Fractional Ownership Could Become Oregon’s New Trend
Lincoln City is one of the latest cities to offer Americans their portion of a multi-million dollar home. The Oregon Coast boasts numerous Oceanside homes – many which sit vacant and wasted for most of the year as vacation homes.
“When I spoke to the owners, they told me that, when they did use the house, they spent most of their vacation time doing maintenance,” said developer Gordon McMahon. “They never really had time to just relax. It didn’t make sense.”
McMahon began purchasing the best selection of those stunning mansions – gutting them and undertaking massive renovation projects to create “top-of-the-line luxury showplaces” and “one-of-a-kind designer homes,” which he could offer on a fractional ownership plan. He even fully furnished the properties and added home theatres, pool table, luxury spas and includes convertibles in each garage for tenant use. The best part is that this Oceanside lifestyle is not for a select few millionaires, but suited for someone willing to pay a $399,000 price tag.
Under the fractional plan, Oregonians leverage their resources and only buy as much of the home as they’re planning to reasonably use – all the while providing them with a deed, the opportunity to gain property appreciation assets or pass the property on in their wills and the ability to secure bank financing.
Each owner lives in McMahon’s mansions for seven weeks out of the year and owners never cross paths or even need to speak to one another. After the cleaning and maintenance crews roll through, one would never know the place had been touched. The management team handles all scheduling, stocks the kitchen with the owners’ favorite foods prior to arrival and allows for on-site storage.
According to Ragatz studies, 80% of fractional owners are “very satisfied” with their arrangement. The study also predicted that “at least half a dozen” fractional properties would emerge in Oregon within the next 18 months.
Source:http://www.newportnewstimes.com/articles/2008/07/16/business/business01.txt
