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Fractional Ownership

Beach Comber
20,041 views
We are very interested in buying beach property sometime in the next 18 months. But we do not have the resources (time and money) to make sense of buying a nice beach home individually. We prefer the communities with nicer amenities (St. Joe Developments) ... but I am unsure if there are homes for sale with fractional ownership possibilities.

My questions are:
1) Are there homes for sale with fractional ownership?
2) If so, what is the best way to research them?
3) What do I need to be most CAREFUL about in proceeding with this type of purchase?

Thank you in advance for all your help!

Replies

48
TooFarTampa avatar
SoWal Insider
#27
Nice calculator work! But when it comes to the WaterColor PRC you've undershot the $1500 "guestimate of additonal expenses." According the the WC website FAQs:

How much are the monthly assessments and what do the assessments cover?
Each Owner will initially pay a monthly assessment of approximately $450 per month, which, among other things, covers the Owner?s portion of the following expenses: utilities, insurance, real estate taxes, reserves for replacement of the furnishings, building maintenance, assessments due to WaterColor Community Association, housekeeping for up to 5 visits per year, and reservation and other services.


That's $5400 per year.

.

WOW.
SHELLY avatar
SoWal Insider
#28
Without looking, I wanted to be conservative in my example with the residence club. I was even doing so with the price, but thanks for finding the real number. As was mentioned by several people, furniture wears out, and TVs break, and they just add that to your assessments, and replace whatever is in less than perfect condition.

...and if any/all of the other '7 fractional owners' are beasts and like to tear things up, well, those assessments might get a bit steep--unless you all decide to go with futons, Walmart plastic chairs and cable-spool-tables.

I imagine the "full residence" WaterColor owners would think of the "fractionals" as coming from the other side of the tracks as it is.

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Edited

Rita avatar
margarita brocolia
#29
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Smiling JOe avatar
SoWal Expert
#30
I'm sure that since all of units are shared with other unit owners, not just the other seven of your unit, an individual unit has no say in the almost impossible to fold up futon sofa/beds, and you each unit will be similarly furnished.
SHELLY avatar
SoWal Insider
#31
I'm sure that since all of units are shared with other unit owners, not just the other seven of your unit, an individual unit has no say in the almost impossible to fold up futon sofa/beds, and you each unit will be similarly furnished.

...smacks of communism.


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Miss Kitty avatar
Meow
#32
I can't stop thinking about Fractured Fairytales when reading this.
DD avatar
SoWal Expert
#33
I can't stop thinking about Fractured Fairytales when reading this.

:lolabove:I'm counting on Shelly to have a good comeback for this.
Miss Kitty avatar
Meow
#35
Yep. That's it.
Rita avatar
margarita brocolia
#36
:lolabove:I'm counting on Shelly to have a good comeback for this.

And SHELLY has not let you down! 😀

Perfect ...



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DD avatar
SoWal Expert
#37
And SHELLY has not let you down! 😀

Perfect ...



.

Shelly never disappoints. 😀
DuneLaker avatar
Beach Fanatic
#38
Shelly. Best thing on view tonight. Thanks.
Matt J avatar
SWGB
#39
...and if any/all of the other '7 fractional owners' are beasts and like to tear things up, well, those assessments might get a bit steep--unless you all decide to go with futons, Walmart plastic chairs and cable-spool-tables.

I imagine the "full residence" WaterColor owners would think of the "fractionals" as coming from the other side of the tracks as it is.

.

Not sure about the other owners, but I know that they are definitely not the favorite of the staff. Not all of them, but the majority of them feel that they are more intitled than the owners of homes in WaterColor. Those prices quoted for replenishment are definitely way under where they should be as the majority of owners will take anything that isn't nailed down or just looks nice.

I'm sure that since all of units are shared with other unit owners, not just the other seven of your unit, an individual unit has no say in the almost impossible to fold up futon sofa/beds, and you each unit will be similarly furnished.

They have no say in it. All of the furnishings are defined in the covenants and retrictions and have to be replaced/repaired as is. It would take a 2/3 majority rule (of the complex) to change the type of couch in the living room.
Smiling JOe avatar
SoWal Expert
#40
They have no say in it. All of the furnishings are defined in the covenants and retrictions and have to be replaced/repaired as is. It would take a 2/3 majority rule (of the complex) to change the type of couch in the living room.

Doesn't "smack of communism," it is communism!

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