Saturday, July 13, 2024

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.

Even the most avid winter sportsman knows that, at least sometimes, it's better to spend part of the winter somewhere the snow never flies. Of course, northern residents who don't enjoy any part of the season after November, the “snowbirds,” flock somewhere more temperate as often as they can.

Just in time for the Spring real estate season, a recent article in Barron's highlighted the best places to purchase second homes in the United States. Barron's rates these locations based on beauty, comfort, convenience, a range of lifestyles and, above all else value now that the worst of the financial crisis is over.

In Costa Rica, one of the premier tropical destinations of the world, there's a new place to own a vacation home, The Palms at Playa Flamingo.

Under a new multi-year relationship, Fairmont Heritage Place owners will now be able to enjoy vacations at a select collection of The Registry Collection program affiliated destinations worldwide and have access to a broad range of luxury resort experiences. Similarly, members of The Registry Collection program will now also enjoy access to the Fairmont Heritage Place destinations.

Aspen, Colorado, known as a premier travel destination for the wealthy and the glamorous, is experiencing renewed interest in fractional ownership at private residence clubs. The popular mountain destination boasts year-round opportunities with a mix of cultural events, a cosmopolitan nightlife, verdant mountain scenery and, of course, ski resorts that attract world-class skiers. Even with all these vacation features, Aspen did not escape the real estate slump induced by the 2008 recession. But a turn-around appears to be in the works. Reports show residential sales are rebounding with fractional properties just beginning to show an uptick.

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?”.