Jul 28, 2014
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Foreclosure Crisis Also Hit Pier Timeshares

A broker for the Pier Bowl resort says sales have been picking up in recent months after a dismal two years.

Foreclosure Crisis Also Hit Pier Timeshares

Much as the Orange County housing market is experiencing a bump after years of declining prices and distressed sales, San Clemente timeshare units are seeing an upturn as well, according to San Clemente Cove real estate broker Dottie Kavanaugh.

That big cream stucco, tile-roofed building that faces the ocean in the Pier Bowl is a block of timeshares, and sales are picking up after the foreclosure crisis hit the owners, said Kavanaugh.

Operated by Carlsbad's Grand Pacific, San Clemente Cove has 34 units, eight of which are foreclosures. Kavanaugh said that owners pay cash for their timeshares, but when they economy flailed, the homeowners lapsed on the their association fees, which pushed them into collections.

Kavanaugh said 2007 was a great year for the resort, but things started a downward slide with the real estate crisis in 2008, hitting bottom in 2011 and early 2012.

"'Eleven and '12 were awful, but it's picking up now," she said.

The resort broke ground in 1987 and soled out in 1990. All the units are one-bedroom homes that sleep four, and the building houses an activities room and a rooftop patio with a Jacuzzi and barbecue grill.

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