Baker Hostetler partner Elizabeth A. Green was quoted in a story in the Chicago Tribune, titled, “Florida Timeshares are Going for a Steal,” on January 14, 2011.
According to the Tribune, timeshares were billed as a way to own a little slice of paradise, but in today’s economy, Florida timeshare owners are willing to give theirs away. Florida’s timeshare industry boomed in the mid-2000s, adding many new properties in Central Florida and the Florida Panhandle. But since then it’s been whacked by the same collapse that has affected homes, condominiums and office buildings.
“Part of the problem is that lenders such as Textron Financial Corp. and GMAC Commercial Finance have pulled out of the timeshare industry, causing a cash crunch for timeshare companies,” said Green, an Orlando bankruptcy attorney.