The Boston Globe had it's lead real estate article on a new Private Residence Club, "The Vanderbilt", that is being created in Newport, Rhode Island. The building was originally built as a mansion by the Vanderbilts nearly a century ago.

The Globe interviewed some of the fractional owners at this new property and their reasons for buying were very typical of the comments we hear all the time, including:

  • the time to have fun without any of the normal work associated with owning property
  • the relaxing, easy living that it provides

 

The other features that the Globe noted were also very typical of most Private Residence Clubs, with the ability to swap their interests at a network of other properties, the luxury quality of the decor and fittings and the flexibility to use various suites at various times.

In quoting the resort consultancy Ragatz Associates, the Globe also confirmed what we continue to hear, that the "resale prices keep pace with the general real estate market".

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