A Million $ Home is Not a Dream For Buyers on a Budget
July 25th, 2008 Categories: Buyer's Corner, Mountain Living, Selling Thoughts, Trends
Everyone would love to own a vacation home in the beautiful Colorado Mountains, or on a lake but the price tags can be $1 million or more and for most buyers this is definitely out of their price range. Well think again, before you think it’s an impossible dream.
A company in Utah is helping buyers own a piece of their dream home by specializing in fractational ownership. This is not a time-share which only sells access, this is actual ownership. Fractional ownership could be one-fourth portion of the property, consequently a $1 million second home costs each buyer only $250,000. For one-fourth ownership, each buyer/owner has use of the home for 3 months per year and could even rent out any unused weeks. A big plus is that you don’t even have to know the other fractional owners! Each buyer receives a deed for their share. Okay sounds great but what if one owner defaults, then what? Believe it or not, the defaulted share is foreclosed on leaving all the other shares in tact. In today’s market, not just in Colorado, think of other vacation spots like, Florida, Vegas, California, Arizona where it’s so difficult to sell a $1 million property, how easy it might be to sell a $250,000 fractional share of a dream home? The risks are obviously smaller. This process is ideal for luxury second home owners that don’t use their second home as much, they could keep one-fourth share and sell the rest. For more information visit this Utah based company’s website; Grandshare or watch this video
Wow! I never knew anything like this existed. I will probably check into it a little more. I watched two of the videos and was amazed by this type of service. Thank you for sharing it with us.
David
You made some good points there. I did a search on the topic and found most people will agree with your blog.
Hi, I can’t understand how to add your site in my rss reader. Can you help me, please
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