Fractional ownership offers individuals the opportunity to buy partial ownership of generally high-end properties in resort areas (golf course, ski area or beach communities). Usually the fractional ownerships are divided into fourths, sixths or eighths, with each owner having an equal number of days a year to use the unit. Often the term “Private Residence Club” is used in place of the word fractional.
At first glance it looks and sounds like a time share. The main distinction between timeshare and fractional ownership is with a timeshare you buy the right to use a certain period of time (not usually flexible), but with fractional ownership you are buying real estate with more usage available and increased flexibility on scheduling. You get a deeded piece of luxury real estate which you can sell, transfer or trade like regular real estate. That being said, the cost of fractional ownership is higher than that of typical timeshare, though still much less expensive than whole ownership of a luxury home in the same location.
Depending on the property, most fractional developments provide the amenities of a first-class hotel such as concierge, housekeeping, ground transportation and grocery shopping services. Fractional properties may be hotel suites, cabins, town houses or detached homes. By only paying for a fraction of a luxury property, fractional ownership can be a much more cost-effective way to stay in desirable properties and locations.
In Mammoth Lakes there are two luxury fractional opportunities. 80|50 offers 1/8th fractional ownership in one, two or three bedroom elegant condos with Gondola access, while Tallus offers 1/6th fractional ownership in 5000 sq foot luxury homes located on Sierra Star Golf Course.
Fractional ownership is not right for everyone. The family that wants to come to Mammoth every other weekend or an entire month in the summer should consider full ownership properties. However, the family looking for 4-8 weeks per year in a high-end property offering both onsite and offsite amenities should consider fractional.
If you are interested in learning more about the upcoming auction, contact me at 661.979.9000 or Sonja@SonjaBush.com
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