Private Residence Clubs - Luxury Vacation Homes for a Fraction of the Cost
Buyers looking for a second or vacation home are discovering they can own a fraction of a million dollar home for a fraction of the price of the million dollar price tag. Think about it for a minute, for $150k, you could own 6 weeks rights of use to a year of a million dollar furnished home or a own $150k home for 52 weeks a year. Which type of home would you prefer? Put differently, you can live the caviar lifestyle on a chicken budget by owning fractionals in Residence Clubs.
Statistically, the average family uses a second or vacation home 6-8 weeks a year. When you compare the costs, hassle free benefits and the actual amount of time you will use your vacation home, you may find fractional ownership is a better deal. Possibly the result of personal savings portfolios crushed in 2008, it is predicted luxury fractionals will lead the second and vacation home market during the next decade.
Don't be confused. This type of ownership is not a time share. Time shares are typically sold by the week which is why buyers can purchase time shares for as little as $1,000. Fractionals ownership is typically sold in larger chucks of usage rights, for example: 1/4th, 1/6th 1/8th or 1/12th of the year AND own a deeded percentage of the home or put simply, a partnership interest. Time share owners own a percentage of time and have no deeded interest in the property.
Private Residence Clubs are a hybrid version of fractional deeded ownership, typically providing a higher level of luxury and amenities. The first Private Residence Clubs were founded back in the 1990’s in the most desirable vacation destinations; places in Colorado, Europe, Mexico and the Caribbean. Families seeking to golf, ski and play at the beach for more than a week, stays in the comforts of home, not a hotel.
Private Residence Clubs provide luxury homes without the hassles of cleaning, maintenance and repairs. They take care of it all. A 24/7 concierge service welcomes you and makes you feel at home right away. Ready to stock your refrigerator, set up tee times and make dinner reservations for you, a concierge service is there to spoil you rotten. It is a common misconception fractional ownerships are expensive because the people you hear about who own Private Residence Clubs property are typically affluent. When you study the monthly cost to own a vacation or second home, we estimate at $700 per month, you may find you will spend the same amount or less as a Private Residence Clubs owner.
However, the perks and amenities which come with Private Residence Clubs, add value to your vacation destinations and second home experience. Private Residence Clubs are found at luxury resort developments with golf privileges, first class spas, fine dining or you can find Private Residence Clubs offering more privacy in private gated residential neighborhoods. Look for Private Residence Clubs with reciprocity privileges allowing members to travel and stay in the same type of luxury homes in exotic places around the world. Well known Private Residence Clubs offering reciprocity privileges include DCP International, RCI, Ritz-Carlton Club, The Registry Collection, The Elite Alliance Club and Timber Resorts. Here are a few examples of master planned communities in North Carolina and South Carolina with Private Residence Clubs:
CLUBS TO CONSIDER: The Asheville Club at 151 – Private Residence Club in Western North Carolina Chic contemporary two and three bedroom condominiums walking distance to the Grove Arcade in downtown Asheville on the upper floors of the Hotel Indigo. This Asheville Private Residence Club offers 1/10th (5.2 weeks) deeded fractionals shares starting at $129K* for a two bedrooms and $169K* for a three bedroom. Monthly membership dues are $545* for a two bedroom and $575* for a three bedroom. Cleaning fees are $20* per day. Reciprocity exchange privileges with The Elite Alliance Club.
Balsam Mountain Preserve – Private Residence Club in Western North Carolina Studio cabins 900 square feet adjacent to The Boarding House Restaurant at an award winning Arnold Palmer Signature golf and mountain community. Private Residence Club owners have access to golf, the equestrian facility and all community amenities. Fractionals ownership is two weeks guaranteed each season or 1/8th (8 weeks) deeded interest – resales available at $185K* and membership dues are $597* per month. Balsam Mountain Preserve Private Residence Club does not participate in reciprocity exchange clubs although I heard under their new ownership, Balsam Mountain Preserve is considering it.
Sundrops on Caney Fork – Fractional Ownership in gated community Western North Carolina Cottages 1,750 square foot two bedroom three baths in a gated mountain community. This resort style community the amenities include a zero edge swimming pool, clubhouse, fitness center, hot tub, 2,200 on the crystal clear Caney Fork River and a private lake amenity on Bear Creek Lake. This is charming mountain community in the Cashiers area of North Carolina. Fractionals ownership is 1/12th (4 weeks) share priced at $49.9K* and dues are $250* per month. Cleaning fees are $125 per stay. Sundrops on Caney Fork does not participate in reciprocity exchange clubs.
The Private Residence Clubs and fractionals ownership options listed above allow additional unlimited use based on space availability. If you vacation or travel often, this is an added benefit to you. We encourage you to stay at one of these Private Residence Clubs and experience the indulgent pampering. As the buzz catches on, it would be logical to assume the prices today will escalate. Let us know if you would like a list of my favorite Private Residence Clubs to consider while prices are low.
*Of course, all of these prices quoted above were valid at one time and are subject to change.
Always on the go, Margie Casey Founder