Original Message:
Timeshare Companies Report Record Sales Again (by Glenda Y.):
bobd157 wrote:I don't believe the sales in timeshares will be increasing, anytime in the future, first, many people are aware of the fraudulent tactics from the sales people, look at all the law suits being filed, and the many complaints being filed. In Florida, the Attorney General's office is constantly being contacted in regards to their practices and if they are an honest company, and will be starting an investigation as soon as enough people file their complaints.I don't believe that time share sales will increase, people can not afford them, and more and more people are becoming aware of fraudulent companies. When speaking to the Attorney General's office in Florida I was told they get many calls asking about Club Navigo, and they can not tell them anything because they are not sure what to say. Although no one I have spoken to there has anything helpful to say.Well its all over the papers and online just about every developer is expecting record sales this year and next even in the state of our depressed economy. Westgate Resorts (David Segal) is projecting 1 billion dollars in timeshare sales in the next year. There was another thread on here talking about fraud and well I wonder if selling a $30,000 timeshare to someone and selling the value of the timeshare when the same exact ownership exists on ebay for $500 and sometimes less. As licensed real estate agents (timeshare salesmen) working for a licensed broker (developer) have laws and ethics to follow like any other real estate professional. How can they sell and pitch worth and value and investment on something that currently has not one bid on ebay. The salesmen know, the developer knows, but they leave that out of the picture (sales presentation). Does that constitute fraud? Some would say yes and others, well probably work for the resorts.
I guess what bothers me the most is the entire industry needs a correction. Like I have posted before from the vacation package sales, to the sales presentation, to the after market. The consumer seems, at no time, to be aware of what they are getting into until after the fact. BIG PROBLEM. Everyone on this forum only knows what the do by have being take advantage of or knowing someone who has.
ARDA supports the developers. What about the consumer!! According to ARDA there are 4.4 Million US Households that own timeshare with an expected increase to double that number in the next couple years. Why has there not been a politician or activist group that has picked up on the timeshare industry.
Eventually there is going to be a timeshare bubble bust similar to the housing market and Americans are going to be holding the bag. Imagine record number timeshare foreclosures and absolutely no outlet to even remotely cover the original investment. At least through the MLS we can see the current back logs of homes and run statistics on price trends. Forget it with timeshares, the whole market could come crashing down, and no one would know where to go.
If anyone would like to comment please do. I am very passionate about correcting the entire industry and I strongly feel that the most responsible are the developers and they need to take it upon themselves to correct the entire industry. This will in effect have a ripple effect though all stages of ownership.
Any thoughts?