Court Bans Timeshare resale Up Front Fees

Resale companies will no longer be able to charge upfront fees to clients wishing to sell their timeshares in Florida. Orlando’s Better Business Bureau has hundreds of complaints against dozens of local timeshare companies that charge advance fees. The court ruling in Tallahassee makes that practice illegal. A circuit court ruling in the state’s favor, which will prohibit collecting fees from Florida residents or anyone who owns a Florida timeshare.
Florida’s Department of Business and Professional Regulation filed that lawsuit against a Texas reseller 11 years ago. That company could still appeal the ruling.
Advantage Vacation has never charged an upfront listing fee of any kind to clients wishing to sell their timeshares.

Consolidated Resorts Filing Ch. 11

LAS VEGAS-Consolidated Resorts Inc. confirmed Tuesday that it will file for protection from creditors under Ch. 11 of the US Bankruptcy Code. The locally-based subsidiary of ASNY Corp. operated 14 resorts located in Hawaii, Las Vegas and Orlando, FL. The Vegas resorts include Tahiti, Tahiti Village and Club de Soleil.
Blaming tight credit and the recession, the company says it halted sales and marketing efforts Tuesday, shuttering offices and information booths in all three markets. The company says it will continue to operate its resorts during the restructuring.

“As a result of the dramatic changes in the economy and the shrinking timeshare lending environment, Consolidated Resorts Inc will file for bankruptcy protection,” company spokesman Ken Chupinsky said in a statement. “The scarcity of lenders in the timeshare industry has made it impossible to continue the company.”

Tahiti Village is located on Las Vegas Boulevard at Warm Springs Boulevard. The other two resorts are located on Tropicana Avenue.

In 2007, Goldman Sachs Corp. invested $372 million in ASNY’s timeshare business through Whitehall Street Global Real Estate Limited Partnership 2007. That equity was valued at $0 at the end of 2008, according to published reports.

Whitehall invested $372 million into timeshare company ASNY in June 2007. That equity was valued at $0 at the end of 2008.

Consolidated Resorts is also the defendant in a couple of lawsuits filed in Clark County District Court for not opening marketing booths as promised. Las Vegas Sands Corp. has sued the company for not opening timeshare marketing booths in its new Palazzo resort as agreed and not paying $8.5 million in annual rent. Consolidated alleges the agreement is not enforceable. The case has not yet been resolved.

By Brian K. Miller

Consolidated Resorts to file for bankruptcy

Consolidated Resorts Inc., a timeshare based in Las Vegas, has shut down its sales and marketing operations and is planning to file for bankruptcy.

The company owns several resorts, including Tahiti, Tahiti Village, and Club de Soleil. It made the announcement last Tuesday.

“As a result of the dramatic changes in the economy and the shrinking timeshare lending environment, Consolidated Resorts, Inc. has shut down its sales and marketing operations in Las Vegas, Orlando and Hawaii and will file for bankruptcy protection,” said Ken Chupinsky, a company spokesperson. “The scarcity of lenders in the timeshare industry has made it impossible to continue the company.”

Chupinsky continued, “What doesn’t change for all of the owners that have purchased from us for over 25 years is the continued operation of the 14 resorts. The resorts will continue to operate uninterrupted so owners that have reservations do not need to worry.”

Owners who had questions were referred to Soleil Management.

The officials did not discuss what the shutdown will do to the jobs in the organization.

Secure your families vacation no matter what the economic climate is.

I own a condominium in Lahaina at the Mahana which is a beautiful property and one of the nicer vacation condo rentals in Lahaina. It is in a rental pool with Aston Hotels and Resorts. I would highly recommend looking at the Aston Hotels and Resorts if you are considering purchasing a condo as an investment in Maui and plan on it being a vacation rental for you. Aston definitely knows their business.
The following was included in The May 2009 Condoletter I recently received from Aston:
“While visitor arrivals in April fell only slightly, there was less demand for hotel rooms as more visitors elected to stay at time-share resorts.”
Because timeshare owners own their vacation, they are going to take the vacation they paid for and not lose it! Thus, timeshare occupancy has remained steady especially at resorts like Marriott’s Maui Ocean Club and The Westin Ka anapali Ocean Resort Villas. Both of these very beautiful resorts have great family amenities. The owners at these resorts made their purchase to use it at their home resort and therefore don’t trade their properties.
Timeshares continue to be one of the only bright spots in the real estate and vacation industry.
We have been in the timeshare industry for over 30 years and the timeshare resale industry over 20 years. NOW is a great time to purchase a resale. There are motivated sellers and we are seeing prices lower than ever before. This is a great time to secure your family’s vacation lifestyle no matter what the economic climate is. Timeshare is truly vacation insurance!
And remember, smart people buy timeshares-smarter people buy resales.

Disney, Marriott, Hyatt, Starwood and Hilton dominate Timeshare industry

Timeshares may offer good value if you choose one in an area you expect to visit frequently.
Virtually all investments look bad these days, but some pretty big names want you to reconsider one of the most maligned of all: the timeshare.
High pressure tactics and deceptive costs have given timeshares a mixed reputation.
But companies including Disney, Marriott, Hyatt, Starwood and Hilton dominate the industry, offering new perks and better value. “Timeshares are a great alternative to purchasing a vacation home since you are not responsible for the cost of maintenance,” insisted Jim Lewis, president of Disney Vacation Club.
Selling real estate in timeshares can be a profitable way for developers to sell real estate, especially condos in hot vacation spots or hotel rooms at resorts. In such a deal, several people buy one property ans share it.
Prices range from $8,000 for a small place in Florida to more than $30,000 for vacation rights at a top resort with golf courses and other amenities.
Timeshare offers, even within the same area, can vary greatly. The buy in price may be low, but some places have high annual dues.
One drawback to timeshares is that the participant does not earn any equity in the vacation property. Whey the membership period is over; the package has no value to the former member. Also, resale values are almost always lower than the original price. Timeshares are now more closely regulated by state consumer officials and sellers usually know they have to work hard to overcome the old reputation. Introducing a Free Small Business network for New York where you meet other professionals, get qualified leads, earn money and more. Get started Now! Dr. Tina Discepola, a physician from White Plains in Westchester, said she and her family signed up for a Disney timeshare in 2000. “While we were on our first family Disney World vacation in Orlando, we had an experience that was beyond anything we ever expected, :she said. “We met with a representative from Disney Vacation Club, listened to their sales pitch, and signed up that day. “Timeshares there start at about $18,000, plus a sliding monthly fee based on the number of points racked up for using the place. One important benefit, Discepola said, is that her family can stay at several Disney owned resorts.” There is a tremendous flexibility in terms of when and where members can travel.” She said.
This article was written for the Daily News By Jason R. Rich

Advantage Vacation Office located in The Lahaina Cannery Mall, Maui

If you are on Maui and would like information on Timeshare Resales stop by our office located at The Lahaina Cannery Mall in Lahaina Maui. The Cannery Mall is located next to Safeway. There are a number of shops there and a food court. Also there are free Hula shows. The talent is local and very good. Stop by The Cannery and get a bit to eat enjoy a free hula show and talk to Syed Sarmad about what is available in the Timeshare Resale market here on Maui or other islands. Syed has over 30 years in the industry and has a wealth of knowledge to share with you. No high pressure sales.

http:www.advantagevacation.com
http:www.hoteltimeshares.com
800-775-4493

ARDA runs contest for Timeshare Owner

Win $1000.00 by entering your vacation photo, story, or short video (up to 3 min.) depicting a special timeshare vacation memory and you could win a $1000.00 American Express gift card. Now who couldn’t use that! Your entry should represent a special timeshare vacation memory that had a meaningful effect on your family, your health, or your overall enjoyment of life. To submit your entry go to VacationBetter.org. Contest runs May 15, 2009 unitl Aug. 31, 2009.
Even with the travel industry being hit during these challenging economic times vacation ownership properties are experiencing more than 80 percent occupancy rates as of March 31, 2009. Another reason to own your vacation (timeshare) rather than rent your vacation!
VacationBetter.org will award 3 first place winners, one of photography, one for their written story, and one for video. In each of those categories, there will also be a second place winner, who will receive a $250.00 American Express gift card.

Starwood Club opens in Avon

It has been a very challenging year for real estate across the county. Now, it might be a better time to sell units a week at a time. (Timeshare)
While all real estate sales are down these days, people who own pieces of Starwood clubs tend to use them. The average occupancy rate is about 85 percent at all the clubs, according to company official David Matheson.Starwood Vacation Ownership recently opened its Vail Valley property, 34 units of time-share property next to the Westin Riverwalk Resort & Spa.
Unlike units at the Westin, which are sold to single owners, then put back into the hotel’s rental pool, Starwood’s condo units are sold in one-week pieces to club members, who can trade their ownership interest in the Avon units for nights in Starwood properties around the world.
Owners at the Westin can use all that resort’s amenities, including the pool, spa and fitness center.
About half of all Starwood customers pay cash for their weeks, company official Bruce McNish said, so those units tend to get used. They also tend to be kept.
Sales have just started for the Starwood units at the Westin, and the company is optimistic. Still, the 34 units just opened represent only the first of three phases, and further construction has been postponed until the national economy turns around.
And the new units next to the Westin look like a nice place to spend a week. Most have small kitchens, and all have living-room areas with flat-screen TVs and Internet access. Two-bedroom units have natural stone fireplaces, marble bathrooms and dining areas that seat six.

Need A Vacation Break? Timeshare Tip RCI Points & Interval International Short Stays

We hope you enjoy and find the video below on using your RCI points or Interval International Gold  membership to take a well deserved mini-vacation helpful in giving you some ideas on how to maximize your timeshare ownership.

Interval International – Short Stays

Interval International has introduced a program that will allow members to split their deposit into short stay vacations. The cost is $139.00 per exchange and you can stay 2 to 6 nights on the short stay program. I went on line today to see how it works. I search California and Nevada and there was availability for Marriott’s Desert Springs Villas I and for June 9 through June 12. And in Nevada there was availability for June 9-June 12. Reservations can be made up to 30 days in advance. You can check availability on line at http://www.intervalworld.com

« Previous Page — Next Page »