KNOXVILLE, Tenn. (WATE) — A Knoxville couple who bought a timeshare 40 years ago is now having trouble selling it, which is an all too common problem. While the couple has reached out to their timeshare company, the process is slow.
There a several reasons why it takes a while to sell a timeshare. Right now, the resale market is flooded with inventory, driving prices down and leaving few buyers. Many longtime owners want to sell because timeshares are often a financial burden due to high annual fees and limited resale value. The unit is seen as a liability, rather than an investment.
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Johnnie and Ron’s view of the Smoky Mountains has been spectacular for over 40 years. They’ve been able to relax from their mountain view porch and enjoy lunch at their timeshare condo. The couple has been married for 54 years. For their privacy, we aren’t using their last name. For years, Ron took care of the couple’s finances. Recently, however, he had a debilitating stroke, and his memory is fading. Now Johnnie has to manage the details.
Forty-two years ago, they purchased a fixed, one-week timeshare from Laurel Point Resort in Gatlinburg. With their deed, they spent $6,500 for their two-bedroom, two-bath unit in September 1983…