Caustik, the reels are fine the few I've used have all worked (I've also seen broken ones sitting off to the side - don't know how or why they broke). Not a very satisfying answer, eh?
However, a less expensive alternative suggests itself. There is a product called (I believe) a 'Hose Hugger' - it's a ~5" wide by ~2' nylon strip with velcro sewn onto it and a handle loop sewn to the middle. Simply coil the hose up, whap the 'hugger' around it and hang it up somewhere out of sight. I'm not sure where to find one but they've gotta be a lot less than $60. If you have trouble finding one, they make bungee cords that are a loop with a black plastic knob on one end which can be similarly used. If all alse fails, an ~18" peice of string with a loop tied at both ends can perform the same function (and is dirt cheep!)
I hope one of these will worrk out for you!