Under a headline that read "A light shines amid the gloom" the Financial Times reported that private residence clubs are retaining investors interest.
The article quotes several market researchers such as Richard Ragatz who all note that "the most mature, and most expensive, locations for private residence clubs remain robust."
In particular sales and prices in ski resorts such as Aspen and Vail in Colorado are doing well. Although, in some markets such as Florida and Los Vegas projects have been canceled or stalled. The article gives the example of The Residences at The Little Nell, which we have also written about, where prices have been rising for the 1/8 shares in their 3 and 4 bedroom residences.
We've been hearing similar anecdotal information from the destination clubs, about the multi-million dollar homes that they are buying. Home prices aren't really dropping as they look to acquire new residences in most of their locations.
As the article notes the private residence clubs provide access to resort amenities and "Services provided by the operators range from stocking the fridge and mowing the lawn to clearing the drive of snow prior to an owners arrival, displaying pictures of family members in the property and organising gourmet dinners for owners and their guests."
The article also comments on the difference between destination clubs and private residence clubs.
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