Fractional Ownership has come to our area! Seems like our undiscovered coastline is growing up or at least Anna Maria Island is! The De Soto Grande on Anna Maria Island is offering 8 waterfront fractional ownership residences ranging in price from $196,000 to $215,000. The company developing the property has plans for another on Lido Key. Seems they have done their research and are banking on its success!
According to Nichole L. Reber, a news correspondent for the Herald Tribune, "each unit has 3 bedrooms and 2 baths and views of the village of Anna Maria and/or the water (either the gulf or the bay). The price guarantees four weeks' use of the luxury condominium, though owners have the option of purchasing more time."
Fractional ownership began with planes and yachts and has now moved to real estate. It is favorable to some buyers in the second and third home ownership position because they realize that they may not use their vacation home to its full potential. In fact, they may only use it 20-30 days out of the year. These apparently are perfect buyers for fractional ownership properties.
Have you heard of fractional ownership in real estate? Similar to a timeshare, but not quite....more costly for sure. Do you have this opportunity in your area yet? What are your thoughts on this relatively new real estate concept?