Sherpa Report is globally known as The Guide to Shared Luxury Property and in May, 2011 they featured Elite Destination Home’s five shared vacation home ownership’s offering.
Written by Nick Copley
Elite Destinations Homes has been selling fractional interests in individual vacation homes for many years. This is the first time that it has combined several of these interests, so that buyers will have a share of five beautiful homes throughout the world.
Each owner receives 8 weeks of guaranteed travel to use throughout the year at these impressive homes. So let’s start with the homes, which are located in:
1. Paris, France
A classic 3 bedroom, 2.5 bath, Parisian apartment (pictured below) in the heart of the historic, intellectual and fashionable St.Germain neighborhood. Just a short walk away, you’ll find Les Deux Magots, (the café frequented by Hemingway, Sartre and other luminaries), Luxembourg Gardens, Notre Dame Cathedral and the Louvre Museum.
2. Turks & Caicos, Caribbean
The 3 bedroom, 3.5 bath, Villa Osprey (pictured above) sits in landscaped grounds overlooking the Caribbean. The extensive outdoor patio stretches the length of the entire home and encompasses the private pool and hot tub. There is plenty of lounging space in the sun or in the cool shade of the Tiki Hut or hilltop gazebo. When you tire of the pool, the personal swim deck and relaxation platform is a few steps away over warm, sandy and shallow waters.
3. Cabo San Lucas, Mexico
The elegant 3 bedroom Palmilla Retreat offers marvelous ocean views in every direction. Owners and their guests will enjoy the private pool, fire pit and Jacuzzi overlooking the picturesque bay. It’s a 2-minute walk to the front gate of Club 96, your own private beach club with access to pools, spa, fitness center, restaurants, and beach activities. Enjoy the One and Only Palmilla golf course, tennis courts and top-rated restaurants.
4. New York City
At the corner of Central Park and Columbus Circle is the Trump International Hotel and Towers. The 1 bedroom, 1 bath residence has a living room, dining area, and fully equipped kitchen and puts owners in the heart of everything there is to love about New York City:
The Time Warner shops and resturaunts are across the street, shop at Tiffany & Co., Saks Fifth Avenue or Macy’s. Venture to your favorite museums and galleries. Take in the latest hit Broadway show.
5. Steamboat Springs
The Cimarron Chalet at 447 2nd Ave South in Steamboat has 5 bedroom, 5 bath, and sleeps 12. The tri-level 3,000 square feet of living space gives owners access to worldclass skiing, fly-fishing, mountain biking and boating. After a day in the fresh air, owners can warm their feet by the large stone fireplace relax on the couches in the expansive great room.
Elite takes care of all the property management, maintenance and reporting to owners. They also provide concierge services to help with trip planning and organization before, during and after travels. In addition they’ll manage any rentals to generate extra income when owners are not in residence.
How Does This Work
Elite Destinations Homes has created a new company, Elite World LLC, which will be owned by 6 owners. The LLC owns 10 weeks in each of the five homes, giving each of the 6 owners 8 weeks of travel time per year. Owners may send friends, family, business associates and guests of any type to use the homes. Elite plans to hold the homes for 5-7 years and then start to sell them off and return the proceeds to owners.
Each owner will be making a $355,760 investment for their share, made up of a cash payment of $219,042 and mortgage financing of $136,718. The annual dues are expected to be about $16,800 including the debt service.
Elite Destination Homes counts about 100 current owners across 20 homes and manages a further 20 homes, providing exchange access to all 40 homes in 17 destinations. “Elite enables the trading of time between these owners, with no money changing hands, no points and no black out dates” said Bill Bisanz, CEO of Elite Destination Homes. The owners of elite world will also be able to exchange some of their time across these 40 properties.