Copyright © Claire Walter 2006
Editors: For reprint rights, contact cmwalter@claire-walter.com.
This feature appeared in the
By Claire Walter
For the past few years,
How hot is hot? On a national level, according to Ragatz Associates, an Oregon-based consulting firm that compiles research on the fractional market, sales of fractionals were close to $2 billion in 2005, almost four times the amount sold in 2003. This year, that figure is expected to fall between $2.5 and $3 billion. In Pitkin County, Land Title Guarantee Company reported fractional sales through August 2006 of $116 million, up 22 percent from last year’s comparable time period. As for the number of intervals sold, buyers had snapped up 450 fractional shares through the end of August, 65 percent more than through August 2005.
Ragatz also
estimated a total of 250 fractional resorts in the
Fractional ownership draws vacationers who visit a resort frequently and want more space and features than a hotel room provides. They like to walk through the door of their own property and spread out. They like a comfortable, family-friendly living area for relaxation and a quality kitchen so that every meal does not have to be eaten out. But they also like such top-flight hotel amenities as a concierge, 24-hour room service, restaurant/bar, and a fabulous pool, spa, or fitness center—amenities not usually available in condo complexes. Additionally, there is considerable appeal to owning property for which someone else oversees snow removal, maintenance, and repairs without the owners themselves having to hire a caretaker, plowing service, plumber, electrician, and other providers to handle routine and emergency matters.
In
He and his wife, Andrea, eventually found what they were
looking for at the Hyatt Grand Aspen, downtown
Aspen-area fractionals offer a distinct measure of luxury. Kitchens are outfitted with designer cabinets in cherry or other costly woods, granite countertops, and high-end appliances (and may include additional amenities like a wine cooler). Expect to find flooring materials like slate, tile, expensive hardwood, and quality carpeting. There is normally one bathroom per bedroom and often an additional partial bath. On-site owner storage allows you to streamline your packing list.
The amount of time you may use a unit depends on the
fraction purchased. In the
Each property’s specifics are, well, specific, so it pays to listen carefully and read the fine print. At some properties, owners use the same unit each time they are in residence; in others, they do not. Some fractional stays can be traded for other locations within a consortium of similar properties. When hotels such as the Ritz-Carlton, Hyatt, or St. Regis get into the act, for example, trades within that resort brand are facilitated.
When Rusty and
Jeanne Parker of
They were “blown away by the property and its location,”
he recalls, and committed to buying an interest in a three-bedroom residence
before they left
Location, luxury, and service come at a price, of course, with purchase prices of up to $2.5 million and annual dues, maintenance, and other fixed costs approaching or exceeding $10,000. That would buy a lot of nights in even the most luxurious hotel, but for many owners, the space, privacy, and predictability are priceless.
|
THE NUTS AND BOLTS GUIDE TO ASPEN-AREA FRACTIONAL OWNERSHIP Property Name: Dancing Bear Residences
|
|
What’s Included: Adjoins St. Regis Aspen and includes
both club and hotel facilities and services, including members’ lounge, health
spa, on-site dining and entertainment, swimming pool, storage services,
housekeeping, 24-hour in-residence dining. |
Added Info: Downtown
Website: www.stregisclubaspen.com.
Sales Office/Agent: 970-925-2277
Where:
What: 36 units, member-owned residence club, sold
as a deeded 1/8 undivided interest as tenants-in-common. Owner guaranteed minimum of six weeks’ use
per year, including two during prime winter season and two during prime
summer season. Additional weeks on a space-available basis with no cap on
length of stay. Note restriction on resale until developer has sold the 288
three-bedroom ownership interests.
How Much: Three-bedroom units,
$430,000.
Annual Assessment: $9,877.
What’s included: Slopeside lockers
and ski valet service, outdoor heated pool, outdoor hot tub, permanent owner
storage facilities, concierge, members’ lounge, game room, children’s
playroom, complimentary local transportation, underground parking.
Added info: Ski-in/ski-out
location at the base of the Assay Hill chairlift.
Website: www.timbersclub.com
Sales Office/Agent: (970) 922-1000 or
Toll Free (877) 923-4387