RCI Timeshare

There is no doubt that the Sheraton Vistana timeshare resort in Orlando, Florida has sprouted a few gray hairs lately. Wrinkles are beginning to show up in a few places, and frankly, Vistana was beginning to lose the pep in her step.

…Age will do that to you.

RCI took notice of it and downgraded the Sheraton Vistana timeshare resort from a gold crown to a silver crown ranking. Fortunately for Sheraton Vistana timeshare owners, the resort’s Board of Directors also noticed the decline and made arrangements for a little timeshare nip and tuck.

The resort reportedly had nearly $4 million in accumulated reserves—this is one of the reasons timeshare owners pay those annual fees. Additionally, Vistana is assessing owners a fee to be billed in two increments over a six-month period. The total to be collected from the owners will be roughly an additional $10 million, targeted to cover the improvements.

The planned changes include:

• New furnishings in many of the rooms.
• 42-inch LCD televisions with Bose ® sound systems.
• New linens, window treatments, and light fixtures.
• New paint, trim, and carpeting. Wooden kitchen cabinetry, appliance upgrades, and granite countertops.
• Make-over for the general store and the fitness center and basketball courts.

No word on a target completion date for the project, but it seems to me this could be an excellent time to purchase a Vistana timeshare resale from current owners looking to avoid any possible inconveniences that may occur during the renovation. Buy now at “old property” prices, then enjoy the benefits of owning a “new and improved” Vistana timeshare in the near future.

Apparently other people have had this idea too, because Sheraton Vistana is one of the timeshare resorts that showed up near the top of the Sell My Timeshare NOW Hot Properties List during the first quarter of 2007.

RCI and II offer excellent services, but timeshare owners should also consider timeshare exchange companies of all sizes as they select the exchange option that is best for them.

Most timeshare vacation property owners have at least heard of the two largest timeshare exchange companies, Interval International (II) and Resort Condominiums International (RCI). But many timeshare owners are surprised to learn that there are a number of other successful timeshare exchange companies and that for some timeshare owners, a small company is the best choice.

Dial An Exchange International (DAE) is a small timeshare company with offices in the US, the UK, Australia, and New Zealand. In recent weeks, Dial An Exchange has announced new operations throughout Asia in conjunction with Highpoint Business Solutions and in South Africa. The goal of Dial An Exchange is to establish a network of representative offices thought Asia, starting with China, India timeshare, and Thailand timeshare and to better serve the growing South Africa timeshare market.

To find about more about Dial An Exchange, visit their website, http://www.daelive.com

To learn more about timeshare exchange companies in general, visit the Sell My Timeshare NOW website and read about “Timeshare Exchange Companies” and the benefits they offer timeshare owners.

Unusual situation at timeshare resort means problems for timeshare owners.

The Legends Resort and Country Club in McAfee, NJ has had an interesting history to say the least. Originally built in 1972 by Hugh Hefner as a 600-room Playboy Hotel, Hefner sold the property in the late 1980’s. It seems that Hefner’s vision for the resort could not be realized when the gambling license he sought was not approved.

After Hef sold the property, the hotel faced one problematic ownership situation after another. When the current owners, Metairie Corporation, purchased the property, it was already in bankruptcy.

At first, the purchase seemed like it would bring better days. Metairie turned 28 suites into studios and one and two-bedroom timeshare units. They promised owners amenities including indoor and outdoor pools, a children’s pool, conference center, a health club, restaurant, and other enticing features. The timeshare units sold for prices between $8,000 and $18,000. Some 1600 people invested in the timeshare units, which means that the funds generated by their sale netted Metairie Corp. roughly $15 million.

Fifteen million should have gone a long way to building and maintaining promised amenities at any timeshare resort. But instead of The Legends improving with the influx of capital; it went downhill.

Over the years that followed, despite the fact that timeshare owners continued to pay their yearly maintenance fees, conditions at the resorts deteriorated. Not only were many of the promised improvements never made but routine maintenance was also neglected. Currently the outdoor pool, the gym, store, restaurant, and clubhouse are closed and the tennis courts have deteriorated significantly. Other complaints include mold problems, protruding nails, sinks falling off walls, and abandoned cars left in the parking lot.

Perhaps the final indignity came in August of 2005, when RCI, the largest timeshare exchange company in the world, dropped The Legends Resort from its exchange privileges. Since that time, other timeshare exchange companies have dropped them as well. The timeshare owners have now organized as a group called, Legends Owners United, and are trying to effect legal action. In March, New Jersey State Real Estate Regulators began investigating the situation. Until last year, in the state of New Jersey timeshare issues such as this one did not fall under the direction of the State Real Estate Regulators, which in New Jersey, is a division of the State Department of Banking and Insurance.

It goes without saying how much we all hope the members of Legends Owners United get satisfaction. Let me also add, first, that this type of problem is the exception, not the norm in timeshare resorts today, and that secondly, buying resale timeshare rather than buying timeshare units as new or pre-construction property, reduces your risk of getting caught in such circumstances. With resale timeshare, you are buying a proven product, and just as importantly, you are usually spending a lot less of your money to do so.

You can also look at the unfortunate situation at The Legends in a speculative way. This might be an ideal time to purchase a timeshare resale from a current Legends timeshare owner, in anticipation of a positive resolution for the resort and its possible future status.

Buyers and sellers of timeshare need to stay on top of the trends.

When you buy a timeshare or timeshare resale, you can base your decision-making solely on the location, amenities, options, and price that best suit your personal budget. But if you see resale or even exchanging in your future, then you also should consider factors that other people most frequently seek in a timeshare resort or vacation club.

Two-bedroom units are by far the most popular and of course, you need to consider the desirability of the week or timeshare interval you own. But a sometimes-overlooked factor that influences resale-ability is brand. As I have mentioned before, people are comfortable with names they already know and trust. If someone likes a certain hotel chain, they naturally assume they will like timeshare resorts developed under the same brand. And big-names give buyers a sense of assurance that the company they trust is going to be around for awhile.

Of course you know and recognize the major brand players in timesharing. Disney, Hyatt, Hilton, Marriott, Ritz Carlton, Four Seasons, Starwood, are only a few of the companies that inspire confidence among timeshare buyers. HOTELS magazine recently added to that list with some other timeshare names you may or may not know, but should watch for. Based on research from HOTELS magazine, here’s RCI’s list of “fast-track” timeshare companies:

• In the US and Mexico: Bluegreen Corporation, Burroughs & Chapin, and Mayan Resorts (Mexico)
• In Europe: Pestana Hotels & Resorts, Porto Bay Group, Sol Meliá, Hilton International, and Ramada
• In Asia: Mahindra Holidays & Resorts India, Royal Resorts (Australia)
• In Africa: Sun International

Interval International’s list includes:

• In the US and Mexico: Gold Key Resorts, Westgate Resorts, and Villa Group (Mexico)
• In Europe: DeVere Hotels & Resorts (UK), and Royal Savoy Resort (Portugal)
• In the Middle East: Caryatid Properties, developer for the Royal Club at The Palm, Beijing’s Xiang Luxiang, and Development Corp.’s private residence clubs

Other notables: Grecotel, Club La Costa, RMI, and HC (Europe).

To find resale timeshare from these developers and many others, visit www.sellmytimesharenow.com