Fractional Ownership for Sale
28 posts
9 users
11k+ views
Ed Durrett
October 21, 2007
Member since 10/15/2007 🔗
10 posts
Hello All,
I have a very nice home I am looking to setup a fractional ownership with. I would like to know if anyone is interested that reads this fourm? If so I will fill you in on the details. I plan to price this where you get 6 weeks a year and will cost 1/3 the cost of buying a Condo in Canaan and 1/8th the cost of maintance. Please let me know I would love to share my idea's with you guys.

Thanks, Ed
David
October 21, 2007
Member since 06/28/2004 🔗
2,444 posts
Timeshare anyone???
Ed Durrett
October 21, 2007
Member since 10/15/2007 🔗
10 posts
Abit different. Call it a team share. Everyone has a deed that is is tax deductiable like a home. So it is your home that is shared with a small group of friends. Unlike a time share I want to develop a plan to where it is more intimate and eveyone has input to what is put in the home. Time share you have no flexability. For example family pictures. No time share has that. I encourage that in the right spot of the home.
skiTLINE
October 22, 2007
Member since 12/15/2004 🔗
230 posts
I could NEVER see this working. Too many different ideas as to what should/should not be done with the home.

We need a new roof (say 3 of 6 owners)
No we dont need a roof now (says other 3 owners)

The headaches would be endless.

Just my .02 worth though.
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yellowsnow
October 22, 2007
Member since 12/15/2005 🔗
270 posts
Strongly agree with skiTLINE; after the initial shine is off, this cannot work. Not trying to simply be a naysayer, just being pragmatic.
bawalker
October 22, 2007
Member since 12/1/2003 🔗
1,547 posts
Call me crazy, but what I see in timeshares, fractional ownerships, and such is someones dream to reach out and achieve what they want but can't outright buy. I really think we as Americans have become so focused on if we want it we SHOULD have it that we go for any means possible to get what we want placing ourselves and others in situations liable to become destructive. I figure if I can't buy me a condo on property and outright pay for it, then I don't deserve to have it, no matter how tempting the idea is to have a slopeside place during winters largest dump.

Rather people who get into this I believe have little self control financially and will present the exact same scenerio as skiTLINE mentioned above. What happens a year into it when half the people involved don't have the money to help tend to maintanence? I can see the eruptions of arguments now...
David
October 22, 2007
Member since 06/28/2004 🔗
2,444 posts
My point is:
If you call it "Team Share" and everyone gets 6 weeks a year then maybe you should call it a "Time-Team Share". I mean if I am going to pay for 1/3 the price of a condo that should add up to atleast 17.33333 weeks a year. Also, if I was getting 6 weeks a year, I gurantee you that the snow total for the six weeks I would pick would probably be around 5 inches. Buying into this would also take a way a spontaneous trip. If I am going to pay for a condo in Canaan Valley and have to stay at the CV lodge because my condo is occupied during a huge dump, I would be pretty upset. Maybe I don't understand this concept at all?? Maybe I have it all wrong??? Maybe I don't???
dcmidnight
October 22, 2007
Member since 11/11/2006 🔗
125 posts
Pasting my comments below from the last thread we had on this.

The ski season is so short around here as it is that when I buy my next place it will be on my own. I want to be able to go whenever I want and not have to worry about any of the group nonsense. Been there, done that.

Oh and if putting up family pictures is the best part of this deal that we can come up with?

=============
IMO, unless you buy in a hot area, buying a property like this as in investment is a *big* mistake. I was part owner of a timeshare once with 5 other people and to this day I consider it the biggest financial mistake I have ever made. While I ended up making almost my entire investment back, it was not worth the hassle. Every little thing become a fight. When it came time to replace the dishwasher it was a 2 month process for a $500 item between arguing over brands and how much we should spend and contractors etc etc etc. Multiply this over 3 years, a lot of angry phone calls and broken friendships and it became a true nightmare for me.

Imagine having 20 first grade kids in a room and telling them all to agree on one thing for lunch. Thats how I define fractional ownership. Only now you have dozens of decisions to make each year.

If I ever did this again I would buy a condo myself or at most go in with one other person. But my wife and I have been very happy simply paying the rental/hotel cost for our holiday travel and enjoying the flexibility of going wherever we want.
jimmy
October 22, 2007
Member since 03/5/2004 🔗
2,650 posts
I've been following this discussion and the one before and it seems like fractional financing/ownership has become the *global warming* of the month. Comeon, the guy is looking for someone who's interested obviously you all are not. Brad for you to say that you doesn't deserve something unless you can pay it off on the stump is a high standard and you can try hold yourself to it.....but not everyone feels the way you do or has ur self control.

I'll bet most of us at one time or another dreamed or dare I say contemplated getting together with a couple of like minded friends and going together to buy a place.....in the mountains, at the beach, on the lake.

Time share is a whole other topic than this fractional business or maybe it's not but i am glad that the discussion is taking place, if i can control myself i might jnust learn something \:\) .
Ed Durrett
October 22, 2007
Member since 10/15/2007 🔗
10 posts



Wow... great postings and concerns everyone. Will try to answer all...

Repairs and ideas... HOA is established within the home. Each month everyone pays their dues. The HOA blasts an email to each of the owners to get feedback. The HOA board decides what action to take majority rules period. Its not perfect but at least you have some say where as a time share your voice is not heard. Bottom line the board decides. If you don't like the decisions then run for office the following year.

How often do you use a second home? The average is 6 times a year. So why spend 600 - 800k for a nice home that you will have lots of out of pocket expenses for up keep. This concept is more rational and allows you to enjoy a second home without the haste period.

Team share and trips... The idea is to have a set of weeks for each individual but set up a team calendar and if one owner is not planning to use there week the another owner is allowed to use it as long as it is cleaned. Again team share. 6 weeks guaranteed but I promise you everyone will not use all there 6 weeks so more opportunity presents itself so if setup right you will be able to use it more. I myself cannot use it for 6 weeks so I suspect I will have 3 weeks alone that other people can use.

Your right the snow season is short and should consider this home full season. Canaan area offers alot. Canoeing, fly fishing, hiking, mountain biking and rock climbing. So you have to consider this a home to use year round. Personally summers are amazing with the sky and the clarity and mild climate, fall is beautiful and spring offer a different perspective on things so it is year round enjoyment.
DCLskier
October 22, 2007
Member since 10/22/2007 🔗
3 posts
Hi, Ed;

Where are you looking to set up this fractional home? I'm interested in others doing this.

We have two fractional properties at Deep Creek Lake - one on top of the mountain near Wisp and one lakefront home. We let the property management company propose repairs, upgrades, etc and for major items the owners vote on it. Time is on a reservation system with rotating priorities. Plus unused time can be booked with short notice so if you are fast you can catch the good snow and not count it against your weeks. We did 1/5 interests in the mountaintop home (10 weeks minimum) and 1/6 interests in the lakefront home (8 weeks minimum)

Anyway - I'm interested in others doing this. We've sort of broken new ground with our homes and it's a struggle to get the word out there that you don't need to spend $800k to buy into a lakefront home.

I'm new to this board so hope it's OK to post links. If you go to http://www.SecondHomesAtDCL.com you'll see what we have to offer. Good luck with your venture!

Craig
skiTLINE
October 22, 2007
Member since 12/15/2004 🔗
230 posts
Craig

Not to be too nosy but are you affiliated with the company you posted the link to???

Thanks
Ed Durrett
October 23, 2007
Member since 10/15/2007 🔗
10 posts
Craig,
Thanks it is nice to see someone else is getting this concept. For open minded people this is doing very well in much nicer areas than ours. Alot more money is being spent too... I am using this board to figure out if there is interest and it appears to be none. Anyway where have you advertised? Have you sold all your shares? Oh.. who did you use to do the setup? Are they local? I have talked to a few people but have not formally established things as I want to be sure there is the interest. My idea was to keep the shares at 1/8th to keep the price in the low 80's. That way if someone wants to refi the house and pay cash they can or I am considering offering owner financing. The fractional company I have talked to want me to do it more on 1/6th but the cost is much higher. I am trying to determine if I can open to a market with less cash or if it doesn't matter. How you have your time setup is exactly like I would want to do mine rotating and any owner can book unused time. What people fail to realize is your 6 weeks could be 12 if you had the time cause people will not use the home there entire time.

Thanks, Ed
dcmidnight
October 23, 2007
Member since 11/11/2006 🔗
125 posts
 Originally Posted By: skiTLINE
Craig

Not to be too nosy but are you affiliated with the company you posted the link to???

Thanks

I thought the same thing. A little coincidental to me that a brand new user registered just last night to say they were interested in the same exact thing that otherwise has gotten no traction here.

Maybe I'm just getting cynical in my old age...
skiTLINE
October 23, 2007
Member since 12/15/2004 🔗
230 posts
Maybe Ed and Craig are the same person just trying to get something going. Have an operation at Wisp and TLine?????

If so kudos to them for their hoopspa
jimmy
October 23, 2007
Member since 03/5/2004 🔗
2,650 posts
 Originally Posted By: dcmidnight
 Originally Posted By: skiTLINE
Craig

Not to be too nosy but are you affiliated with the company you posted the link to???

Thanks

I thought the same thing. A little coincidental to me that a brand new user registered just last night to say they were interested in the same exact thing that otherwise has gotten no traction here.

Maybe I'm just getting cynical in my old age...





 Quote:
I am using this board to figure out if there is interest and it appears to be none. Anyway....



dcm i'm sure you'll see plenty of posts from these two about skiing, their favorite instructors, apres skiing, why they hate the slow lifts at timberline and how snowshoe rocks on the weekend....anyways, i'm looking at new tv's and need a few partners to get the one i really want
fishnski
October 23, 2007
Member since 03/27/2005 🔗
3,530 posts
Hey Jimmi...There's a 19" for sale at Wallmart for $99.99...I got $40!!
jimmy
October 23, 2007
Member since 03/5/2004 🔗
2,650 posts
andy i only got 40, we need someone to take a fraction of a fraction, what s the lowest common denominatilator in this equation anyways??
skiTLINE
October 23, 2007
Member since 12/15/2004 🔗
230 posts
Well I may regret this but I will go in for 20.00. How many weekends do I get?? Will any of these days be on where a World Series game is being played????
dcmidnight
October 23, 2007
Member since 11/11/2006 🔗
125 posts
I'm in for $50 on the tv but I will need it on Tuesday nights when The Shield starts up again.
Ed Durrett
October 23, 2007
Member since 10/15/2007 🔗
10 posts
lol... nope I dont know craig and my home is not at deep creep but Canaan area.
David
October 23, 2007
Member since 06/28/2004 🔗
2,444 posts
I'll throw some money into the pot also...Maybe we could find a nicer TV somewhere. I don't know about you guys, but I strongly prefer a Toshiba over anything else. So as long as we buy a Toshiba and we rearrange the furniture in the living room so that the TV is near the fireplace then it is ok with me. Oh yeah, I am not putting any money in the deal unless we are going to go with Direct TV.. I hate Dish Network!! Other than that I am good as gold!!

P.S. I get the TV from noon until midnight on every Saturday from August til January. Ok, now I am as good as gold...... unless I think of something else.....
jimmy
October 23, 2007
Member since 03/5/2004 🔗
2,650 posts
NONONO , it's gotta be a Sony, no toshiba, no samsung I WANT a sony, and while we're on the subject, no baseball, baseball is not a sport it's just a bunch of rich guys standing around scratching their asses......... anyways ur probly right david if we get as few more pipples we can get a nicer tv, and maybe some leather furniture for the livingroom \:D \:D
David
October 23, 2007
Member since 06/28/2004 🔗
2,444 posts
 Originally Posted By: jimmy
ur probly right david if we get as few more pipples we can get a nicer tv, and maybe some leather furniture for the livingroom \:D \:D


A nicer TV would be a good idea, but I don't know how many times I have told you that I HATE LEATHER FURNITURE and THERE WILL BE NO LEATHER FURNITURE IN MY PSEUDO-HOUSE!!!


P.S. Sony will do, only if it is plasma though......
DCLskier
October 25, 2007
Member since 10/22/2007 🔗
3 posts
Hi all. No surprise I'm new on this board and posting about fractionals. I was googling fractionals and bumped into Ed's posting. I was happy to hear someone else is attempting this in the area. When I said in my post we had two properties - I meant my wife's company which is the one posted in the link. I hope I didn't violate some protocol posting the link. If so - oops and sorry!

To answer some of Ed's questions - we've sold 3 interests out of the 5 for the property up on the mountain near Wisp. The lakefront has just been finished so no buyers yet - all 6 still available. My wife's company did all the work... well - her plus the lawyers. And for now she's doing the property management so we can be sure it's done right.

We have owners reserve weeks twice a year - they request their first choices and some backup choices. If there is a conflict then the rotating priority system kicks in. And yes - the first buyers get a ton of extra weeks since we still have two unsold interests. But even after it's sold out most owners don't use all of their weeks - and if you can go mid-week many times owners only use a weekend so mid week it's often available off season.

Seems the idea didn't fly on this board. But it's only for certain kinds of people. If you would never lease a car then you probably won't like this concept either. But once you find the right people they absolutely love the concept. My challenge is finding those people!

Now that I live at Deep Creek full time I am glad I found this board. I have not tried any ski areas here except Wisp. I used to live in Northern California so any area with less than 4000 feet of vertical drop was usually off my list of ski areas to try. I find here in the Mid-Atlantic area I need to make concessions. Maybe this season I'll stray over to some of the other ski areas.

Craig
skiTLINE
October 25, 2007
Member since 12/15/2004 🔗
230 posts
Craig

We have been just busting your balls. No hard feelings. And by the way....tell your wife she did a FANTASTIC job with the 2 homes you have. They really are beautiful and beautifully decorated. Nice work on her part.

cheers
Ed Durrett
October 28, 2007
Member since 10/15/2007 🔗
10 posts
Craig,
Could you tell me what attorney you used?
DCLskier
October 29, 2007
Member since 10/22/2007 🔗
3 posts
I'm glad you appreciated the work she put into her homes. Not easy and not cheap!

The more I think about it we won't get a lot of traction from skiers in this area. Fractions are hot in the rockies but the seasons are long and much more reliable there. If you already like Deep Creek then the ski aspect is a plus but not a driving force due to the short and unreliable season. Although with Wisp's expanded snowmaking it's pretty reliable if you are OK with manmade snow.

As for who the attorney was - I'll refer you to my wife. She may want some secrets to be closely held... but if you email her through the secondhomesatdcl.com web site I bet she'd tell you. This is a highly competetive market lately!

Nice hard freeze this morning at Deep Creek. It was 26 when I headed off to work. Plenty cold enough for Wisp to start testing their snowmaking... But a look at deepcreekcam.com shows no snowmaking... just a heavy frost layer at the Honi-Honi.

Craig
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