Full Disclosure: I am a Realtor.
Let's throw up some real numbers. Not everyone should buy real estate. Being an owner of a vacation home is as much a social status or lifestyle thing, as it is an investment. I mentioned renting a place for the five weeks and pocketing the difference.
Let's compare purchasing a fractional (five weeks use) for $150,000 to renting the house, currently available for long term rent in Grayton Beach.
For the fractional purchase, you put down 20% (not like the old days), which is $30,000, leaving you a note of $120,000. Let's say you get a 30year fixed rate of 6%, to keep the math simple. Your annual expense of the interest and principle is $8,640. You really don't build much equity in the first 7 years (average length of ownership for a home), and the value of your fractional probably won't be increasing much over time (just my educated guess). Remember the opportunity cost of your $30,000. Even with a 4% interest on that $30,000, that is an additional $1,200 per year. Also remember the monthly dues and fees, and assessments when the units are refurbished. Adding up the $8,640 and the $1,200, plus another $1,500 (guesstimate of additional expenses) that is a total of $11,340 per year, for your five weeks of use of a fairly small unit.
On the other hand, the long term rental in Grayton Beach is at a cost of $1,500 per month, or $18,000 per year. However, your use is now 52 weeks instead of only five weeks. I'm not sure that it is furnished, but you could buy some old condo furniture for almost nothing, to furnish it, so lets add another $3,000 to furnish. You will also have utilities expense, so lets throw in basic cable, phone, internet, water, sewer, power at an additional $250 per month (or $3,000 per year). Now, your rental unit is up to $24,000 for the first year, and $21,000 per additional year. Rather than being tied into a major financial investment with a partner, now, you can find three other people to go in with you on the rental, costing each of you only $6,000 for 12 weeks of usage per family. So, you get 2.5x more usage at roughly half the expense, and you are not tied into a long term investment with other people. You don't have to worry about selling it if you need the cash. Also, you have a private yard and the entire house to yourself when you are there. You also have less people with whom to share the availability of the unit, so each of you can come for more holidays and different times of the year.