In the September "How to Spend It" magazine the Financial Times noted that some of the most exclusive properties in the worlds most enviable locations are now for sale on a fractional basis.
Under the headline "Divide and Drool", the article notes that if for instance you had a house in the Bahamas, a chalet in the Alps and an apartment in Paris then these expensive residences would spend most of their time lying idle. What's more with fractional ownership you could buy a share in each of them for the cost of just one of them, and they'd be hassle free with all the upkeep and staffing problems taken care of by management. in the words of the FT "The fact that many of the fractional owners could afford to own the whole place is beside the point - they don't want to. They don't want the hassle." These sentiments very much echo the reasons to buy a private residence club or luxury fractional that we've written about.
The FT article goes on to profile several fractional properties around the world including Florence and Tuscany, South Africa, Napa Valley and Aspen. They also interviewed David Burden, CEO of Timbers Resorts who gave an update on the resale values of some of his developments. "For instance, at our Timbers Resort at Snowmass outside Aspen Colorado, the one eight shares of the three bedroom condos that we sold for $279,000 in 2002 are now selling for $470,000."
The full article can be found on page 54 of the print magazine or on page 60 of the electronic version on FT.com.
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