David Gilbert, has said, “We’d like to see laws in place that protect consumers. . . its very good for Caribbean countries to implement constructive legislation, that is not so restrictive that developers can’t build and sell but structured so that it protects the consumer.”

Due to the Bahamas close proximity to the US it makes it the perfect place for this sort of growth. This area of industry has suffered with the recession and this growth can not only expand on the nation’s second home industry but also provide more potential timeshare owners with the Bahama dream.

The major developers are looking for good regulatory environments however, Gilbert says they would not want their project or a project nearby to go bankrupt as that would all be negative publicity to effect their development.  Gilbert was discussing these matters at the annual Caribbean hotel and Tourism Investment conference in Puerto Rico last week.

Think Twice About $1 Timeshares

Due to the poor condition the timeshare resale market, and timeshare industry in general, is in there are many people scrambling to get rid of a timeshare. With the resale market so over flooded with a high surplus of timeshares for sale some owners have resorted to practically giving their timeshare away. There have been many posts on sites like eBay with timeshares going for only $1. While this is certainly a big deal in regards to how much the timeshare was originally purchased for, you should keep in mind this is not the only cost of the timeshare. Timeshares come with additional fees for upkeep and maintenance and even special assessment fees. If you own a timeshare and your name is on the deed you are obligated to pay these charges.

Not only should you be aware of these additional costs that come with the timeshare but you should realize that these fees have the potential to increase each year. Some timeshare owners have had their maintenance fees double or even triple in one year. If you are thinking about picking up a timeshare for cheap on an auction site you might want to think again. Unless you can afford the costs that come along with it a timeshare for only $1 is no sweet deal.

Wyndham Plans to Introduce Days Inn and Super 8 to Australia

Wyndham Vacation Resorts Asia Pacific plan to increase timeshares from a current 43,000 timeshare owners to an unspecified amount. They will also be introducing the Days Inn and Super 8 brands to Australia and New Zealand.

Wyndham Vacation Resorts Asia Pacific, a part of Wyndham Worldwide corp. is planning to spend at least $20 million to develop properties of Days Inn and Super 8 brands in the Australia and New Zealand regions. The Gold Coast based company is looking to increase their timeshare owner customer base from the current 43,000 to an undisclosed figure goal.

Due to the global financial crisis Wyndham is focusing on controlling costs rather than increasing sales as the demand for timeshares has changed dramatically. The Asia Pacific business’s 2009 profit increased 69% to $49 million even with sales dropping, just from timeshare owners continuing to visit the timeshares they purchased.

Wyndham VRAP Chief Executive Officer Barry Robinson said, “There aren’t as many distressed properties in Australia as I would have expected to see,” He went on to say “I’m not sure whether that’s because our interest rates are still comparatively low for our market, so banks and operators are able to hold on to them because they can justify the returns.”

Timeshare Appraisals, Not the Way to Go

A timeshare appraisal is sort of a tricky concept. You see a timeshare is never actually officially appraised to begin with. When a timeshare is sold by a resort it never goes through an appraisal to measure how much the timeshare is worth. In fact when the resort sells a timeshare the price is inflated roughly 50% over the actual value of the timeshare. This is due to the flashy timeshare presentation you sit through and the numerous free gifts you are given just for attending. So if you are thinking about selling your timeshare you should start with a price that is at least less than half of what you paid for it.

Timeshare appraisals are definitely not worth any dollar amount that many online sites will ask for. Online appraisal services are often done by the same resale and listing companies that are taking advantage of distressed timeshare owners. A timeshare appraisal is just one more way for them to squeeze some money out of these owners who just want some timeshare relief. These owners are simply looking to get rid of their timeshares. For those who can accept not being compensated for their timeshare in return for being completely free of the timeshare obligated fees they pay each year a timeshare transfer service is the way to go. A transfer company such as Timeshare Relief can help you get out of that timeshare for good and give you the financial freedom you deserve.

Difficulty for Aspen Club’s Timeshare Developments

The Aspen Club & Spa is proposing to build 20 timeshare condos, 12 housing units and an underground parking garage. The Aspen City Council will be holding a public hearing on May 10 to discuss the redevelopments to the Aspen Club.

One concern during the last meeting that Aspen Mayor, Mick Ireland, has is that he would want to prevent the owners from selling properties that have not been completed. Another foreseeable problem that the current managing partner and general manager of the club, Michael Fox, has is that construction financing may be too difficult should the current partnership sell to another owner.

Yet another city council proposed condition is that the club’s current zoning, which allows for single-family homes, be removed upon approval. Fox has gone on to say that if the club is not approved to build these timeshares it is likely that the entire club will be demolished so that single-family homes can be put up in its place.

On top of all this, members of the city council expressed that they would want traffic levels to stay where they are and should traffic levels increase they will implement paid parking as well as a shuttle service. This redevelopment of the Aspen Club to include timeshares was first proposed in 2005, it was then withdrawn and resubmitted in 2008 when it received more promising approval for construction.