We frequently get calls from poker champions who spend a significant amount of time in Las Vegas, particularly during the hot summer months when the World Poker Tour is happening. They’re big winners who could easily afford to buy a home in one of Sin City’s gated communities… but they’re also strategic thinkers. Why buy a home for 52 weeks/year that they’ll only occupy for 14 weeks?

Here at www.desertquarters.com , we offer many premium properties right on the Las Vegas strip that are divided fractionally, so you can live here when you need to but head back home, without worrying if the lawn has been mowed or if squatters have moved in. Sure you could stay at Caesar’s Palace or The Venetian… but wouldn’t it be nice to have a little piece of home and familiarity each time you return?

At Turnberry Place, you’ll enjoy interior features like marble floors, Sub-Zero refrigerators, Italian cabinetry, Jacuzzi tubs, as well as amenities like his and her health club spas, limo service, wine tasting rooms and gourmet restaurants. While you’re gambling at the casino, there are amenities that your whole family can enjoy! The best part is that, at the end of the day, you will be holding the deed to a property – not just throwing money out the window to rent a hotel room. A fractional home is a valuable asset your family can enjoy for years to come.  

According to CNN Money Magazine, fractional properties are “the perfect trade-off,” offering a “big, luxurious vacation home in a beautiful resort for just a tenth of the going rate.” Fractional owners may not be able to add their personal flair with photographs and new wall colors, but they get two prime ski season weeks, two summer weeks and two additional off-season weeks. They also never have to contemplate maintenance.

The history of fractional ownership goes back to Utah, circa the 1990s, when Steve Dering of DCP International saw how underutilized the $4 million Aspen ski-country homes were. He figured he could offer an eighth-share for $430,000 instead. Fast-forward to 2007, where more than half of all real estate sales in Aspen involve fractional. The investment proved good for fractional owners too: a Deer Park Valley Club share in Park City that sold for $130,000 in 1998 is now worth $655,000 today, says Dering.

Fractional owners like John Nussbaum say that their luxury properties allow them to keep in touch with family and friends. “You can ask the kids to come to Appleton [Wisconsin] but there isn’t a lot to do here,” Nussbaum explains. Instead he purchased three units at Snowmass, Colorado, one in Cabo, San Lucas and one in Botany Bay, St. Thomas. For the price of one mansion, Nussbaum now has a stake in all his favorite vacation destinations. You could say he’s become quite the popular guy!

While some high-end properties are priced to allow those making a household income of $200,000, the latest Ragatz Associates survey said the average median household income for fractional owners was $425,000.

Our fractional vacation home  buyers may see some appreciation in their shares at Panorama Towers in the future. The site for this project below is directly south of the Panorama Towers property. Please take the time to read this very interesting article that was in the Las Vegas Sun.

Station Casinos banking on biggest being best
Plan for huge complex in play despite economy
By Liz Benston
Las Vegas Sun

Station Casinos owners Lorenzo Fertitta, left, and brother Frank explain their vision Tuesday for Viva, which, at $10 billion, would become the most expensive casino complex ever built.

At a time when businesses across the country are cutting back in the face of economic turmoil, the brothers at the helm of Station Casinos are accelerating plans for an enormous Las Vegas resort larger than CityCenter.

Frank and Lorenzo Fertitta, who took their company private last year with help from private equity giant Colony Capital, said in an interview Tuesday that they are going forward with plans to redevelop the site of the Wild Wild West motel and casino on Tropicana Avenue and Interstate 15.

The Fertittas said they have a detailed plan for the first phase of their Viva resort that includes three casinos and at least three hotels with as many as 5,200 rooms. The entire project, built on 110 acres over many years, would cost more than $10 billion and be larger than MGM Mirage’s $8 billion CityCenter, now under way on the Strip and expected to open in 2009 on 66 acres between Monte Carlo and Bellagio. Ultimately, the Viva complex could have 10,000 rooms.

Station Casinos’ timing would seem amiss, given the weakening national and local economies. But the Fertittas have defied skeptics here and on Wall Street by buying or building a 14-casino empire in 13 years.

Because the company is no longer publicly traded, the Fertittas do not have to answer to jittery shareholders worried about declining demand or falling share prices. But they still have to line up lenders, which they have not yet done. They said they hope the capital market will rebound before they are ready to start construction, sometime in the next two years.

Originally conceived as a single casino hotel built on a few dozen acres, plans for Viva grew exponentially as Station quietly bought or obtained rights to develop the 110-acre site, currently home to squat, nondescript warehouses and retail stores.

‘It started to build upon itself, like putting together pieces of a puzzle,’ Lorenzo Fertitta said.

In its expanded form, Viva will establish the Fertittas as ‘Strip players’ and cement their legacy as casino entrepreneurs beyond their success in the neighborhood casino business — a track record long admired by their counterparts on the Strip.
‘In a lot of ways, it will change the face of the company,’ Lorenzo Fertitta said.

The complex will cater to tourists while also trying to lure locals, as all Strip casinos do.

The goal will be to try to strike a balance in which both tourists and locals feel comfortable, Frank Fertitta said. Other properties have attempted the same balance, with varying degrees of success. When built, Viva will top Red Rock Resort as the most expensive off-strip casino complex in history. Some Wall Street analysts said Red Rock’s $1 billion price tag was too rich for a mostly neighborhood crowd of gamblers. But the Fertittas have been happy with their long-term investment in Red Rock.

Viva, likewise, is a long-term bet on Las Vegas that they believe will help the market grow, as have previous resorts.

Viva seems certain to draw criticism from skeptics who say Las Vegas is building beyond its market. The same was said at the announcement of CityCenter and later projects, including Boyd Gaming Corp.’s $5 billion Echelon complex.

But the Fertittas, who have seen business cycles come and go, say Las Vegas will ultimately withstand the test of time.

‘It’s very hard to predict cycles in the short run and know what is going to happen in the next six months or the next year,’ Frank Fertitta said. ‘Where we’ve always placed our bets is over a five- to 10-year time horizon. When you have a solid strategy and look at the supply-demand dynamics in the Las Vegas Valley, the fact is, the population is going to continue to grow over the next 10 years and there are limited places to build locals casinos,’ he said. ‘Ours is really a strategic plan over the long run (rather) than trying to time the market in the short run.’

Station has arguably been one of the hardest hit by the economic downturn among Las Vegas gaming companies because of its disproportionate effect on housing — an industry that to some extent drives locals casino growth. Locals operators say business has been weak because customers, though still patronizing their neighborhood casinos, are spending less money.

But the Fertittas are looking a year to two years ahead. After Aliante Station opens in North Las Vegas this year, Station hopes to break ground on Durango Station, at Durango Drive and the Las Vegas Beltway, early next year.

The company ultimately plans to build on hundreds of undeveloped acres it owns across the Las Vegas Valley, following a similar, if not more aggressive, timetable than it has followed in the past, they said. Station’s vast landholdings give it a strong market position that will only improve as Las Vegas continues to grow, the Fertittas say.

This is good news for anyone considering purchasing a fractional share in Panorama Towers. We will begin taking reservations for shares on September 1, 2008. A 1/6 share will entitle you to 8 weeks use per year and will be $ 279900.00 per share. If anyone has any further interest I can be reached at jeffrey@desertquarters.com

Whether you’re interested in buying, selling or managing your fractional ownership, a knowledgeable fractional ownership consultant will be your best friend. Why spend hours of your precious time fretting over cleanliness, routine maintenance, usage, collecting payments and book keeping? Since time is money, finding a trustworthy fractional consultant and management company can help you in a multitude of ways.

For the Developer:

A fractional ownership consultant can help you move unsold inventory. Today many developers are choosing to divvy up their luxury properties into fractional shares to sell quicker. In some markets, it’s much easier to find eight people with $125,000 to invest, rather than one millionaire. Even people who could afford a million-dollar estate or a $500,000 condo see the value in only paying for the amount of time they’ll be staying in their second home, while essentially “renting out” the rest of the time to regular owners. The appeal of offering deeds to each shareholder makes it a win-win for everyone, as they watch their investments appreciate over time and you unload your housing stock, despite the slow market.

For the Seller:

A fractional ownership consultant can help you manage your property. What if maintenance needs to be done? What if one of your share holders isn’t paying his or her dues? What if there is a squabble over a certain week? What if someone wants to sell their portion? Who will call the maid service to be sure everything is taken care of for the deed holders? The most ideal way to invest in fractional ownership is to buy the property and let a professional management company take care of all the hassles and headaches.

For the Client:

A fractional ownership consultant can help you: keep two or more months of a luxury property and sell the rest to other like-minded individuals. They can help you locate a property, sell your existing property, formalize arrangements among shareholders and negotiate a new contract.  To view the facts of fractional ownership please look here. http://www.desertquarters.com/faq.php If you have any questions feel free to email me at jeffrey@desertquarters.com

There are many reasons you might want to take your slice of the pie, rather than the whole thing. To any rational individual looking into second home options, it doesn’t make sense to own a house if you’re only going to be there a few months out of the year. Some people buy a second home with the intention of retiring there years down the road – a dream which never materializes. Then they’re stuck with two huge houses, when they’ve decided what they really want is to downsize into a cozy amenity-rich condo downtown. Instead, why not own fractionally for a while as your plans settle? You can always opt to buy out the other share holders down the road or simply sell your share and move on. Of course, there are other reasons to consider fractional ownership, such as:

Get more bang for your buck. Let’s face it: We all want the American Dream – the big house, the sports car, the maintenance-free lifestyle. Part of the mortgage crisis was caused by people who purchased outside of their price range, hoping to skate around the hefty costs through too-good-to-be-true financing. By contrast, fractional ownership gives people that luxurious lifestyle for a reasonable amount of time for a fraction of the cost. Why pay for a depreciating timeshare to use for 1 or 2 weeks per year, when you could live in a Hollywood-style mansion for three to four months instead?

Have the best of everything. Fractional properties are carefully selected to offer the best amenities. Most boast Oceanside or mountainside views, concierge services, fully stocked kitchens and maid services, as well as on-site golf courses, spas, fitness centers and restaurants. Your property is likely to feature marble countertops, exquisite finishes, classic architecture, hardwood floors and other decorative touches that exude opulence.

Don’t worry, be happy. As we get older, we’re naturally sick of mowing lawns, grocery shopping, home improvement projects and scrubbing kitchen floors. By splitting an annual maintenance fee among eight other shareholders, fractional properties allow you the maintenance-free lifestyle you’ve always wanted. You can have your own personal chef sizzle up a surf and turf meal for your family, a concierge man order your theatre tickets for you and a maid / landscaping service keep your home looking immaculate.

Source: http://fractionalnews.wordpress.com/2008/05/09/why-consider-fractional-ownership-of-propertyreal-estate/

What if one of the owners has a mortgage lien, other type of forced lien or judgment against them?

If you were to rent a place with your friends, if one person couldn’t come up with their share of the rent, all the other housemates would have to cover it or risk eviction. HOWEVER, with Fractional Ownership every owner holds a separate deed, so one deed-holder’s foreclosure does not affect the others. The other owners continue on “business as usual” and the remaining piece of the pie likely gets sold to another buyer. The property manager will take care of everything for you.

What if two of the owners want to use the home at the same time?

Many fractional agreements are fully negotiable. Since the ownership is so small, it’s rare that conflicts arise. Typically, the arrangements are made on a rotating schedule so that each owner will get to use the property during every season and on every holiday eventually. Sometimes the property manager will set up an online scheduling system for last-minute requests or changes in usage. Sometimes there are “priority” systems that rotate every year.

What if something needs maintenance or gets damaged?

Owners can simply alert management via a Repair & Maintenance form or can call the management company at any time for a pressing issue. In terms of damage, owners are individually responsible for their time of occupancy. If there is damage beyond normal wear and tear, the owner who created it must pay for it. However, property damage among fractionally owned properties is virtually nonexistent, since these homes are so high-end.

What if I want to sell my share?

Most agreements offer an optional buy-out after a certain number of years. Usually the other shareholders will be offered the fraction first. If no one wishes to buy it, then the owner can sell his or her share privately or go through the management company for assistance. This can be done at any time, of course.