Private Residence
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Private Residence
Private Residence Clubs: Luxury Vacation Homes at Worldwide Destinations
Fractionals
Same Time Each Year
Rotational use in Private Residence Clubs
Hassle-free, Luxury Ownership
Full-Service and 5-Star Style
Enjoy Tax Benefits
Advantages of a Private Residence Club
High – End Vacation Home
Luxury Real Estate Private Equity Fund
Destination Club
Timeshare
Vacation Club
Condo Hotels
Unit-Specific Usage
Feels like a home away from home since you visit the same home each time and get familiar with its floor plan, location within a development, etc.
The relatively small group of owners is allowed a great deal of autonomy in decoration, repairs, budgeting, and other issues regarding the property.
Through a fractional exchange program, owners can visit other destinations when desired.
Non-Unit-Specific Usage
There is more flexibility in the reservation process since more than one home is available for occupancy.
Some PRCs allow owners to reserve more than one residence during the same time period.
Typically, clubs using the non-unit-specific model offer upper-tier amenities compared to their counterparts.
Fixed-Date Usage
Users are guaranteed to have their homes available in the period they desire to use it the most.
Relationships with neighbors are facilitated and allow extended families to coordinate their visits.
Owners who want to save money or are not interested in the high seasons can buy off-season dates.
This model usually allows for lower dues and is easier to operate than others.
Fixed-date usage can be combined with non-fixed-date usage, allowing some owners to have the former while others enjoy the latter.
Non- Fixed-Date Usage
High season costs are lowered because it allows for more owners to share it.
This model has a greater variety and usage flexibility overall.
The risk that life changes for the owners will render their time unusable is eliminated.
While it can be difficult to find owners willing to purchase undesirable periods in a fixed-date arrangement, the non-fixed-date one eliminates the problem.
Pros of Timeshares
Some of them, though not many, do offer deeded ownership.
You know for sure that you can visit the property in the same period every year.
Certain flexibility to exchange for other vacations is afforded.
On average, it is less expensive than whole and even fractional ownership.
Just like with PRCs, there are no second home maintenance.responsibilities
Cons of Timeshares
Flexibility on when you can use the property is limited or sometimes non-existent.
You must pay the annual maintenance fee even if you didn’t use it.
Maintenance fees may include an annual profit for the developer
Exchange programs for other locations and experiences can be problematic.
It is more often than not a very downgraded experience from a high-end luxury vacation
Little or no resale value
Pros of Vacation Clubs
The variety of destinations and property types is excellent.
Availability to travel throughout the year (not locked into specific week or weeks)
Access to high-end private residences, including larger 4- to 6-bedroom that you couldn’t get otherwise
Customized concierge service offering to plan trips before and during your stay
Cons of Vacation Clubs
Relatively low entry
The availability of specific residences during specific times of the year is not guaranteed since the bookings are all made on a first-come, first-serve basis.
There are no benefits of ownership.
The exchange options are minimal and are usually dictated by the club itself.
There is no resale value
You pay an annual fee, nightly fee, monthly fee or a combination thereof for use of the homes which may or may not represent a significant discount over comparable rental rates
Sitting comfortably in the upper tier of the luxury fractional market, Private Residence Clubs are the seamless combination of a five star hotel-level of service with all the advantages of home ownership. Due to their popularity, PRCs are always being compared to timeshares, but there are many key differences that the discerning buyer should know. That is why we created this in-depth guide into the world, functioning, advantages, and everything else you have to know about the rewarding world of Private Residence Clubs.
For many, traveling to a place that feels like a “home away from home” is the most relaxing vacation. However, it’s still nice to experience the luxury and services that a first-class hotel provides. Is it possible to have both? Yes. A private residence club (PRC) combines vacation home ownership with boutique hotel amenities and services. PRCs are located in the most desirable vacation settings (like beaches, mountains, golf resorts, or highly visited cities). Each PRC residence is furnished at the same level as a first-class hotel.
What are the advantages of a private residence club? Is the experience suited for you? Learn more about PRCs with our extended coverage below.
Private residence clubs are at the high end of the fractional ownership real estate category. There are no legal or technical distinctions between the two but there are significant differences. Within the fractional ownership industry, developments selling their shared residences for $1,000 or more per square foot are deemed to be residence clubs, while fractionals are those developments selling for less.
The $1,000/s.f. hurdle is achieved by PRCs not solely based on the quality of the residences but also because of the amenities and services that are provided. Owners return to their club frequently and become well-acquainted with the club facilities, the staff, and the surrounding attractions. The PRC becomes their home away from home.
In addition to residential quality and clubhouse-type facilities, another difference between traditional fractional developments and private residence clubs is that many of the latter do not permit rental to non-owners, preferring to reserve occupancy for owner use. If an owner wants to send relatives or friends to use their PRC, they are treated as the owner’s “unaccompanied guests.”
According to the 2018 Ragatz Associates report, the average price per share for all active private residence club developments is about $234,225, ranging from $163,500 for a studio to $472,000 for a four-bedroom residence. However, at the Timbers Kauai PRC ownership can be as much as $810,000. It shouldn’t be a surprise that PRC pricing varies depending on the number of owners per residential unit, location, size, type of property, and the services and amenities that are provided.
For comparative purposes, annual fees for private residence clubs can be calculated on a per-week basis to normalize the fees among different sizes of ownership shares, e.g. six owners per unit versus ten means eight weeks per year versus five. Annual maintenance fees average to $1,975 for PRCs, but can be as low as $925 for studios and as high or higher than $2,800 for four-bedroom units.
These annual fees are all-inclusive and cover maintenance, utilities, insurance, staffing, management fees and reserves for scheduled replacements. The total of these annual operating costs is divided among the property owners in proportion to their ownership shares.
A common misconception about private residence clubs is that annual fees are high compared to vacation home HOA expenses. However, by comparing the monthly costs of owning a high-end vacation home, you will find that the monthly out-of-pocket expenses that are not included in typical HOA expenses stack up quickly – taxes, energy bills, maintenance costs, housekeeping, etc. – often without access to typical PRC amenities. Depending on the market and location, individually owned second homes will cost you as much as $50K or more yearly in maintenance. Most second home owners spend six weeks at their vacation residence on average. Assuming $50,000 a year to maintain the residence, that equates to $8,300 per week in maintenance costs.
There are various ways in which occupancy is allocated to owners of fractional homes and private residence clubs, including:
According to the Ragatz report, a PRC model will allow owners from a couple of weeks to more than ten weeks of usage a year, which is why usage and ownership are also expressed as fractions, such as 1/10, 1/8 (mentioned above), 1/4, etc.
Many fractional developments offer multiple units in the same location instead of just a single unit. Depending on the legal documents, each owner uses the same residence on each visit (“unit-specific”) or will use different units (“non-unit-specific”) within the same ownership category with the categories usually based on the number of bedrooms.
In unit-specific fractionals, owners are entitled to a specific home and share the maintenance and repair costs of only that home. In contrast, in the non-unit-specific model, they share all the costs for all the homes within that category. To better understand the advantages of each usage model, you can look at the following lists:
Be advised that ownership and usage rights are not the same things. Multi-unit fractionals can have non-unit-specific usage, meaning that each person gets a deeded fraction of a particular home but they may or may not stay in the unit they own. On the other hand, a fractional owner of a multi-unit property might use the same home every time if it has a unit-specific use plan.
In a fixed-date system, each owner gets a property assigned to them for days or weeks (and even months) that remains the same every year. In this scenario, the most desirable periods, such as high season or holidays, are priced higher. On the contrary, a non-fixed-date usage model will allow members to purchase a different period each year. Here are some advantages and disadvantages to each model:
PRCs target a more affluent type of owners, ones that not only appreciate the luxury treatment and amenities but also want their ownership to replicate whole ownership as much as possible. Therefore, PRCs offer much more flexibility in terms of accessibility and scheduling than other fractional real estate.
Based on a rotating system, owners can request vacation times on a Planned Weeks basis, Space Available basis, and Short Notice basis.
PRC owners are allocated a set amount of time (planned weeks) to guarantee that each owner gets use during high seasons. Spontaneous visits (space available) are available throughout the year – if there is occupancy available any owner can claim it. Finally, short notice visits allow owners to stay for as little as one night and as much as seven nights if the conditions are met.
It also bears repeating that most private residence clubs do not allow rentals, preferring to maximize flexibility and availability for the owners.
As for the topic of rotational plans, there exist three of them.
Residence clubs appeal to both the head and the heart.
It allows families to purchase vacation real estate at a price that is proportionate to personal use. It is deeded real estate with the potential for appreciation, it’s a property that can be willed or sold, and offers the same tax benefits as a second home.
Equally as important, owners belong to a private club offering personalized service and the comradery of like-minded individuals. They and their families can get to know each other and the staff. They will know what to expect the minute their vacation starts; the place will be perfectly clean and maintained. Top-shelf groceries and toiletries will always be stocked, and all sorts of club-exclusive services and amenities will be at their disposal at any time. This combination of long-term benefits and familiarity combined with a 5-star treatment all around is rare, and few investments manage it like a private residence club.
Since PRCs are in the upper tier of the real estate market, they are an amalgamation of the best in terms of design, materials, decoration, luxury, and attention to detail in the daily upkeep. Many of them include private pools, Jacuzzis, fitness centers, game rooms, private lounges, access to nearby golf courses, and other high-end resort amenities.
Another big part of the appeal of fractionals is that ownership is entirely hassle-free. Aside from having a staff that takes care of the personalized service of all the owners, private residence clubs will never ask you to worry about repairs, maintenance, or any other kind of housekeeping, since the upfront price and annual fees will already cover the costs.
Those maintenance responsibilities will all fall on a professional company that will manage all aspects of the properties. These companies are the key to the success of PRCs since more are operated by well-established hospitality companies that operate worldwide in other ventures such as resorts, hotels, and more. Names like Ritz-Carlton, Four Seasons, Rosewood, and St. Regis will conjure up images of luxury in the minds of even the most discerning travelers.
Private residence clubs offer you the benefits and pampering of a 5-star hotel in the privacy and comfort of a second home. Each time you visit the property, the house will be thoroughly cleaned and prepared for your arrival, so all that’s left for you to do is relax and start enjoying your vacation. It is a significant benefit for busy entrepreneurs and professionals that want a respite from their daily life.
Many private residence clubs also employ 24/7 concierge services to make you feel comfortable from the moment you arrive at the property. They will be the ones to stock up your refrigerator, set up golf times, make dinner reservations for the whole family, and are overall in charge of spoiling their guests. They will also help you find relaxation and fun outside of your home, of course, by getting you tickets for shows, spa times, planning hiking routes, white water rafting, and all sorts of recreational activities.
Other services might include luxury transportation from the airport to your residence, valet parking, dry cleaning and laundry services, among other things. And just to make everything feel a little more like home, you have the option to leave personal belongings in storage and ask for them to be put out before your arrival. Everything described above and more is the elements that make a PRC an experience all of its own in the real estate market.
Since fractionals are mostly a piece of deeded real estate with the potential for appreciation, and we have already established that the law considers all fractional models under one description, these properties can be sold or willed. They also enjoy the same tax benefits afforded to second homes. For example, the interest on a loan taken out to purchase a fractional property will be tax-deductible.
In this particular subject, it is crucial to clear the air around a few topics related to fractionals and private residence clubs. First and most prominent among them is the fact that, despite the potential for appreciation, luxury fractionals are a lifestyle choice and not an investment, and should not be treated as such. Here is why.
The properties that form PRCs have a significant markup by the developer, which accounts for marketing and developer overhead; this means that each unit’s actual value is lower than what owners are paying for them. Usually a markup is 20-30% of the unit cost, lower than timeshare (40-50%), but much higher than an investment fund like Equity Residences (averages 5-6%). Also, reselling part of a deed is not the same as the whole unit, so the property’s appreciation might not reflect equally on the fractioned deeds. Even then, reselling might be a hassle for owners. Those who wish to buy a PRC should do so for the homeownership and luxury treatment that the model offers.
Like any other real estate expense, investing in a PRC requires research and planning. Taking your time to choose the best club for you and your family will save you many frustrating moments.
Take into consideration the following points.
As in regular real estate transactions, location is critical. Popular destinations will always have a high frequency of visitors and hold their value better. You should also seriously consider a PRC that offers a high-end exchange program that offers locations around the world.
You will want to know whether the cost of membership is higher or lower than in other PRCs and, if so, why. Compare the costs of ownership with the annual vacation value, associated benefits, and expected long-term value of other PRCs. Factor in your lifestyle, your family preferences, your vacationing habits, the flexibility of schedule, transportation costs, and what you desire to see and do the most on vacation.
Simply put, annual fees are an ongoing cost that must be paid every year, making it a priority to know if and how much will increase. This fee covers the maintenance costs of a whole year and is divided amongst all owners of the unit (or units) proportionately to their ownership periods. Other costs, such as maid and concierge services, external facilities, and others, will also be factored into the fee.
All of this means that an increase in annual fees should go hand in hand with an increase in property value and the amenities that come with it, but since this is not always the case, you should make sure that you will not end up paying more for the same unit year after year.
Significant remodels, or expansion plans, for the property, are added expenses, and you must know that they will be added to the cost of ownership. The better PRCs have a reserve account that is funded every year to cover a schedule of predictable replacement and repair needs.
As in all things real estate, slight decreases in value are standard. Massive depreciation, however, is not. A significant reduction in value means that your shares will soon follow and depreciate rapidly, so it is crucial to research this aspect before you make a decision. The investment aspect for most PRCs is in the annual savings, not large anticipated appreciation.
Remember that, aside from the financial aspects, your family situation might also change over time. After vacationing at the same property for a few years straight, you might want to change things up and visit other properties around the world The children might no longer be children after a while and will want to see exotic locations, or maybe they have taken up surfing, golf, or skiing (which may or may not be satisfied by an exchange program).
When you consider the passage of time, a PRC that offers various ways and locations to spend your time can be the smart thing to buy. Not all private residence clubs use the same use system, so research is essential.
Owning a vacation home should be a pleasure, not a burden. A PRC offers all the benefits of a fully deeded luxury home without any of the upkeep and maintenance responsibilities that go with it. Your fractional vacation home will be perfectly maintained at a fraction of the cost, while you enjoy the level of service of a luxury hotel.
Read our in-depth guide if you are considering a vacation homeownership option.
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