The past years have depicted a downturn for the timeshare industry as a result of the economic crisis. It was characterized by low sales and many owners trying to get out of their timeshare units. This year however, shows a recovering industry. In Steamboat Springs, Wyndham Vacation Ownership has sold more than 650 timeshares through the first eight months of 2010. This is equivalent to $45 million revenue.
According to statistics gleaned from the Routt County Assessor’s page by Bruce Carta of Land Title Guarantee Co., Routt County had closed 986 real estate transactions through the end of July. The Village at Steamboat, selling timeshare condominiums under the brands WorldMark by Wyndham and Wyndham Vacation Resorts, can claim more than half the total sales. The Village at Steamboat has also accounted for 15% of Routt County’s dollar volume in 2010.
Through July, the total Routt County market saw $292 million in sales while the average transaction for Wyndham was $69,250. The combined Wyndham Vacation ownership and Wyndham Vacation Resorts had logged 161 sales in July or an equivalent of $7.65 million.
As Rich Folk, executive vice president of sales and marketing for WorldMark by Wyndham stated, they have a great product and steamboat is not one of their largest projects but it’s among their top performers. According to him, “people can’t go there and pay less to vacation than they can with us.” Moreover, flexibility in the range of prices is an important part of the company’s business model. For as little as $16,000, people can avail Wyndham timeshares.