Sharing the Good Life in a Luxury Vacation Home |
A new breed of vacation home ownership, called “shared ownership,” (sometimes also known as vacation home partnership or fractional co-ownership) is becoming increasingly popular with busy families looking to maximize their family vacation time.
Although sometimes mistakenly compared to timeshare, shared real estate owners are actually deeded partial ownership. The arrangements usually divide the ownership into sixths, eighths or tenths, with each owner having an equal number of days a year to use their Villa.
Shared Ownership differs greatly from old-style timeshares. The primary differences are that shared ownership offers:
• Deeded property, with the same rights as any other real estate purchase
Azure Villas Inc, the San Diego based leader in shared ownership, focuses on fractionalizing luxury vacation homes and assembles a small group of six to eight co-owners to own the property.
Azure Villas offers an ultimate level of service. Residents arriving at their beach house will find the refrigerator stocked to their specifications, their favorite linens on the bed and fresh flower arrangements throughout. They may also have a tee time arranged or a day of deep-sea fishing, and 7:30 dinner reservations for any table in town. It’s the ultimate in luxury living.
Trading weeks is a great concept from the timeshare days that hasn’t been abandoned but instead greatly improved upon. With five or more weeks to enjoy, owners can choose to spend part of their time at a different property in another part of the country – or world.
As one owner put it, “My vacation starts the moment I arrive. We head straight to the restaurant for a bite to eat. When we get back to our residence, our refrigerator is fully stocked, our clothes are unpacked and our surf boards have been pulled out of storage. There’s nothing left to do but have fun.”
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