Fractional ownership, also known as private residence club membership, is one of the most misunderstood and unknown areas of the real estate market, according to Steve Dering, founder of Elite Alliance, a company that consults and sells fractional real estate. luxury. .
“People often confuse fractional ownership with timeshares where consumers buy a vacation home for a while but don’t actually own the property,” he says. “With fractional ownership, you own real estate that can be sold, placed in trust, donated or inherited. “
Joining a private residence club is ideal for buyers who do not wish to own a 100% property as they will not be using it enough to justify the cost. “Most of our clients can afford to buy a high-end vacation home, but it doesn’t make sense for them to do so as they only want to spend a limited number of weeks there per year. Dering explains.
Apart from the low engagement and hassle, condos have more attractive advantages: Residences are furnished, for example, and come with fully-equipped kitchens, and beds usually have high-quality linens. Additionally, club staff manage the property and owners have access to a concierge and can request housekeeping service (for a fee).
Below are five premium 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.
The Phillips Club, New York
Starting price: $ 170,000
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 offer city views and feature a contemporary aesthetic with neutral tones. In addition to housekeeping and concierge access, owners can take advantage of amenities such as pre-arrival service and grocery shopping, a member’s lounge, business center, and membership. free at the nearby Equinox Sports Club New York.