Monday, August 20, 2007

Daily Real Estate News | August 20, 2007

Time Shares Selling at Record Pace

Times shares are selling at a record pace, according reports from people in the industry. Florida is particularly hot.

David Siegel, CEO of Central Florida Investments, which owns the Westgate Resorts time-share group, says sales have risen 25 percent this year over last. In addition, a recently released study by Price Waterhouse Coopers reports that sales of new time shares in Florida rose from $1.6 billion in 2002 to $2.6 billion in 2005.

Howard Nusbaum, president of the American Resort Development Association, says people have become comfortable with the idea of owning a week-a-year property, rather than the whole thing.

"The baby boom and those that follow them … these are people who are used to buying pizza by the slice," he says.

Uncertain economic times contribute to the appeal of time shares, because they lock in the cost of a vacation. “These are affordable investments that can be financed over five to seven years," says Peter Yesawich, chairman of Ypartnership, which markets timeshare for developers. "They are also seen as a hedge against the future inflated cost of vacations."

Source: Orlando Sentinel, Christopher Boyd (08/19/2007)

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