DC4MS

I've cut out the non-Destination stuff from this article. For the full text, follow the link Bloomberg.com: Spend

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Oct. 6 (Bloomberg) -- As U.S. markets spiral downward, America's wealthiest are redeeming reward points, choosing million-dollar timeshares over luxury third homes and picking Mexico over Hawaii in a hunt for value vacations.

Seventy-one percent of America's wealthiest households -- representing the top 10 percent of incomes -- say the real estate and banking crises have hurt their sense of financial security, and 48 percent are now worried about running out of money, up 13 percentage points from April, American Express Co.'s publishing unit and Harrison Group said in a survey released Oct. 2.

Sales of vacation homes in the U.S. slid 31 percent in 2007, according to a survey by the National Association of Realtors. Exclusive timeshare ``destination-club'' membership sales climbed almost as much, Ben Addoms, a founder of Quintess LLC, said in an Oct. 2 interview.

Quintess members vacation at multi-million-dollar mansion timeshares from Napa to Los Cabos. At the top end, they pay an $895,000 refundable deposit and $75,500 a year in dues for as many as 75 nights in luxury mansions and condominiums. The company bills its offer as ``a value proposition'' to the wealthy who have ``sticker shock'' over the cost of buying and maintaining a vacation home, Addoms said.

Quintess posted record sales in the three months through August as the wealthy shunned purchases of holiday homes in favor of the clubs, Addoms said by telephone from his home in Denver.

"When we started the business, everybody thought they were going to make a fortune buying a second home because real estate was going up everywhere all the time,'' Addoms said. `They've gotten over that.''

September was a ``normal month instead of an exceptional month,'' as the financial ``gridlock'' led clients to postpone commitments pending the bank bailout, Addoms said. ``I'm up- market but people still have to make a decision about writing a check or sending a wire.''

TarheelTraveler

I hate it when the media likens DCs to timeshares. Yes, it is a fractional product, but there are too many differences to simply say it is a high-end timeshare.

Quintess Michael

Amen, Tarheel.

__________________
Michael Aumock
Director, Membership Development
Quintess, The Leading Residences of the World

Kagehitokiri

[mainstream] journalism is dead.

this is just another example. actually, factual inaccuracy is a LESSER example IMHO. its worse when its actually advocacy.

susank

Oh, is journalism dead? or is it just clear thinking that has taken a vacation?

Kagehitokiri

susank, who publishes your material most frequently? who uses you as an industry source the most? - mainstream media, or other formats?

clear thinking is required for advocacy, and it doesnt prevent apathetic feelings regarding accuracy.

susank

how do you describe mainstream media, much less other formats?

I think that print media is the Tyrannosaurus Rex or the Pterodactyls of our culture, large, lumbering and slowly becoming extinct. As I am sure you know, what's in their place is internet, and to that end I provide content and stories for three internet outlets, but also provide business profiles and articles for Bombardier, Executive Living/Directorship Magazines, the Fractional/DC Supplements for London Telegraph and Caviar Affair. As I was in sales prior to getting back into editorial, i have this need to discover what works, print wise, for readers of articles, which means, which media garners the most calls of interest to various clubs. I have opinions on this, if anyone would like to hear them. Actually, Kagehitokiri, clear thinking is required fpr a lot more than advocacy.