Private Residence Clubs and Luxury Fractional Property
Owners of luxury fractional property buy a share of a single residence, that provides them with a couple of weeks to thirteen weeks of usage a year. The ownership period varies by development and can be expressed as a fraction (eg 1/10, 1/8, or ¼) or as a number of weeks (eg 5, 6 or 12 weeks).
Private Residence Clubs are the upper tier of the luxury fractional market, providing all the services of a five star hotel together with the ownership.
There are hundreds of fractional and Private Residence Club developments located in city, beach, mountain and resort destinations. Use our home directory to search through these locations.
They are sometimes compared to timeshares, although there are several key differences. For instance luxury fractionals are in better locations, are more luxurious and typically larger, providing 2, 3 or 4+ bedrooms. They also offer true, deeded ownership whereas timeshares usually just offer a "right to use."
This article covers the reasons people buy fractionals and PRCs, and if you're looking to buy read the list of questions to ask before buying your fractional. For easy reference there is a glossary of terms.
The latest news and research on luxury fractionals and Private Residence Clubs is available below.
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- Written by SherpaReport Staff
The Puerto Aventuras Residence Club offers luxury fractional ownership in the only gated community on the Mexican Caribbean coast.
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- Written by Nick Copley
Bruce Shugart has lived in the Colorado Rockies since 1975 and currently lives between Vail and Aspen. We recently talked to Bruce about his latest development The Porches and discussed all the recent activity in Steamboat Springs.
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- Written by SherpaReport Staff
David and Paula Flitners family have been ranchers in Shell, Wyoming for over a 100 years. They are now sharing their love of the American West by offering memberships in The Hideout Private Residence Club.
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In a growing trend amongst luxury hotel groups, Starwood is adding a private residence club to the Phoenician® resort - a AAA Five Diamond property located at the base of Camelback Mountain in Scottsdale, Arizona.
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The Capella Pedregal Residences is the newest fractional project in the exclusive Pedregal area a 360 acre gated community -- near the resort village of Cabo San Lucas, Mexico. The residences will be associated with the ultra elite Capella Pedregal Resort and Spa, to be completed and launched in Spring 2008.
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The National Association of Realtors (NAR) survey showed vacation home sales hit a record 1.07 million in 2006 representing 14 percent of all homes purchased last year. Sales of luxurious shared ownership homes showed a similar trend according to Ragatz Associates.
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- Written by Nick Copley
Timbers Resorts has earned an excellent reputation as a developer of private residence clubs and high-end boutique resorts. We recently spoke to David Burden the founder and President of Timbers resorts about the companies resorts to date and its future plans.
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- Written by Nick Copley
The Waldorf=Astoria, owned by Hilton hotels, announced that it plans to build a 50-unit luxury fractional Waldorf=Astoria component within the Lake Las Vegas Resort in Henderson, Nevada.
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- Written by Nick Copley
Many of the Private Residence Clubs that we see offer access to golf courses, but one that is very much designed from the ground up for golfers is Private Quarters Club. Owners enjoy luxury golf vacation homes with first class amenities, and the privilege of golf and country club membership. At last weeks Ragatz Fractional conference we spoke to members of the management team.
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- Written by Nick Copley
Nowadays it's fairly straightforward to obtain a mortgage to buy your luxury fractional or private residence club home. The bad news is that not all lenders are familiar with the concept of fractional property, so you might not be able to obtain a mortgage from your neighborhood bank. The good news is that the number of lenders who are offering mortgages for fractional property including private residence clubs is growing all the time. In fact for the banks that do lend for these types of loans it's essentially no different from getting a mortgage on any other second home.