Change is on the way on Long Island. Gurney’s Inn, the iconic timeshare resort on Long Island’s eastern tip at Montauk, has been purchased by developers who plan to cancel the timeshare model of ownership there. “The new owners will buy out timeshare holders’ leases and shares within the next five years. The timeshare owners were given three options for selling their shares, according to documents they received.” (NewsDay.com)
The buyout of the timeshare owners may not be as expensive as you’d think. Reports are that two thirds of the resort is empty (without fee paying owners) and that has contributed to the never ending problem of funds for the Gurney’s Inn. The new owners have already opened a new beach club with local DJs and a new menu.
These older timeshare resorts are scattered all over our country. They tend to be smaller and have fewer maintenance fee paying owners. Over the years timeshare weeks have been foreclosed on with no one to take their place. Timeshare buyers tend to go for the more modern and flashy timeshare vacation resorts. I would expect to see several more of these fail the older timeshare model in the next few years. The timeshare owners will be compensated something and give up their deeded week of timeshare.
Hopefully, timeshare resorts in the Northeast will thrive and continue their proud traditions. It is up to the owners’ associations to run an efficient resort and stay afloat. Lake Placid Club Lodges timeshare resort, Village Green at Stowe Vermont, the infamous Trapp Family Lodge, Smugglers’ Notch, and others have been around a long time and I hope they’re there for my children’s children to enjoy.
On the other hand, I think it’s time for these older resorts to reach out to today’s 30, 40, and 50 “somethings” and get them involved in owning a wonderful vacation! Yes there are advantages to buying and owning a timeshare resort that was not built just yesterday. Often the scenery alone is inspiring enough to convince a lover of nature to purchase a timeshare in the Green Mountains for example.
So Gurney’s Inn is transforming out of the old timeshare model and into something more flashy. At least the timeshare owners will be compensated. That’s better than how some timeshare owners end their relationship with their timeshare deed.
If you think it is time to get out of your timeshare now is the time to sell it. Sales are bouncing back from the lows of the 2007 – 2010 era. Many timeshare buyers are looking to buy timeshare – just not from the resort developer. They, like us all, want to save money and will look for YOU, the timeshare owners who want to sell.