Once upon a time, there was a successful real estate investor named Charles who would have balked at the idea of sharing his vacation house with 12 other millionaires.
Fast forward to 2010. The conspicuous consumption of the mid 2000s has turned into conscientious consumption; and whole ownership for the affluent has taken a backseat to experience. Charles doesn’t want to tie up all of his financial assets in a multi-million dollar summer vacation house that his family is realistically only going to use 4-6 weeks out of the year. Ultimately, he wants more time with his family and enjoy the memorable experiences that are made possible by the fruits of his labor. He still wants the most desirable vacation home money can buy without the headaches and stresses of absentee home-ownership. Yet, he wants to be smart with his money, only buying what he will use.
Charles may be a fictional character, but his story illustrates the mindset of many affluent travelers. They still value their leisure time—just as much as (if not more than) their money, according to a 2009 report called “The Affluent Shared Ownership Buyer: A Market Profile.”
Shared ownership, or fractional ownership, in private residence clubs such as The Èlan Collection, remains a “smart” vacation option. If Charles were to buy a $1.25 million share in an oceanfront property in La Jolla, for example, he would get four weeks guaranteed use, amenities and services ranging from a luxury vehicle to private Èlan concierge, the option to exchange his use rights for flex time at another Èlan property, and the peace of mind of knowing that The Élan Collection takes care of all of the details associated with typical home ownership (and is dedicated creating memorable vacations).
Have you encountered a Charles while selling whole ownership vacation properties? Do you agree that time and experience are just as precious as gold in today’s vacation home market?
