Asheville, NC, August 05, 2012 --(PR.com)-- “Necessity,” as Plato once wisely noted, “is the mother of invention.”
So it’s no surprise that a new breed of second and vacation home ownership, called private residence clubs or fractional ownership, is growing in an otherwise sluggish market.
After all, we are in a recession, so less is more. Why buy the cow when you can have the milk for cheap?
The concept began in 1991 when Steve Dering, founding partner of Destination Club Partners (DCP) International, launched the world’s first private residence club at the renowned Deer Valley Resort in Park City, Utah. He split up the purchase price and expenses of each luxury ski-in/ski-out townhome in the mountain retreat between like-minded owners and perfected a simple and equitable usage and reservation system to coordinate each owner’s time enjoying their home.
The idea is simple, and that simplicity is evidenced in the testimonials of Owners at Residence Clubs everywhere. You find a million dollar getaway in your favorite exotic location, pay a percentage of its cost and then enjoy it as often as you like, with minimal restrictions.
In addition to experiencing far less financial burden, club owners are also pampered--absolutely free from the hassles of long-distance home management. No worrying about cleaning, airing out rooms, paying utilities, tending to constant upkeep of the house, insurance and theft protection or renting out between visits. All the maintenance is done before you arrive. And when you head home, leave the dishes in the sink and beds unmade.
Now you can own a million-dollar home -- for about $150k -- a fraction of the acquisition and maintenance costs… and, basically, use it as often as you want if it’s available, with the services of a boutique hotel. And as with any deeded real estate purchase, the property rights can be sold, passed on or placed in a trust.
In short, you discover the smarter way to own pricey luxury real estate in a volatile market. It’s like owning a slice of paradise at the fraction of the cost.
If you’re thinking, “timeshare?”… please don’t.
Few people can truly justify owning a million-dollar second home they use 5 to 6 times per year, so now, many buy a portion of one and pay only for what they use. Private residence clubs offer luxury real estate with high-end furnishings, greater flexibility and far greater amenities than what traditional timeshares offer and, in most cases, beyond what whole ownership can offer-- from concierges to housekeeping and even grocery-shopping services. You’re also buying actual property and not just “time,” as with traditional timeshares, where you’re usually locked into the same week at the same location, year after year.
Today, dozens of these clubs can be found throughout North America, Europe, the Caribbean and Latin America, proving this home ownership model, which produces 90%+ client satisfaction, is here to stay.
The initial development by DCP International was so successful, they now have more than 40 clubs worldwide with over a billion (with a B) in sales since the early 90’s. Now in partnership with Residence Club Partners from Asheville, NC, the pair have launched 8 new clubs in just the past 36 months.
Residence Club Partners alone has added to its portfolio of destinations, including The Asheville Club at 151 and The Preserve at Rock Creek, both in Western North Carolina; The Creekside Club and Ridge Run Club, both located in the popular Deep Creek Lake area of Western Maryland; and the new Del Pacifico Club on the Pacific coast of Costa Rica.
And this shouldn’t come as a surprise.
“The fundamentals of the vacation home market have changed. The days of buying a $3 million house … with the expectation of 20% annual appreciation are gone for the foreseeable future. Recent events will enhance the attractiveness of the high-end fractional products as compared to whole ownership,” explains Dr. Richard Ragatz of Ragatz Associates, the leading Fractional and Second Home marketing-consulting company.
John Grant, author of The Green Marketing Manifesto, echoes the sentiments:
“We are looking at a complete redesign of modern life. Fractional ownership, where products are pooled and shared, will explode.”
To learn more about the smarter way to own a vacation home, visit www.bestresidenceclubs.com
Residence Club Partners
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Click here to read the full story: The Burst That Changed the Market: Why Private Residence Club Partners Are Beginning to Trump Second Homes
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