Owners of luxury fractional property buy a share of a single residence, that provides them with a couple of weeks to thirteen weeks of usage a year. The ownership period varies by development and can be expressed as a fraction (eg 1/10, 1/8, or ¼) or as a number of weeks (eg 5, 6 or 12 weeks).
Private Residence Clubs are the upper tier of the luxury fractional market, providing all the services of a five star hotel together with the ownership.
There are hundreds of fractional and Private Residence Club developments located in city, beach, mountain and resort destinations. Use our home directory to search through these locations.
They are sometimes compared to timeshares, although there are several key differences. For instance luxury fractionals are in better locations, are more luxurious and typically larger, providing 2, 3 or 4+ bedrooms.
This article covers the reasons people buy fractionals and PRCs, and if you're looking to buy read the list of questions to ask before buying your fractional. For easy reference there is a glossary of terms.
The latest news and research on luxury fractionals and Private Residence Clubs is available below.
So you've decided fractional property ownership is for you. You realize that owning a second home is not as economical or practical as you once thought because you only use it a fraction of the year. You want the best, most desirable location without having to worry about upkeep or finding renters when you are not using the property. But before you buy, you still have some burning questions.
One of the strongest selling points of fractional ownership properties has long been the flexibility that it affords owners. However while the opportunity to purchase a fractional ownership property at a single destination is appealing to some, for globetrotting clientele being tied to a given destination resort can be less than ideal. Enter: the luxury fractional trading program.
Surveying the mountain from your private ski lift, it's easy to see why members of the exclusive private residence club The Club at Tristant chose to forego traditional home ownership for membership at what is easily one of America's most exclusive property ownership clubs.
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.
If you're looking at buying into a private residence club or a luxury fractional home, then at some stage you'll probably ask "Is this a timeshare ?".
Todays Weekend section of the Wall St Journal (subscription required) has an article about fractional ownership and in particular the large luxury hotel companies that are including more fractional offerings within their hotel developments.
This new resort, opening in 2008, will be the first new luxury resort to be built in Bermuda in 35 years. It will include 135 fractional residences.
Developer Brent Virkus and Hyatt have just announced a planned $100 million private residence club right on the beach at Siesta Key
The Puerto Aventuras Residence Club offers luxury fractional ownership in the only gated community on the Mexican Caribbean coast.
Bruce Shugart has lived in the Colorado Rockies since 1975 and currently lives between Vail and Aspen. We recently talked to Bruce about his latest development The Porches and discussed all the recent activity in Steamboat Springs.