Reporter Amy Gunderson talked to six people who, driven by the current economy, are looking to sell fractional shares of their vacation homes. The homes are located in Florida, Costa Rica, Hawaii, North Carolina and California.
As the article notes in various places there are a lot of good reasons to own a fractional share in a vacation home. With the current economy many folsk who fully own their vacation home are looking into selling shares in them to reduce their costs and/or raise cash.
Some would like debt relief. Often they don't use the house as much as they thought, so why not get some cash back in their pocket?" said Paula Gold-Nocella, a broker and the founder of Global Quarters.
One example of owners are Ed and Ginger Booker of Greensboro, N.C.. Between them they own three shares in a house they bought in 1988. It has worked beautifully for us over 20 years," Ed Booker told the Times. They are currently looking to sell two of their shares for $154,900 each but want to retain one of the 1/13 shares.
As the articles notes if you are planning to split your vacation home into fractions then you really need to consider all the legal, insurance and financing aspects. There can be laws at local, state, and in the case of foreign countries, national laws to think through and in some locations home owner association rules may also have an impact.