“Their currency is strong. Business is booming. Their winters are long and they buy vacation properties in warm clients” says Matey Veissi, CIPS, CRS and Chair of the National Association of REALTORS®, Global Business Alliances Committee in her opening statement today at the annual NAR convention in New Orleans.
Wayne Stroman, CIPS, Broker and President of Stroman Realty in Conroe Texas, a member in attendance of that committee remarked “At our timeshare resale company we market to Canadians and they do buy a lot of vacation timeshares from us. In past reports I have released, Canada is second only to the US in having buyers that purchase timeshare inventory on the resale market from us.”
Mr. Stroman continued, “A growing timeshare market is coming from Europe as well. We are also seeing Canadians buy in warmer climates in the southern US, Mexico and in the Caribbean.
The US might have slowed down a little because of the national economy but I expect a boost in the economy after the results from this week’s election. Businesses will anticipate more stability in government regulation and start creating jobs that will stimulate the national output.
In the next 2-3 years more vacation property buyers for second homes and timeshare weeks will return to the market in strength as economic confidence comes back. These types of resort property sales will grow in numbers over the period.
Resales of timeshares will tend to rebound as fast as residential second homes as the markets recover. Prices of resales have fallen over the past year and low prices should also speed the recovery of the timeshare resale market.
It is also likely that new timeshare development will bounce back over time. Some timeshare developers have purchased distressed new and resale condominiums saving millions in acquisition costs as an alternative to new construction. They must take advantage of these inventory opportunities in order to maintain their market share.
A few developers have gone out of business. Consumer confidence dropped substantially and the second home and timeshare sales market numbers dropped. Some developers were caught in the market recession and failed to be profitable. It will take some time for the market to fully recover to the 2007 levels of sales.
Another reason to expect a recovery in new construction for the timeshare market is commercial financing. Banks started pulling in the purse strings in late 2008. By 2009 it was hard to find any with financing. Portfolios of permanent timeshare sales financing performed well considering the economy and the residential foreclosure numbers. The main reasons financing dried up was a lack of confidence by the banks and the government regulator pressures on them. Private financing was hard to find but projects with a high assessment of success could find money.
In the coming months more data will surface about timeshare resales and new development statistics. They will be published as they are available”.
About Stroman Realty:
Stroman Realty, Inc. is a full service real estate brokerage company located in a 30,000 sq. ft. office complex on Lake Conroe, just north of Houston, Texas. Stroman Realty is the world’s largest Resort Timeshare Resale Broker and the acknowledged leader in the timeshare resales marketplace. Their advertising reaches thousands of people daily with an interest in timeshare resales, timeshare sales, vacation rentals and timeshares exchange. Stroman’s international timeshare resales and timeshare rental operations offer timeshare buyers and vacation renters a portfolio of timeshare resales, timeshare rentals and camping memberships worldwide. The company has been under original management since 1979.
Mr Stroman was recently elected to chair the Houston Association of REALTORS® for 2012 and is currently serving as it’s vice chair.
For more information on Stroman Realty and timeshare resales call 1-800-247-4392 or go to their website at www.Timeshare-Resale-Broker.com.