Breckenridge timeshares selling well
BRECKENRIDGE, Colorado ” Breckenridge, Colorado real estate transfers may be down, but the Grand Lodge on Peak 7 is selling timeshares like hotcakes.
“We had our best February ever,” said co-owner and town Councilman Rob Millisor. “Things are positive.”
He said sales are up about 10 percent over those of last year ” prices overall are up 20 percent.
The building under construction at the Breckenridge Peak-7 base area is expected to have its phase-one residences ready for occupants by mid-May. It’s mostly sold out, with only a few weeks available for purchase.
“We work long and hard and spend a lot of money creating great customer service ” so I think that’s probably the number-one reason we’re successful,” Millisor said.
The second phase ” to be complete by about December ” is 35-percent sold, he said.
The three-phase building is to be complete by December 2010. The next building is to be built between 2011 and 2013.
“We have one heck of a product,” Millisor said.
He said that with timeshares, it’s a means for vacations as well as a way to build equity.
“I’m not saying homeownership is not a good idea,” he said. “While we’re real estate, we’re more of a vacation product. It’s really a way to buy and own your vacations rather than to rent them.”
Despite a national economic slump from October to February, the business in that time accrued more than $19 million in sales.
“We’re thankful for a lot of referrals from the real estate community,” Millisor said.
Meanwhile, the town’s real estate transfer tax is down about 62 percent from 2008.
Millisor said about 40 percent of sales come from owners who either buy more time or refer their friends.
The number of tours ” two-night mini-vacations offering a couple nights of lodging in town to prospective buyers ” the business offers is up about 10 percent as well.
“This is a huge impact on our community,” Millisor said, adding that there were more than 10,000 tours given in 2008.
He said about one in five people who take a tour end up buying timeshares. While in town, the prospective buyers are given $100 premiums accepted by local merchants.
Timeshares are sold by the week, and the price changes depending on the season. A Grand Lodge week in winter costs about $100,000 while a week in the spring or fall is only $30,000.
Christmas and New Year’s weeks can run as much as $180,000 per week.
There are about 70 owners per two-bedroom unit.
The total development includes 114 two-bedroom lock-offs and four one-bedroom units. The first building has 69 units.
One of the benefits to timeshares is that time may be traded with other resorts of equal value. If an owner decides to go to the beach rather than the mountains for a vacation, for example, they can exchange time through Interval International.
Millisor’s business is the only timeshare business in Breckenridge that isn’t sold out. Once all the units are sold, the business continues on operating and management fees.
The company began with Gold Point Resort in the mid 1980s. Rob and his brother, Mike, started with 10 to 15 employees. They now have 35 brokers and more than 250 employees.
The business, which also includes Grand Timber Lodge, has made more than $300 million in sales since 1998.
“This is where I live,” Millisor said. “We’re ingrained in this community and consider ourselves a big part of the community.”
Robert Allen can be contacted at (970) 668-4628 or email@example.com.