After reading Rick’s post last month I thought I would take a little time to introduce you further to the Edgartown Residence Club. Located in what some of you will remember as the ‘porch wing’ of the Colonial Inn, Edgartown Residence Club is available for purchase as a fractional ownership. “What the heck is fractional owership?” I hear some of you cry, well, that is a good question.
I think my friend and industry expert David Disick explains it best,
“Fractional Ownership is ownership of any property (real estate, yachts, jets, art etc) that allocates use based on the amount of time that each owner is allotted. In real estate, that means that a number of people all hold a fee-simple deed that conveys the right to occupy the residence for a specific amount of time each year and how that time is allotted. The deed fuctions just like that of a traditional, whole ownership home in that it can be recorded, mortgaged, gifted or willed. It can also be resold through local real estate agents.” (Source: David A Disick, “Fractional Vacation Homes – Marketing and Sales in Challenging Times”)
The next question that I often get is, “Well, isn’t that just a timeshare?” and honestly, it’s not.
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, like other fractional ownership resorts world wide, 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 second home. The ERC is a luxury club catering to second homeowners who seek an exceptional vacation experience and leisure lifestyle.
“But why buy a luxury vacation home, even if it is a fractional ownership, in this economy?”
With the economy slowly showing signs of recovery, we are all adjusting to the new ‘normal’ with less unnecessary spending and more careful consideration of where our hard earned dollars go. This is one of the key factors that makes fractional ownership make more sense now than ever before!
- Reduced Costs – fractional ownership allows you to own a vacation home for a much reduced financial commitment than a traditional 2nd home.
- Better Location – Let’s face it – we all know you could spend an extra $200k and have a traditional 2nd home on Martha’s Vineyard but you can be assured that it would not be in the center of historic, downtown Edgartown with spectacular views of Edgartown harbor, Chappaqiddick and the Atlantic Ocean beyond (It’s much more likely to be miles out of town, down a bumpy dirt road, with no walkable amenities).
- Reduced Maintenance Worries – At the Edgartown Residence Club there’s no spending your 1st day cleaning and making the beds, running to Stop and Shop for groceries and touching base with your local caretaker and landscaper. Just show up, relax and enjoy!
- Diversity – Why own just 1 vacation home, year round, in a location you really only spend a few weeks a year in when for the same investment you could own multiple fractional ownerships in multiple locations that you love!
So, now you’ve got the basics on what and why, all that’s left is ‘How’. Just pick up the phone and give me a call on 800-465-2810 or drop a quick email to learn more. There are lots of other great reasons that ownership at the Edgartown Residence Club can make sense for you and your loved ones!
how does fractional ownership work? how many days per year do i have and how many people own a fractional ownership in my condo?