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What is fractional ownership?
Fractional ownership is the fastest growing segment of the real estate industry in the country. Fractional ownership is an alternative to a high-priced second home or a vacation residence. Families purchase only as much of the property they would normally use in a years time and pay a fraction of the cost of an expensive second home.
What are the advantages of such ownership?
The fractional ownership destination has been designed to provide considerably more quality, convenience, services and treatment than a conventional vacation home. Some distinct advantages are listed below:
- Only pay a fraction of the total cost of the property
- Only pay a fraction of the cost of ownership which includes housekeeping, taxes, all maintenances, concierge services, homeowners’ fees, etc.
What are the ongoing costs of owning at a Tartan destination?
Actual maintenance and all operational expenses of each residence, including insurance, real estate taxes and reserve funds, will be scheduled and allocated to the property on a pro-rata basis. These expenses will be controlled by the Condominium Association, which is controlled by a vote of the association members. Only actual costs associated with the maintenance and operation of each residence are passed through to ownership, similar to any cost associated with the upkeep of a vacation home, to ensure a very reasonable annual cost. Typically, month fees in a 1/13th fractional owned property will range in cost between $150 and $300. This small amount pays every cost imaginable with regard to their property cost of ownership.
What are the advantages of owning a Tartan fractional residence?
Tartan owners will experience the convenience and energy of living in the most premier locations offering a vast selection of restaurants and local attractions, without the normal home ownership issues. There will be no anxiety about ongoing maintenance, storm protection, leasing or bill paying. Further, your vacation will not be encumbered with the time normally spent grocery shopping and making reservations for tee times, theatre, theme parks and restaurants….all of that will be handled for you before you arrive or during your stay.
What about pricing?
Pricing, when compared to an alternative whole ownership second home is one of the most compelling reasons for purchasing a Tartan fractional opportunity. A survey of available properties reveals prices ten times, or more, than the investment in a Tartan fractional property. Our 1/13th share fractional products vary in price from $29,000 to $135,000. Price is determined by property location, size, and available amenities.
How often can owners use their vacation residence?
Usage depends on the fractional model set up in a given unit. For example, ¼ share properties allows each owner 13 weeks usage per year, set up by a usage calendar that is prepared for a period of 15 years in the future. 1/13 share interest allows each owner 4 weeks usage each year, one week in each quarter. Additionally, each owner can trade weeks with other owners in their same unit or other units to better satisfy their ever changing schedule. Also, all Tartan owners are members of national organizations which allow them to trade one or more of their weeks and travel to other parts of the world.
How is ownership evidenced?
Each owner of a Tartan residence receives a recorded deed (fee simple title) to their interest in the property. Shared ownership is not a new idea. Friends and families have been sharing ownership of vacation properties for generations. The problem with that kind of shared ownership was everyone appeared on one deed, which led, sometimes, to entanglements and unpleasant situations in regard to who used it when, who paid for what and what happened when someone wanted out of the shared relationship. Fractional ownership removes all entanglements and unpleasant situations because each owner has a separate deed and usage, maintenance and rules governing the program are pre-determined, making it worry free, hassle free and with no surprises. Tartan draws on their 20 years of experience in the fractional real estate business as the documents are prepared for each fractional owner.
How is fractional ownership different from timeshare?
Timeshare is strictly a vacation product where people pre-purchase one or two weeks of vacation at their home resort and have the ability to exchange their vacation through an exchange company. It is a mass market product for the broadest cross section of the population and serves their vacation needs very nicely Every Tartan property is a commitment to leisure lifestyle in a location where owners desire to return time and time again throughout the year.
Certainly the Greater Myrtle Beach area meets this criteria with the summer season being one of the top attractions in the entire United States, the Spring and Fall golf season where you can enjoy play on over 100 courses and the winter season which is usually very mild and a great place to get away for a week or so.
It is a different product than timeshare, designed for a second home buyer, used in a different manner and sold differently as well. It combines all of the benefits of owning a second home with the services and amenities of a fine hotel, without the responsibility, worry or hassle of owning a second home. Tartan offers an ownership opportunity catering to second home owners who seek an exceptional vacation experience and leisure, concierge service filled leisure lifestyle.
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