FAQs About Martha’s Vineyard Fractional Ownership
Fractional Ownership Defined
What is Fractional Ownership?
The concept of fractional ownership is growing in popularity in the second home market – especially with buyers with busy lifestyles who can only get away 4 or 5 weeks out of the year. It affords a small number of people the chance to own a second home, usually in a resort community such as Martha’s Vineyard, for a fraction of the cost and with none of the hassles of home ownership. This translates to more time to relax and enjoy your home on the Vineyard!
What are the advantages of such ownership?
A Residence Club has been designed to provide considerably more convenience, services and amenities than a conventional vacation home. The Edgartown Residence Club (ERC) provides you with a unique experience in one of the most exclusive areas of Martha’s Vineyard, year round or only for the time periods that you are most likely to use it. It comes without the hassles of traditional home ownership, at a significantly lesser financial commitment than single home ownership would require.
How is the Edgartown Residence Club different than a time share development?
Timeshare is strictly a vacation product where people pre-purchase one or two weeks of vacation at their home resort and have the ability to exchange their vacation through an exchange company. The Edgartown Residence Club is a commitment to a leisure lifestyle in a location where owners desire to return periodically throughout the year. It is a different product than timeshare, designed for a second home buyer, used in a different manner and sold differently as well. It combines all of the benefits of owning a second home with the services and amenities of a fine hotel, without the responsibility, worry or hassle of owning a traditional second home. The ERC is a luxury club catering to second homeowners who seek an exceptional vacation experience and leisure lifestyle.
Details of Ownership
How often can owners use the Edgartown Residence Club?
Owners reserve 28 days of planned vacations each year. Additional time may be reserved on a space-available basis. Some owners will use their ERC less often and others more, depending upon their personal schedules for that specific year. Why purchase more than you would actually use?
How is ownership evidenced?
Each ERC owner receives a deeded real estate interest in a specific condominium unit, which includes use of the owner clubroom and common facilities. Fractional ownership is not a new idea. People have been sharing ownership in second homes as long as there have been vacation homes available. We have simply structured and organized those whom you share ownership with, and created the rules that govern the association so there is never a misunderstanding.
Each owner receives a separate deed, eliminating the problems and entanglements of more than one family on a deed. Owners don’t have to find partners to share the ownership and the project is professionally managed to eliminate the worry and problems of maintenance and operations.
How many total ownerships will be sold?
The Edgartown Residence Club is an exclusive offering with only six residences, for a total of no more than 72 owner families.
Can an Ownership be sold?
Yes. Like all other forms of real estate ownership, ERC ownerships can be sold or transferred by the owner, subject to the ERC documents and local real estate laws.
Benefits of Ownership
What is the benefit of owning an ERC Residence over owning a home in Edgartown?
ERC owners will experience the convenience and energy of living in the historic district of Edgartown without the normal home-ownership issues. Your ERC ownership comes with a car for your use while in residence and shuttle pick up service from the airport or Steamship Authority – so you will not experience logistical hassles on getting to and around the island.
You can say “goodbye” to anxiety about ongoing maintenance, storm protection, leasing, or bill paying. Further, your vacation will not be encumbered with the time normally spent grocery shopping and making reservations for tee times, theatre, and restaurants – ALL OF THAT will be handled for you before you arrive or during your stay.
What are the benefits and amenities that an ERC residence owner has over a hotel guest?
In addition to the impeccable standards of the facility, fixtures and furnishings, Edgartown Residence Club members will enjoy exclusive use of an automobile, enjoy the benefits of a dedicated concierge for all your vacation needs such as dinner reservations, pre-arrival shopping, personal storage items placed in your residence and Ferry and Airport Shuttle service.
ERC Pricing & Costs
How does price compare to vacation homes on Martha’s Vineyard?
Pricing, when compared to alternative second home ownership in Edgartown, is one of the most compelling reasons for purchasing at The Edgartown Residence Club. A survey of available properties reveals prices that are 10-20 times the investment in the Edgartown Residence Club.
How is exact fractional pricing determined?
Pricing at the Residence Club is determined by three factors – location, size of the residence and time of year. The residences are one and two bedrooms and are located on the second, third and fourth floor of the full, harbor-facing wing of Vineyard Square Hotel & Suites (formerly the Colonial Inn). Investment in the Edgartown Residence Club starts for as little as $75,000.
Our Director of Owner Services can recommend a residence that is best suited for your needs, in the right location, at an affordable investment.
What are the on going costs of the Edgartown Residence Club?
Actual maintenance and operational expenses of the ERC, including insurance, real estate taxes, and a reserve fund, will be scheduled and allocated to the property on a pro-rata basis. These expenses will be controlled largely by the Condominium Association, which is controlled by a vote of the association members. Only actual costs associated with the operation of the Edgartown Residence Club are passed through to ownership, similar to any costs associated with the upkeep of a vacation home, but split by the 72 owners of the Edgartown Residence Club to ensure very reasonable annual cost.