]]>Some timeshare vacation rentals are perfectly situated for the ultimate beach vacation. The previous link offers beach vacation rental deals in Aruba, South Padre Island, Hilton Head, the New Jersey shore, Daytona, Grand Caymans, Hawaii and more.
Or maybe you’d prefer a golf vacation getaway to a beautiful resort! Currently available vacation rental deals are available at Hilton Head, Branson, Hawaii, Daytona, and Kissimmee.
Fall vacation rentals are quite popular for the mountains of Colorado, Vermont, New Hampshire, and California. Quality resorts are always available for rent and the money you’d save is significant.
]]>STEP #4 Reassessment. Hey, what about the Internet! It’s national in scope and couldn’t cost too terribly much. But which site will give you the strategic exposure you need? Will your FSBO ad be effective or will your property get lost among the others listed there? And who will help you with answers to all of your questions? You’ve already called your resort, and they don’t have a resale program to help you out. (Some resorts have viable resale programs, some don’t.) At this point, you’re ready to turn the whole thing over to your neighborhood real estate agent since most timeshares are considered real estate. Then you discover that most real estate brokers are unfamiliar with timeshare much less getting it marketed, sold and closed. They specialize in traditional real estate (homes, lots, etc.) and therefore, probably will be unable to help you! So you venture out on your own to locate contracts and a title or escrow company to do the closing. Unfortunately, you learn that not all title companies close timeshare! Great. You’ve got to find someone who not only closes timeshare but also will get the job done right and fast not to mention, someone you can trust. Your week is coming up soon and your buyer could evaporate if it doesn’t close quickly!
STEP #5 The closing. Regrettably, you realize that contracts and a deed are needed, and finding a title or escrow company experienced in closing timeshare properties can be tough. Then you begin to worry. Maybe you’d better consult a lawyer to make sure your interests are protected but the legal fees will dilute what you hoped to net from the sale. By the way who pays the closing costs? How is the deed recorded? Will the buyer want title insurance? Will you be at risk from omissions or something overlooked?
STEP #6 Final funding. Whew! And still, the title has to be transferred. And, oh yes, at what point are the funds transferred? Will your buyer trust you enough to send you the money before you have provided him with title? Or Will you trust the buyer enough to pay if you deliver the deed before he has made payment? Will your points be transferable? Will your resort or the management company cooperate with you on the many items needing attention?
Obviously, this is only a snapshot of a timeshare FSBO and isn’t all-inclusive by any means; however, it may contain a few items that perhaps you had not considered if you are planning to put your timeshare on the market a For Sale By Owner.
]]>Okay. So, you’re ready to sell your timeshare, and you’ve decided to sell it yourself to avoid paying commissions. Here are some of the steps you will need to take to get your timeshare sold For Sale By Owner.
STEP #1 Advertising. You already know that in order to give your timeshare property maximum exposure in the secondary or resale market, you have to advertise it nationally. So, you place an ad in a major national newspaper. USA TODAY is probably one of the best publications to attract timeshare buyers. A one week minimum 4-line classified ad running M-F costs over $1,000. (Remember, local advertising by itself typically does not generate sufficient buyer exposure to get timeshare properties sold.)
STEP #2 Setting the price. It’s a good resort. But how should you price your unit? What will the market bear? You need to research the fair market value of your unit with similar units (i.e. same season”red, white, blue, green, yellow, platinum, gold, silver, bronze, high, medium, low, etc.; number of bedrooms, deeded, right-to-use, fixed, floating, bi-annual, quartershare or fractional, point systems, etc.) You don’t want it overpriced, but you sure don’t want your price eroded either!
STEP #3 Negotiating the sale. If a buyer calls, you have to SELL him on it, tell him how GREAT it is, how much FUN he can have, how the EXCHANGE program works, what the maintenance FEES are and still how much MONEY he’ll be saving over the retail price all the while crossing your fingers and hoping that he’s genuinely interested and not just shopping.
]]>- Common sense dictates that resorts do not sell their timeshares to buy them back later. However, some timeshare resorts will consider buy backs baed on a Right of First Refusal if the selling owner has contracted with a buyer and received earnest money.
- If your resort has no resale program, ask them if they have plans to make this service available.
- If your resort does have a resale program, ask if it is a reload program consisting of POA inventory to be resold to existing owners (typically priced low.)
There are some timeshare resorts that will not transfer special programs from the selling owner to the new purchaser when the timeshare transaction was initiated by a third party. This practice is to deter owners from going to third party resellers and to encourage them to sell through the home resort. This can present problems for the selling owner because one of the reasons the new purchaser elected to buy the timeshare in the first place was to take advantage of the special programs offered by the resort. However, many of today’s timeshare buyers have become more sophisticated and knowledgeable about their timeshare purchase and are savvy enough to compare the savings realized by the resort’s special programs versus the savings achieved by purchasing in the resale marketplace.
Obviously, this is only a snapshot of selling your timeshare through your Home Resort and isn’t all-inclusive by any means; however, it may contain a few items that perhaps you had not considered if you are planning to sell your timeshare through your Home Resort.
]]>Timeshare resales prices show signs of a slight recovery while comparing 2008 and 2009 resales data at Stroman Realty. Sales data from the 2009 secondary market revealed a 4/10th of a percent increase in prices from 2008. Although our August report said that the average timeshare resale price showed a larger percentage bounce, last quarter 2009 sales prices resulted in an almost flat price performance for the year.
The 2009 worldwide timeshare resale average prices are 14% ahead of the 2005 results at Stroman Realty. During the same period US existing home sales prices decreased.
The stock market has showed a major rebound with the New York Stock Exchange boasting highs on the first trading day for the 2010 year. In the business of selling timeshares on the secondary market we feel it will take longer to see prices return to the 2007 levels. This year could see with marginal gains realized again. For 2011 and beyond we should see moderate inflation and increased construction prices that should pull up resale pricing bolstering the value in resale timeshare purchasing.
In 2009 the highest priced property sold was Marriott’s Mountainside in Park City Utah for $54,900 and closed by Coalition Title.
The state with the largest number of timeshare sales was California followed closely by Hawaii, then by Florida. Dominating the California timeshare resales list were Marriott’s Newport Coast Villas, Marriott’s Desert Springs Villas, Four Seasons Aviara, and Marriott’s Shadow Ridge. At the top of the Hawaiian timeshare resales list were Westin Ka’anapali Ocean Resort Villas, Marriott’s Maui Ocean Club and Marriott’s Maui Ocean Club Lahaina. In 2009 for Florida Marriott’s Grande Vista Resort beat out previous repeat top seller Sheraton’s Vistana Orlando.
The worldwide timeshare resale adjusted average sales price numbers for each of the last five years from 2005 through 2009 are as follows:
2005 $7,710.90
2006 $8,001.50
2007 $9,877.10
2008 $8,775.20
2009 $8,809.91
The 2009 average timeshare resale prices in some categories of interest were:
The Californian timeshare resale price was $9,092.41.
The 2 bedroom worldwide timeshare resale price was $9,669.14.
The 2 bedroom Hawaiian timeshare resale price was $14,401.20.
The 2 bedroom Caribbean timeshare resale price was $13,288.71.
For those who have been thinking of selling their timeshare this may be a good time to sell.
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About Stroman Realty Inc.: Stroman is the largest and oldest timeshare resale broker in the industry with over 28 years of experience. Our advertising reaches millions of potential clients annually through in-house direct mail campaigns; internet exposure; local, national and international media; timeshare auctions; co-broker and resort referrals. We sell timeshares every day and we can help you sell yours. All of our Timeshare Brokers and agents are Timeshare Resale Specialists and members of the National Association of REALTORS®.
About the author: Wayne Stroman currently sits on the Board of Directors for the Houston Association of REALTORS® and is Vice Chair. He also sits on the Board of Directors for the Texas Association of REALTORS® and is a Regional Vice President for Region 14. In addition, he also sits on the Board of Directors for the National Association of REALTORS®. NAR has over 1.1 million members and HAR is the largest local REALTOR® organization in the nation as well as the largest trade association in Houston with over 26,000 members.
He was Chairman of the HAR International Council (2005-2006) and the HAR Technology Task Force for (2004). He was past Chairman of the HAR MLS Advisory Group (2003); and past Chairman of the HAR Statistical Information Subcommittee (1997). He also served on the MLS Advisory Group Committee (1990-94 & 1997-2008); and the Y2K Task Force (1998-2000).
Mr. Stroman served on the TAR Issues Mobilization Committee (2005-2007); TAR Member Benefits Task Force (2005-2010), Committee Chair (2006); and was on the TAR International Task Force (2003); International Committee (2007-2010) the TAR Condominium Committee (1985); Technology Committee (2008-2010); Omega Tau Rho Fraternity Achievement Award 2004.
He was also a member of the National Association of REALTORS® Multiple Listing Service Issues and Policies Committee (2003-2005); the past Chairman of the NAR Resort Real Estate Forum (2003); and a member of the Resort and Second Home Real Estate Committee (2003 and 2006-2007); Global Business Alliances Committee (2008-2010); and CIPS Advisory Group (2007-2008).
]]>The next court date set for Consolidated Resorts is September 26th.
According to Consolidated Resort’s management, day to day operations continue as normal for their resorts. Their sales and pending construction projects have been put on hold. While this whole process may be a bit unsettling for timeshare owners, it may be good news for those who want to sell their Consolidated Resorts timeshare. Buyers will have to go through timeshare resales brokers like those at www.timesharelink.com. Since there are presently no ongoing sales at the resorts, buyers will be using the services of timeshare resellers.
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