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Stage 1 is characterized by a strong real estate mentality, from small scale developers of a highly entrepreneurial nature, more often than not, highly leveraged and under pressure for quick results. Resorts tend to be conversions of exiting, distressed property, of small size, often condominium or second home style, and lack a full service infrastructure, (Which is sometimes built in later once the sales momentum is gained). The industry is unregulated, highly fragmented and tends to attract the highly speculative operator, and sadly also attracts less desirable business practices. Time share is an unknown product in the marketplace, and is thus clearly an unsought good.