Sunday, September 25, 2022

Private Residence Club View

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. They also offer true, deeded ownership whereas timeshares usually just offer a "right to use."

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.

The Lake Muskoka region in Ontario is a very popular vacation area situated just two hours north of Toronto. There are thousands of vacation homes spread around the areas 1,600 lakes. Touchstone is a new vacation home community offering one quarter fractional ownerships.

At last weeks FractionalSummit in Miami, two members from different destination clubs and two members of private residence clubs answered questions in front of a room of industry professionals.

The Parkway Club at Turtle Creek has introduced the first Private Residence Club on the Blue Ridge Parkway just outside of Blowing Rock, North Carolina.

The Asheville Club at 151 is the new private residence club in downtown Asheville, North Carolina. Comprised of lavish two and three-bedroom residences it sits atop the new boutique Hotel Indigo.

The wealth section of the New York Times ran an article last week on the stresses of owning a vacation home. Writer Paul Andersen speaks from personal experience and interviews a variety of people under the title “If It Causes Stress, Is It Really a Vacation Home?”.

Timbers Resorts in partnership with Ferruco Vail Ventures will operate and manage The Sebastian, formerly the Vail Plaza Hotel & Club, in Vail, Colorado. The newly renamed hotel and residence club will debut in December this year.

A year ago, we wrote two articles on several "try before you buy" offers at private residence clubs. Well, a year later and there are multiple new offers available. Here's a sampling:

The annual North America survey by Ragatz Associates showed a significant drop of 44% across all shared property types, including fractionals, private residence clubs and destination clubs.

Timbers Resorts has opened One Steamboat Place, its latest luxury resort development at the base of majestic Mt. Werner in Steamboat Springs, Colorado.

Proving that luxury home buyers are still active, The Porches of Steamboat Springs, Colorado, has made six sales; three fractional interests in the Private Residence Club and three whole ownership units, over the last six months.