A few excerpts from an article by Nadja Brandt from Bloomberg.com
Mark Massarelli, who runs Dynasty Limousine in Boston, has been trying to sell one of two timeshares in Hollywood, Florida, that he and his sister inherited from their mother. He has been advertising a one-bedroom, one-bath unit on Craigslist.org for six months. It’s at a full-service oceanfront property with access to an 18-hole golf course.
Massarelli, 46, hasn’t received any inquiries even after cutting the price twice.
“I am offering it at $3,995 but its value right now is probably around $8,000,” Massarelli said in a telephone interview. “I tried to sell it a couple of times for a higher price but nobody bit. The maintenance and taxes on the unit are getting expensive. So I cut the price to attract more buyers, but nothing so far.”
The average sales price for timeshares in the U.S. climbed to $20,152 in 2008 from $15,790 in 2004. Occupancy remained little changed from 2005 to 2008 at about 82 percent, according to Ernst & Young. Average maintenance fees increased to $646 from $471 from 2005 through 2008.
“This year in particular, timeshare sales are down because hotel deals have been so good,” said [Chris] Woronka [an analyst at Deutsche Bank Securities in New York]. “Owners may think ‘I could have stayed at a luxury hotel for $150 a night and I am paying much more for this timeshare.'”