Fractional Frequently Asked Questions
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 include:
What are the advantages of owning a Palms of Treasure Island fractional residence?
Palms of Treasure Island fractional owners will experience the convenience and luxury of living in the most premier location 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 Palms of Treasure Island fractional opportunity. Our 1/6 share fractional products vary in price from $79,900 to $129,000. Price is determined by property location, size, and bedrooms.
How often can owners use their vacation residence?
Usage depends on the fractional model set up in a given unit. For example, each owner has 8 weeks usage per year, set up by a usage calendar that is prepared for a period of 55 years in the future. 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 Palms of Treasure Island fractional owners are members of RCI which allows them to trade one or more of their weeks and travel to other parts of the world.
How is ownership evidenced?
Each fractional owner of a Palms of Treasure Island 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 regards 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.
How is fractional ownership different from timeshare?
Timeshares 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. The Palms of Treasure Island is designed for a second home buyer, used in a different manner. It combines all of the benefits of owning a second home with services and amenities of a fine hotel, without the responsibility, worry or hassle of owning a second home.
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 include:
- • 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 maintenance concierge services, homeowner's fees, etc.
What are the advantages of owning a Palms of Treasure Island fractional residence?
Palms of Treasure Island fractional owners will experience the convenience and luxury of living in the most premier location 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 Palms of Treasure Island fractional opportunity. Our 1/6 share fractional products vary in price from $79,900 to $129,000. Price is determined by property location, size, and bedrooms.
How often can owners use their vacation residence?
Usage depends on the fractional model set up in a given unit. For example, each owner has 8 weeks usage per year, set up by a usage calendar that is prepared for a period of 55 years in the future. 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 Palms of Treasure Island fractional owners are members of RCI which allows them to trade one or more of their weeks and travel to other parts of the world.
How is ownership evidenced?
Each fractional owner of a Palms of Treasure Island 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 regards 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.
How is fractional ownership different from timeshare?
Timeshares 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. The Palms of Treasure Island is designed for a second home buyer, used in a different manner. It combines all of the benefits of owning a second home with services and amenities of a fine hotel, without the responsibility, worry or hassle of owning a second home.
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