Four Weeks in Turks and Caicos

Luxury Fractional Guide turned the spotlight on The Élan Collection in Turks and Caicos today in an article called, "Four Weeks of Fractional Ownership in Turks and Caicos."

"If sipping a mojito on a quiet white sand beach, snorkeling in crystal clear waters or enjoying a massage on your beachfront patio (in a tax haven!) sounds like your idea of a luxury vacation, then you’ll find like minds at The Élan Collection, a private residence club that offers a 12,000-square-foot fractional beachfront estate called 'The Coral House' on Grace Bay Beach," according to the article. What might four weeks of luxury vacationing look like in Turks and Caicos? Read the full article here.

The Elan Collection Featured in Private Shoppes

Private Shoppes, an in-flight luxury shopping guide for private aviation passengers, featured The Elan Collection in a 2-page spread in the Spring 2010 catalog. Read the full article, called "The New Luxury Vacation Home Ownership Experience," here.

Fractional Financing Gets a Boost

Good news coming from the fractional financing front this week.

While fractional financing has been constrained due to the recession, Fractional Life reported on Wednesday that Vacation Finance "has launched an expanded initiative to offer more fractional home and condo loans at lower rates, with loan-to-value ratios of up to 80 percent, a five percent improvement on its previous offering." According to the report, the expanded criteria also includes relaxed income and credit qualifications. This news comes on the heels of last week's report that Securities Based Fractional Funding (SBFF) teamed up with Equities First Holdings to provide securities-based financing to domestic and foreign buyers, owners and developers of luxury fractional properties. Both SBFF and Vacation Finance join a handful of lenders who offer specialized loan products to finance the acquisition of fractional ownership properties, such as the luxury vacation residences offered within The Elan Collection.

Here is what Stan Tonkin, vice president of international marketing and sales for The Elan Collection, had to say about the news: "It is important to see viable lending opportunities for fractional interest ownership begin to resurface. We're excited to see lenders provide competitive solutions in this market, and we believe it is an important step for opening the doors to a larger pool of interested fractional buyers."

As always, The Elan Report will keep you abreast of any new fractional financing developments...

Luxury Market Shines, Elan Grows

What a difference two weeks make! It's been a while since we posted about the luxury market, but positive reports continue to shine a light to the high-end. Just yesterday, MarketWatch ran with the headline "Global Wealth Recovers to Pre-Crisis Levels." April Lee reported that the world's millionaires grew by 14 percent in 2009, and "wealth became slightly more concentrated as millionaire households jumped to 11.2 million, moving back close to 2007 levels." The Wall Street Journal also ran an article on May 28, touting the luxury residential market's comeback and the fact that "sales of homes over $2 million in the first quarter were actually on par with the levels of 2005."

As the luxury housing market continues its ascent, rest assured that The Elan Collection will have a presence in the most sought-after vacation destinations. From Pebble Beach and Vail to the Turks and Caicos Islands, a vacation experience will emerge that's positively elan. Explore our current and coming soon properties here.

Market Sharing with Marti Gellens

Marti Gellens knows La Jolla's luxury housing market front, back and sideways. In the past ten years, she (along with mom and real estate partner Maxine Gellens) has closed $1.2 billion in real estate sales and recently joined forces with The Elan Collection to market "Casa del Mar," a breathtaking 4,000-square-foot oceanfront property in La Jolla, Calif. For our ”Market Sharing” series, we asked Marti to share her insights on her hometown, the local luxury housing market and what makes Casa del Mar such a desirable vacation home.

The Elan Report: Why is La Jolla such a desirable vacation spot?

Marti Gellens: It’s not only a great place to vacation, but it’s a great place to live because it feels like you are on vacation. The climate is never too hot and never too cold; the views are unbelievable; and there is so much shopping, great restaurants and different kinds of beaches. It’s like the French Riviera…La Jolla has a very European feel.

TER: What are the most popular amenities your affluent clients ask for?

MG: In general, they prefer homes that are newer. They also want big master bedroom and big closets. If it’s a second home purchase, they want to be on the ocean, near the ocean, or close to town… those are the qualities that are really important to them.

TER: So, how much does a view really play into a purchase decision for a vacation home?

It’s huge. If someone wants a vacation home in La Jolla, they usually want a view.

TER: Where do your clients typically come from?

MG: We have many buyers from Texas, Nevada and Arizona, who want to escape the summer heat. They usually start arriving in June. When it comes to buying second homes, we also have a heavy influx of Canadian buyers.

TER: What’s ahead for the overall luxury market in La Jolla?

MG: La Jolla will always be a destination spot. Although all markets have struggled in this recession, vacation destinations like La Jolla are usually the first to turn around. In 2010, we’re already starting to see a comeback in sales in the overall housing market. We are very much looking forward to our summer buying season starting in June.

TER: Describe the best elements of Casa del Mar for us.

MG: The architecture of the house is spectacular, and it’s located right on the ocean with a pool—which is very difficult to obtain today. The master bedroom with the glass upper deck is a very unique feature—perfect for enjoying the views. And, Casa del Mar also has wonderful outdoor entertaining spaces on both the ocean side and non-ocean side.

TER: Why is it a good opportunity in your mind?

MG: There is only so much oceanfront property here. When the market turns around, oceanfront real estate will see the biggest and quickest upswing. It’s the best place to invest your money. As far as the fractional opportunities offered through The Elan Collection, it’s a great way to own a piece of La Jolla oceanfront for a fraction of the cost. Most people who purchase second homes don’t typically use them like they think they will. We think 4 to 6 weeks a year is the perfect amount of time to enjoy a vacation home.