5 Properties that Prove Fractional Ownership Is Real Estate’s Hidden Gem

Fractional ownership—also referred to as joining a private residence club—is one of the most misunderstood and unknown sectors of the real estate market, according to Steve Dering, the founder of Elite Alliance, a company that consults on and sells luxury fractional real estate.

“People often mix up fractional ownership with timeshares where consumers buy a certain amount of time in a vacation home but don’t actually own the property,” he says. “With fractional ownership, you own real estate that can be sold, placed in a trust, gifted, or inherited.”

Joining a private residence club is ideal for buyers who don’t want to wholly own a property because they won’t use it enough to justify the cost. “Most of our customers can well afford to buy a high-end vacation home, but it doesn’t make sense for them to do so since they only want to spend a limited number of weeks in it a year,” Dering says.

Besides the low commitment and hassle, fractional ownership has more attractive perks: Residences are furnished, for example, and come with fully equipped kitchens, and the beds usually have high-quality linens. In addition, the club’s staff manages the property, and owners have access to a concierge and can request housekeeping (for a fee).

Following are five upscale private residence club options in the United States and Mexico that are ideal for luxury-seeking vacation home buyers who want to own, but only part-time.

A view onto The Phillips Club in New York.

The Phillips Club, New York City

Starting Price: $170,000

The Details:

Located on the Upper West Side near Lincoln Center and Central Park, The Phillips Club offers studios and one- and two-bedroom apartments. These units feature city views and have a contemporary aesthetic with neutral tones. In addition to housekeeping and concierge access, owners can enjoy amenities such as pre-arrival and grocery shopping service, a member’s lounge, a business center, and free membership at the nearby Equinox Sports Club New York.

Next Post

‘The pandemic lit a fire inside me’: how three high-fliers retrained as garden designers | Gardens

Mon Oct 18 , 2021
A table and chairs covered in lichen; a grubby patio; an overgrown bed teeming with weeds … those of us with outdoor space all have corners that need attention. And as many of us continue to work from home, spending more time in the garden and entertaining friends, there has […]

You May Like