What’s the state of the luxury fractional real estate market? How has the recession impacted the fractional shared ownership industry, and why is it opening up opportunities for some private residence clubs, such as The Élan Collection? We turned to Sherman Potvin, legendary fractional expert, founder of Luxury Fractional Guide and Fractional International and author of "Fractionalize to Maximize: Dividing Your Vacation Home Into Profit,” for answers this week.
According to Potvin, it’s too early to tell how the recession will impact the fractional industry. “But we can be certain about one thing,” he predicts. “It will be changing.”
While the recession hasn’t had a huge impact on the top 5 percent of the world’s wealthiest people in general, it has affected their vacation home buying habits. Potvin believes most buyers will do more research now, as well as search out alternative vacation home opportunities…like fractional shared ownership private residence clubs. Another upside to the recession?
“It has pushed many real estate agents to get creative,” he says. “Real estate folks who once ignored the fractional market are now searching for knowledge as to how to sell fractional homes.”
Potvin, who has worked with some of the top names in the business such as Intrawest and the Ritz Carlton Club, has spent the last seven years educating real estate agents about the benefits of selling fractional homes. He believes the real estate community holds the key to the industry’s growth.
“The sooner they acknowledge that fractional real estate is not a fad and embrace the concept, the more services they can offer their clients,” he says. “They are finally getting the message.”
What do you think? Are agents getting the message in your network?
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