As the economic meltdown broke out in the late 2007, almost all industries were affected by this severely. One of these industries is the accommodation industry which includes hotels, motels, timeshares and other lodging services. In the timeshare industry alone, many owners try to get out of their timeshares due to its increasing costs and the corresponding sales also are very low. But as the aftermath of the crisis continue to affect everyone else, some people manage to innovate some things in order to withstand this condition. In Biloxi, a city in Harrison County, Mississippi, as the current condo sales and rentals are so slow, the owners at The Villas at Ocean Club are considering timesharing as a way to keep their units and make up for the loss of their investment.
On the other hand, the Biloxi Planning Commission agreed for the proposal to change the use of the beach front tower from condominiums to timeshare units. According to Attorney Michael Cavanaugh, there won’t be any structural changes to the building and those property owners who want to stay in the building don’t have to join the plan to partner with Interval International to market and manage the units. He also added that the condo market has tanked in this area and may not be coming back anytime in the foreseeable future.
As one of the owners testified, converting to timeshare would almost double the value of their condo units and the timeshare company would pay for some of the maintenance and repairs at the property. However, the conversion of the said condo units to timeshares might be a good innovation for the condo owners in Biloxi but potential timeshare owners must also be warned of the financial responsibilities of timesharing. As a matter of fact, many owners nowadays are trying to get rid of their timeshares while some even hire a timeshare transfer company such as the Transfer Smart just to get rid of such property.