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You're seriously considering buying a second home or vacation home. What are your options? Is whole ownership the right choice? What about fractional or shared ownership? What's more important to you ? investment or enjoyment? This report answers these questions and more.


A second home is something many aspire to own and enjoy. You're not alone. In fact Cheap Nike LeBron James , people are buying second homes like never before. Second homes tend to be held for seasonal and occasional use or whose usual occupants live elsewhere.


The expansion of second home growth has had two driving forces behind it: increased wealth and favorable demographics. With tax laws that benefited the transfer of wealth, the stock market boom in the 1990's and renewed house price appreciation, average household net worth has risen dramatically. These demographic changes coupled with the recent languishing stock market have intensified second-home demand and contributed coincidently to the extreme rise in prices within destination resort areas. Second-home purchases are most commonly made by middle-aged heads of households in their prime earning years.


In 2004, the second home industry in North America achieved record sales volumes. A total of 2.82 million second homes were sold in the U.S. Cheap Nike Kyrie Irving , up 16.3% from 2.42 million sales in 2003. This growth trend is attributed to several factors:


The US economy recovered from a deep recession. Cash in money markets languished with the lowest interest rates in decades. Confidence in the stock market remained and continues to remain low with consumers seeking out alternative investment opportunities. Consumers in the US and Canada saw second home real estate as a safe haven for investment appreciation with the opportunity to also enjoy the use of their new asset. Second homes also provide investment diversification, which has become a critical concern among consumers since the stock market crash in 2000 and 2001.


New Ownership Options Available to Meet New Market Demands


In response to growing demand, the resort industry has undergone substantial change in the last five years. In order to broaden market appeal, developers have crafted new second home real estate products to better respond to people's needs and desires. The most recent innovations in the second home industry are the introduction and rapidly increasing popularity of luxury fractional real estate and the condominium hotel ? two of the fastest growing segments of the real estate industry today.


Fractional Real Estate and Condominium Hotels are primarily purchased for lifestyle enhancements. The variations between these products tend to be in how the owners plan to use their residences and what they hope to gain from their ownership. To better understand these differences it is important to note the two primary motivations for owning a second home ? as an investment and enjoyment from use of the residence.


Similar to whole ownership purchases Cheap Nike Kobe Bryant , fractional and condo-hotel owners are granted ownership by fee-simple deed with title insurance. Since Fractional Real Estate and Condominium Hotels are backed by deed and title, these purchases are considered equity-based investments as opposed to the non-equity based multi-site destination clubs also popular in today's market. And, just as you can with a primary dwelling, the deeded fraction or condo-hotel real estate may be resold or bequeathed.


Fractional Ownership


Fractionals are very upscale fully furnished second home properties usually located within renowned destination resort areas or select urban settings where cultural Cheap Nike Kevin Durant , dining and shopping experiences are extraordinary. More important to the consumer is that resort fractional projects are being located within destinations that have been family favorites for generations. These residence programs normally include superior resort services such as concierge, valet parking and personal gourmet chef services for in-home dining, as well as the use of first class quality amenities and a variety of recreational activities.


Common settings for fractional properties are ski and golf resorts and beach communities. Popular destinations include Aspen and Telluride in Colorado as well as the Caribbean. ?Fractionals are typically found in resort areas where prices for second homes are very high andor there is a scarcity of available real estate,? says Richard Ragatz Cheap Nike Juvenate , president of Ragatz Associates, a hospitality market research and consulting firm based in Eugene, Oregon.


Carl Berry, CEO of Scottsdale-based Star Resort Group Cheap Nike Flyknit , notes that the luxury fractional or private residence club concept has become attractive because property values in popular resort areas has skyrocketed out of reach of all but the wealthiest buyers.


For example, Mr. Berry notes that $1 million now buys a tear-down cabin in Aspen, Colorado, whereas a fractional there costs $200 Cheap Nike Epic React Flyknit ,000 to $500,000, ?which is chicken feed compared to what these properties are going for.? Nowadays, $200 Cheap Nike Dunk ,000 will buy a piece of a $1.5 million property, according to Ragatz, who notes that this concept has been around a long time. ?People have been investing in second homes with relatives and friends for years, but divided-ownership property was never a true product until recently.?


I like to emphasize that the popularity of the second home fractional is that it makes sense to purchasers who simply could not justify the purchase that they might only use for a few weeks out of each year. With a fractional Cheap Nike Cortez , owners have the asset and all the advantages of second home ownership without the cost or year-round maintenance obligations. Professional management relieves owners of the worry and anguish that often accompanies second home ownership. When coupled with superior hospitality service levels, the fractional purchase is an exciting and sensible alternative in the second home marketplace. Fractional choices are broadening a

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