FLORIDA HAS NATION'S BIGGEST TIMESHARE MARKET

Source: ARDA/Orlando Sentinel

April 19, 1999
According to recent statistics, Florida has the nation's biggest timeshare market, with about one quarter of the national total. And Central Florida is the state's timeshare capital.

Once considered a pariah of the tourism industry, timeshare is becoming more mainstream.

The domestic market for timeshare grew by 14 percent in 1998, with sales reaching more than $3 billion, according to industry figures.

Sales are up about 900 percent since 1980, according to estimates, and today there are more than 1,200 resorts in the United States and 5,000 worldwide.

Last year, more than 300,000 families bought into timeshare, according to industry estimates. The average price was $10,500 -- plus an annual maintenance fee -- and the average buyer was 49 years old with two children and an annual income of $71,000.

The growth in the business, in part, reflects growing acceptance of an industry that has struggled to achieve credibility. For years, the time-share business was the punch line to a long-running tourism joke. High-pressure pitches and broken promises made timeshare operators the used-car salesmen of the vacation business.

The industry has sought respectability in a host of ways.

Some are superficial, such as the industry's preference for the term "vacation ownership" instead of timeshare. Others, such as regulations governing everything from sales techniques to buyers' rights, are more significant.

Also, such marquee tourism names as Disney, Marriott, Ramada, Hilton, Four Seasons and Hyatt have entered the game, bringing with them a dose of consumer confidence.Timeshare representatives say the retooling has produced some success. A recent industry survey indicates that more than 85 percent of owners are satisfied with their time-share purchase.