Whew...I never knew SoWal could be so much WORK! I hope that those that see owning a property as a business get to enjoy this place as well. We have enough of that business stuff in our everyday life...personally we do not need it at the BEACH!
Fractional Ownership in Watersound
- Thread starter georgiaboy
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Agreed, fractionals are just a different way to get into the market in something that fits your price range.
We own a fractional in a ski resort which is 1/4 ownership. We use our time, rent it, and with a good management company, do not have to deal with any of the other owners (whom we don't know) or make any decisions. Each fraction is deeded separately and can be sold at anytime. You pay your share of the property taxes and HOA dues to the mgmt co. Furnishings, repairs, etc. are done by the mgmt co. from money put in by each owner and are done according to the standard at the property.
We own a fractional in a ski resort which is 1/4 ownership. We use our time, rent it, and with a good management company, do not have to deal with any of the other owners (whom we don't know) or make any decisions. Each fraction is deeded separately and can be sold at anytime. You pay your share of the property taxes and HOA dues to the mgmt co. Furnishings, repairs, etc. are done by the mgmt co. from money put in by each owner and are done according to the standard at the property.
The latest alternative to "owning" condos/fractionals is "Destination Clubs" where one plunks down a substantial sum of money to join (depending on the club and their assortment of destinations) and pays annual dues to get access to all the properties (and yachts) around the world depending on how much vacation time they chose to buy. Each "Club" owns places like homes on St John, ski chalets in the Alps, yachts around the world, penthouses in Vegas, Beach homes/condos in Maui, castles in Scotland, etc, etc. The member can vacation around the world and isn't tied to one place (or the headaches/heartaches of ownership). It's a pretty new concept, but interesting nonetheless.
SHELLY said:
As soon as they can accurately predict what's going to happen next week I'll start believing this. Heck, we haven't had a hurricane blow thru here in weeks!
>As soon as they can accurately predict what's going to happen next week I'll start believing this.<
I may not be able to accurately predict what's going to happen in the next week--but I can accurately predict this: Taxes WILL go up; Insurance WILL go up; HOA fees WILL go up; more houses/competition WILL go up; overall carrying costs WILL go up. What some buyers loved about the area will change drastically in the coming years causing them to re-think their decision and consider other alternatives; when they want to sell-off their condos/fractionals, they may find they have lots of company.
I may not be able to accurately predict what's going to happen in the next week--but I can accurately predict this: Taxes WILL go up; Insurance WILL go up; HOA fees WILL go up; more houses/competition WILL go up; overall carrying costs WILL go up. What some buyers loved about the area will change drastically in the coming years causing them to re-think their decision and consider other alternatives; when they want to sell-off their condos/fractionals, they may find they have lots of company.
SHELLY said:
I realize that you are predicting, but I too, thought that taxes always went up. Last year Walton County's millage went down.:shock:
SHELLY said:
As we chase the moving target.......
In relation to property values my taxes here are a fraction of what they were in Houston, Chicago and Lake Geneva, WI.
OnMackBayou said:
I know what you mean. My taxes in SoWal are about only half of what they were before I moved. However, my grocery and eating out bills are about double. I guess it all balances out.