Fractional Ownership
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Janet Resino, 11 months, 1 week ago
With the economy wiping out more attention is being given to "fractional ownership" We have seen them from time to time, mainly to promote services of a fine hotel residence. Serving to offer tax advantages and ownership rights, to the right people ,they were very attractive.
It seems that now they are a means to avoid looking at the "big picture"
A current ad in the NY Times shows a 2 bedroom, 1545 sq ft. on 55th Street, near Central Park for $599,000. Before you jump to the phone, read more ... the maintenance is $1,292 and taxes are $259. Still an amazing deal. Then it appears - This is for a 1/12 share. You will enjoy the apartment for 1 month a year. Do the math. How much overkill is in this purchase? Who is benefiting from the inflated price and monthly expenses?
The sellers believe their property is well worth fractional ownership. These are exquisite properties. They represent a lifestyle. With these addresses and amenities you can enjoy the best of all worlds. The only concern is how flexible is the usage. For some, getting a 2 week stay in their own apartment will be worth the years worth of payments. The practical question is , how many people are in the market to share this type of lifestyle and what are the legal ramifications if one of the shareholders suddenly falls into harder times?
It seems that now they are a means to avoid looking at the "big picture"
A current ad in the NY Times shows a 2 bedroom, 1545 sq ft. on 55th Street, near Central Park for $599,000. Before you jump to the phone, read more ... the maintenance is $1,292 and taxes are $259. Still an amazing deal. Then it appears - This is for a 1/12 share. You will enjoy the apartment for 1 month a year. Do the math. How much overkill is in this purchase? Who is benefiting from the inflated price and monthly expenses?
The sellers believe their property is well worth fractional ownership. These are exquisite properties. They represent a lifestyle. With these addresses and amenities you can enjoy the best of all worlds. The only concern is how flexible is the usage. For some, getting a 2 week stay in their own apartment will be worth the years worth of payments. The practical question is , how many people are in the market to share this type of lifestyle and what are the legal ramifications if one of the shareholders suddenly falls into harder times?
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