Resale woes leave Orlando-area time-share owners in limbo

The Orlando Sentinel writes:

"We sold it for $1,500," Punzo said. "We had paid $7,400.

But Punzo also said she was satisfied with the Web site she used to sell the unit. That site, sellmytimesharenow.com, lists a large number of units and tops the results list when someone surfing the Internet enters key phrases such as "time-share resales" in Google's search engine.

"Until a few years ago, before the Googles and Yahoos appeared, there was no good avenue for selling these things," said Jason Tremblay, chief executive officer of sellmytime sharenow. "Sellers are easy to find. We estimate between 15 to 20 percent of owners would like to sell."

The time-share industry insists the percentage is far lower. But there is a growing acknowledgment that the industry's rapid growth also means ever more prospective sellers.

Time-share companies spend large amounts on marketing, and many consider the secondary market a source of competition. But that may be changing. Orlando-based Marriott Vacation Club now offers to buy back some, though not all, units from those who want out.

"We have a relatively low percentage of units that are available for resales -- less than 2 percent," said Marriott Vacation Club spokesman Ed Kinney. "Resales are a byproduct of the industry. People have products that don't fit their needs. We know that."

Other companies aren't as receptive to reselling.

David Siegel, president of Westgate Resorts in Orlando, said his company warns prospective buyers that time shares are difficult to resell. And Westgate doesn't offer a formal resale program.

"It's a conflict for developers, because they have their own inventory to sell," Siegel said. "We tell owners that it is not an investment, and that they are really prepaying their vacation."

And Siegel said his sales staff is upfront about its stance.

"We tell people we won't sell it for you and we won't rent it for you," Siegel said. "But if they have to sell, we say go to friends or neighbors or advertise it in the paper."

Resale woes leave Orlando-area time-share owners in limbo

The Orlando Sentinel writes:

Pete and Sharon Bissinger loved the Kissimmee time-share apartment they had owned for 15 years, often offering it to relatives on visits to Central Florida or trading their annual week with other time-share owners for vacations in other parts of the country.

But love turned to loathing several years ago when they decided to sell the unit.

"We found that it was nearly impossible to find a buyer," said Peter Bissinger, a retiree who lives in DeLand. "People wanted $395 and more just to list the time share on the Internet. And when we paid, we never heard from anybody again."

Pete and Sharon Bissinger loved the Kissimmee time-share apartment they had owned for 15 years, often offering it to relatives on visits to Central Florida or trading their annual week with other time-share owners for vacations in other parts of the country.

But love turned to loathing several years ago when they decided to sell the unit.

"We found that it was nearly impossible to find a buyer," said Peter Bissinger, a retiree who lives in DeLand. "People wanted $395 and more just to list the time share on the Internet. And when we paid, we never heard from anybody again."

Advance bookings give hoteliers reason to smile, at least for now

Christopher Boyd writes:

"We are starting to see the effects of the marketing campaign," said Greg Hauenstein, general manager of the Lake Buena Vista Palace hotel. "We have also seen group travel remain strong. And we had no major storms . . ., which has taken away a bit of the concern people have about coming here."

Abe Pizam, dean of the University of Central Florida's Rosen College of Hospitality Management, said increases in Orange County resort-tax collections in late 2007 provide evidence that the lodging industry is in an upswing. But he said 2008 is full of unknowns.

"We have been doing relatively well, and some properties have been doing very well," Pizam said. "Will that continue . . .? Who knows?"

Hotel-room occupancy rates were hovering at about 65 percent in Metro Orlando late last year, according to monthly studies by Smith Travel Research. Those surveys don't include Walt Disney World hotels, which are generally thought to have even higher occupancy levels.

Pizam said the first two quarters of this year show every sign of remaining strong for the hotel business, but he said energy costs, price inflation and the ever-looming threat of terrorist attacks are wild cards.

"Tourism rises and falls on discretionary dollars, and nothing eats away at discretionary money as fast as inflation," Pizam said.

Pizam said inflation would probably hurt middle-market hotels the most. He said the region's growing number of luxury hotels is in a better position to withstand economic difficulties.

"Very-high-end hotels aren't so sensitive to economic factors," Pizam said. "They would not be as much affected. But hotels in the middle would take it the hardest."

Momentum, marketing are key for parks -- with few new waves

Scott Powers writes:

Universal Studios' The Simpsons ride and Disney's Hollywood Studios' Toy Story Mania ride are the only two major attractions scheduled to open this year in one of Orlando's major theme parks. Both are to open in the spring, and both are replacing old attractions. Universal also has overhauled its Earthquake . . . The Big One ride, renaming it Disaster! A Major Motion Picture Ride . . . Starring You.

That means the only really big difference-maker will be Aquatica, the 59-acre water park that has risen across the street from SeaWorld. It will feature 36 water slides, six rivers and lagoons, 80,000 square feet of beach plus some unique touches, such as clear-tube slides that shoot riders through pools filled with dolphins.

"I think it will definitely increase tourism traffic into Orlando, both short-term and long-term," said Joseph Couceiro, vice president of sales and marketing for Busch Entertainment. "We want people to be excited and anticipate that it will be what we know it will be: a park like no other in the world.

"But, also, we're in a marathon here, not a sprint," he said. "We need to continuously build on what is not only the SeaWorld brand, but also our Orlando brand. What we need in Orlando . . . [are] unique products that you can't get anywhere else, to make sure the Orlando brand remains relevant and invigorated."

Orlando Condos

From the Orlando Sentinel:

We confronted fallout from the nationwide slowdown in housing, as evidenced by record foreclosure rates, and we felt the pain as businesses big and small struggled to keep up with rising gas prices.

There was another side, though, to 2007, one that gave off a more prosperous vibe, thanks to plans for a new Orlando Magic arena and a new performing arts center as well as groundbreakings for a University of Central Florida medical school and the Burnham Institute for Medical Research.

As we prepare to leave 2007 behind, here are my picks for Central Florida's Top 10 business stories:

...The bubble is no more. Real estate sales nose dived and foreclosure rates shot up, easily making the slumping housing market the No. 1 story of the year. The hype over downtown condos faded, with some new towers still far from full. There's hope the market will stabilize in the next few quarters, but the carnage is far from over.

Vacation homes may be factor in occupancy rates

From the Orlando Sentinel:

Vacation homes are the wild card in Central Florida's lodging industry -- practically everyone in the travel business acknowledges their proliferation, but nobody concretely knows how many of them are out there.

The hotel industry has long suspected that the growing popularity of vacation homes has held down occupancy levels in conventional lodging.

The homes, which look identical to year-round residents' houses and condos, are instead used as short-term rentals, offering vacationers privacy and residential conveniences at prices that often undercut hotel rooms.

Steve Trover, chief executive officer of All Star Vacation Homes in Kissimmee, estimates that between 25,000 and 30,000 vacation homes are available in Central Florida.

Trover says that, even if the economy cools this year, vacation homes are likely to suffer less than hotels because they are often more economical for families vacationing in groups and are very popular with the British, whose currency is faring unusually well against the U.S. dollar.

It's not your mother's Florida

From Canada.com:

Florida doesn't follow tourism trends. It makes them. So, it's no surprise that spa life, one of the fastest growing branches of tourism, is booming.

More than 100 major resort spas have sprung up throughout the state, appealing to a range of tastes, budgets and lifestyles, from clothing-optional to black-tie. One thing is for sure. It's no longer your mother's Florida.

The state boasts 1,770 kilometres of warm, sandy beaches and more golf courses - 1,370 and counting - than any other U.S. state. It's an agora of tourism, welcoming 84 million visitors per year, most of whom are from other parts of the United States but more than 2 million from Canada.