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Q: What is CondoCenter.com?
CondoCenter.com offers a “one stop global condo shop” to find not only condos in cities around the world, but also resources such as mortgage companies to help make a condo search and purchase that much easier.
The National Association of Realtors report that 77% of buyers start their search for their next home on the internet. Condos have unprecedented appeal to consumers. As the National Association of Realtors reported in November 2005, existing condominium and cooperative housing sales were up 6.7 percent (seasonally adjusted) from the October 2004 level, while single-family home sales were up only 3.3 percent over October 2004, showing a continuing trend of the increasing popularity of condos versus single family homes.
Condo Center brings together worldwide developers/sellers and consumers in an effort to make condo selling and buying easier for both groups. Developers/sellers from around the world will now have a forum to showcase their products to an international audience, while consumers can search for, and learn about, new condos in urban and resort developments anywhere their hearts desire.
Condo Center eliminates the barriers that prevent developers/sellers from reaching an international audience, as well as the barriers that prevent consumers from finding potential condos to purchase from different developers/sellers in one (or numerous) desired cities or countries.
Q: What is the benefit of Condo Center to me?
Time is money and Condo Center saves you considerable time in searching for the right
condominium home that meets your locational and financial lifestyle criteria with
confidence that you have done your homework.
Also, you have the confidence that the information is current as all information
is inputted and constantly updated by developers directly into our website.
Q: What is the lock-and-leave lifestyle?
This applies to the type of Whole ownership type of lifestyle condominiums offer
compared to single family ownership. That is the personal freedom from performing
landscaping, maintenance, security and upkeep of a single family home. In essence,
you can leave the home for a week or a year and a maintenance program continues
by others.
Other “Lock and Leave” lifestyle options include Timeshares, Fractionals and Destination Clubs. In fact,. last
year, developers sold $1.1 billion in timeshares, fractionals, and destination club
memberships worldwide, up nearly 50 percent from 2003, according to Ragatz Associates, a leading market research firm in Eugene Oregon. If you consider that the average vacation-home owner uses
that property just three to four weeks a year, and with real estate selling at record
levels in 2004, it's not hard to see the appeal of a new generation of second condo
homes.
Here is a rundown on some of the new condo lifestyle choices.
Timeshares:
The American Resort Development Association (ARDA) defines a realty timeshare as
the right and joint ownership of a resort property (e.g., a condominium) shared
with others. Each “owner” owns a certain period of time and occupies a unit of accommodation
on a regular basis for a number of years. Timeshare is sometimes referred to as
“Vacation Exchange,” “Holiday Ownership,” “Multi Ownership” or “Group Ownership.”
As a Timeshare participant you are one of multiple owners who have rights to use
a property for a short period of time, usually on an annual basis. You're guaranteed
the right to use the property, which is frequently located within a resort, for
a relatively short period of time each year, usually one to two weeks. The weeks
you can use the property might be fixed, meaning you are obligated to take the same
dates every year or they might float within a broad season.
Regardless of how the
time is managed, chances are the resort is affiliated with an exchange company,
meaning that for an extra annual fee or based on a point system, you can buy the
right to swap your week for one at several thousand other timeshare properties worldwide.
Timeshares tend to be less expensive than fractionals.
Fractionals:
ARDA defines fractional ownership as the selling of resort real estate in intervals
of more than one week and less than whole ownership.
Jill Schoff who writes for luxuryfractionalguide.com explains that fractionals are usually developments in prime resort locations on the golf course,
ski slope or ocean. They provide the amenities of a luxury home, such as granite
kitchen countertops, whirlpool baths and roomy closets combined with the benefits
of a first-class hotel, such as concierge, housekeeping and grocery shopping services.
Most residences have 2-4 bedrooms and an equal number of baths, so there is plenty
of room for family, friends or clients. Many owners purchase more than one fraction
to gain even more space and privacy and time.
More like true second homes Fractionals come without the usual maintenance hassles.
Multiple owners have a deeded interest in a property or single home but arrange
single tenancy at different times of the year. Generally, there are fewer owners
per residence than with time-shares which means you get more time in the property
any where from 3 to 13 weeks - the most common share for fractionals is a one-eighth
share which equals six weeks.
Most fractional properties participate in an exchange program that gives owners
the ability to reserve time with other properties that have a similar level of luxury
and service.
Destination Clubs:
ARDA defines realty clubs as what Consumers join to obtain all aspects of their
vacation needs, including travel as well as lodging for a finite term. It may or
may not be tied to real estate ownership, provides the use of accommodations in
multiple locations and may offer other benefits.
Almost functioning like country clubs, buyers pay a membership fee and annual dues
for the right to use several properties around the world. Their attraction is less
about a specific location than about a diversity of locations. Unlike with time-shares
and fractional residences, members of a destination club are buying not a specific
property but the right to use any of a portfolio of second homes. Initial membership
fees, which are largely refundable should a member leave, range from just under
$100,000 to around $400,000.
Destination clubs target upper-end buyers. Just about anyone who purchases a membership
could easily afford a second home and like high-end fractionals, they are flush
with the best amenities.
Destination Clubs can also be non-equity providing access to multi-million dollar
homes in prime resorts on a ready basis (usually no more than a 6 to 1 ratio of
members to property), no appreciation on membership deposit with 80% returnable
if you wish to leave. They also generally have a 30-year life. Equity Clubs offer
similar benefits plus the members share in appreciation of assets and/or membership
fee. The new growing offshoot of this vehicle is the "Affinity Club" catering to
people who have a special passion for a sport or other pursuit.
Private Residence Clubs provide an equity interest in a specific piece of real estate
or development, but usage may be uncoupled from the specific unit (leading to more
of a club use policy) and the amenities associated with the private residence club
are very high end.
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