There is a new wave of real estate that is challenging the traditional timeshare dominance in British Columbia’s Columbia Valley. As reported by the Calgary Herald, fractional real estate is making an impact and slicing a market share with timeshares.
The Residences at Fairmont Ridge, town houses in Columbia Valley and a part of redevelopment of Fairmont Hot Springs have presented a new form of ownership. The newly crafted proposal is to deal with a deeded contract that gives 1/16 fractional ownership. Other resorts are also doing this, like the Marble Ridge Developments.
Tim Tourond of Marble Ridge Developments said that timeshare has been an economical option in Columbia Valley because of its flexible schemes. However, with the new fractional ownership, this gives buyer to own a second home that is easier to acquire and of with value, Tourond added.
Fractional ownership guarantees the buyer’s ideal weeks as compared to the traditional timeshare, which does not ensure the rotational usage time in a year. For fractional ownership, buyer gets three weeks of stay, that’s two weeks of the standard rotations and a Summer Plus programme. Just like in other resort purchase, owners take part of the RCI exchange programme. The Summer Plus programme gives buyers option to choose a week during June, July, August or September. June and September are the peak season months in Columbia Valley. You don’t have this flexible scheduling with timeshare.
Nowadays, consumers are focused on the value of what they have paid for and the long term benefits that come along with it. So even through recession period, people yearning for a second home as part of their lifestyle did not actually weaken, according to Jay Hardy, marketing director for the Residences.
Aside from the valuable benefit of fractional ownership, purchasers also get 15 rounds of golf, 15 ski passes and 15 hot springs passes. Lastly, fractional financing can be mortgaged through Quantum at 9% for a 25% down payment, which you hardly get with a timeshare.