Are you happy with your Florida time-share property?
The US housing crunch has hit vacation timeshares hard. Sales have fallen, expenses have risen, and older developments have aged ungracefully — prompting many long-time owners to bail for just pennies on the dollar.
Most owners just want to get out from under the maintenance fees, but many are discovering that it may be even harder to sell a time-share than it is a single-family house in Detroit, according to Reuters.
Eventually, he got out from under by listing with Time Share Refuge, a third-party site that helps move distressed properties. But there are lots of people who are still stuck.
If you're tempted to jump in, it may take more than the $1 purchase price, of course. New owners often have to pay membership fees, closing costs, and a portion of the property’s real estate taxes.
And, like most condo arragements, if the property faces major repairs, timeshare owners may be required to chip in even more money.
Do you own a US time share? Have things worked out as planned? Have you ever considered buying one?
By Gordon Powers, MSN Money