Resort Equities offers a simple, uncomplicated way to purchase and maintain a second home. This boutique, shared ownership company currently offers 12 exclusive, luxurious properties in and around the San Francisco Bay area.
"We aim to be far down on the spectrum, as close to the second home market as possible," says Keith Cox, managing partner of Resort Equities. "Five years ago we started looking at different types of fractional real estate and decided that there was a need for an individual residence by residences approach for compelling the marketplace." They began purchasing homes in the Bay area and selling them to small groups of owners. "Owners love the idea because the home is managed for them, and there is much less hassle than dealing with the upkeep of a second home," continues Cox. Over time Resort Equities created a boutique of homes with which owners can trade if they so desire.
"Conceptually that's what we wanted to do. It came from the simple idea of a more compelling, cost effective way to access a second home," says Cox. "It's a great way to build memories and have a true second home to return to again and again. Yet there is also the option to experience a new location if you want to."The Residences
Each home in Resort Equities' portfolio has an overall value of $2.5m to $4.5m. The smallest property is 1,205 square feet and the largest is approximately 5,800 square feet. On average the homes accommodate 10. However, they do have residences that can comfortably sleep 13 or 14 individuals depending on the location. Currently there are 48 owners/families that have already discovered the benefits of owning a Resort Equities home.
Owners can use the property at least eight weeks each year when they purchase a 1/6th to 1/10 share. One-time purchase prices for shares run between $150,000 and $695,000. Annual dues range from $8,000 to $13,000 and include property taxes, insurance, utilities, a reserve for replacement and any club dues (if applicable).
A Resort Equities ownership is a deeded one and owners are Tenants in Common (TIC). Owners can sell their interest at any time, just like they would a second home. They can select a broker, decide upon appropriate pricing and list their share(s) on the market.Destinations
Resort Equities specifically chooses each home based on its highly desirable location. "We choose homes where there is a strong second home market," explains Cox. "Our homes are in places where there is a high value real estate scarcity, where people would love to buy homes but choose not to because of the expense of upkeep, the thought that they will not be able to use the home as much as they would like, and so on. We help to make the decision to buy an easy one because we eliminate all the hassles and concerns of buying a second home"
The company's first two homes are located in Kapalua, Maui and Lake Tahoe. "There is a demand for luxury homes in each destination we select," continues Cox. "Geographically we focus on smaller markets that are easily accessible to the Bay area."
Resort Equities' portfolio includes destinations such as Maui, San Francisco, Lake Tahoe and Tuscany, Italy. As the company grows and adds properties to its boutique, owners are more than welcome to try out new locations through Resort Equities Exchange Program. There is no fee for exchanges except for the end-of-stay housekeeping charges.Services
"What we offer as extras is much different than a Private Residence Club," explains Cox. "We try to stay true to the second home market and as close to whole ownership as possible. Therefore we don't offer all the 5-star amenities like many private residences clubs. As a result, our annual dues are much lower because it is simply sharing the costs of the home." In some locations owners will have access to nearby clubs or resorts if they want to pay a little extra.
What they do offer is
- Exclusive properties
- High-touch service
- Reservations booked through an Owners Liaison
- Local Hosts
- In-residence storage cabinets and lockers
- Maid services
- Access to personal chefs, daily housekeeping, excursions, etc for an extra fee
- Lake Tahoe residences have "Tahoe Mountain Club" privileges.
"At the end of the day it is always great to come back to our second home for a drink in front of the fireplace. Between the amenities and concierge we feel so pampered. We have just as much fun as the kids. What lifelong memories we are creating," exclaims the Landry Family, Great Bear Lodge Owners.
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