March 5, 2019
If you’re just learning about real estate in Mammoth Lakes, the terms can leave your head spinning. “Fractional ownership” is one that trips my clients up a lot. Often the term “Private Residence Club” is used in place of the word fractional.
Fractional ownership lets individuals buy partial ownership of properties in resort areas. These are usually high-end properties in places like golf courses, ski areas or beach communities. Fractional ownerships are usually divided into fourths, sixths or eighths with each owner having an equal number of days to use the unit.
So… it’s a timeshare? Not quite. With a timeshare, you buy the right to use a certain period of time (not usually flexible), but with fractional ownership you’re buying real estate with more usage available and more flexibility in scheduling your visit. You’ll have a deeded piece of luxury real estate that you can sell, transfer or trade like regular real estate.
Fractional ownership is usually more expensive than a typical timeshare, though it’s still a lot less expensive than buying a whole luxury home in the same location. Depending on the property, most fractional developments have similar amenities to a first-class hotel — a concierge, housekeeping, ground transportation, grocery shopping services, etc. All types of homes can have fractional ownership… hotel suites, cabins, townhouses or detached homes.
In Mammoth Lakes, there a few fractional properties. 80|50 Mammoth is the largest and most popular. Named for the elevation of the project, 80|50 boasts gondola access to the ski resort and offers fractional ownership for one-, two- or three-bedroom elegant condos. Obsidian is the other fractional property in Mammoth Lakes with 1/6th fractional ownership in 5,000-square-foot luxury homes on Sierra Star Golf Course. Not considered luxury, Mammoth Ski & Racquet Club also has a few fractional ownerships available.
Fractional ownership isn’t for everyone, but if you’re looking for a Mammoth Lakes condo or home to use four to eight weeks out of the year and want a high-end property, it’s a great option to consider.
For more information on buying a home in Mammoth Lakes, check out my Ultimate Home Buyer’s Guide. Give me a call to talk: (760) 914-4664.
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