Originally Posted by joiseyjet
the reason the turnover is probably 2% and under right now is cause now everyone who originally brought them now realize what a bad investment it was and would like to sell them buy no-one else wants them
Look at Gourneys time share in Long Island, 100% of owners want to sell at any price. Yet they rarely sell. It is an iluiquid market and the time share fees are so higher it is usually cheaper just to rent the room for a week with no committments.
Gourneys is more like a PSL than you think. You are paying for the right to rent a room but timeshare can jack fees at any time on time share owners or let property get run down. You are also committed to it season after season and if you cant make it you have to find someone to take your week or lose your yearly payment.
A PSL is basically a Timeshare. Not to say all PSLs and Timeshares are bad. But sadly must are. And like a timeshare as unit gets older and more run down and property less desirable your fees stay the same. Even though it is harder to rent and harder to sell
In Gourneys case around half the owners walked away when they could not sell, defaulted and owners not got back half the units for free after selling them. Sound familar. The house always wins.