Time magazine recently published an article about the timeshare industry, documenting how the industry is managing to survive despite the recession.

The article titled “Sharing the Pain” shows how the recession has led to lesser demand for timeshares, and how lesser demand has resulted to lower prices. The article cited a case, where a couple purchased a Hawaii timeshare through SellMyTimeshareNOW.com. Ordinarily, their purchase would’ve cost $50,000-$60,000, instead they paid $18,400.

The article quoted Mark Lunt, principal of real estate and hospitality transaction advisory services at Ernst & Young, who said: “It is a buying opportunity. People are demanding lower prices, and sales folks are slashing prices [by] double digits and offering incentives.”

Janet Morrisey, the author of the article, writes: “For now, developers and big-name hotels are trying to avoid chopping the prices of newly built units. They're offering sweeteners such as free spa memberships and extra hotel-reward points. But it’s getting tougher for them to compete with the growing number of heavily discounted resale units.”

Morrisey concludes that the situation is a “recipe for swift price correction.”

For more on the article, check out: http://www.time.com/time/magazine/article/0,9171,1894970,00.html