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Vacation Variations
Maryann Hammers
05/03/2004
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TOP VIEW
Seldom-used vacation homes can tie up capital and require costly
upkeep, but their principal expense may be measured in the time we must invest
in overseeing and maintaining them. New alternatives to full vacation-home
ownership offer varying degrees of
capital investment and appreciation,
while delivering superior amenities, services and destination flexibility—all
without encroaching on our precious time.
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Because one person’s vacation is another’s ordeal, none of
these options will satisfy everyone’s financial and leisure goals. But, say
experts, each is designed to meet certain common needs in the market. “A
fractional share is best suited to an affluent person who has some pride of
ownership and/or desire for interest in real property,” says real estate
attorney Vernon C. Watters, a partner with Holland & Knight in San
Francisco, who specializes in resort development, condo-hotels and fractional
share transactions. “The condo-hotel is for the buyer who makes repeated visits
to the same resort,” he adds. “The destination club concept is intended to
appeal to those who desire a great deal of exclusivity, variety and
flexibility.”
According to David Doll, president and COO of Kanaly, a
Houston, Texas-based investment management and financial planning firm, we must
weigh the intangibles—such as the prospect of future enjoyment—against the
financial investment and profit potential in deciding which option will best
suit our individual lifestyles. “Keep in mind that a transaction balance sheet
cannot account for pure love of a destination, contentment in a community, or
the thrill of a new project,” he says. “Passion for a location or love of family
and friends can make the business aspect worth the cost and effort. So before
becoming emotionally committed, consider cost, location, travel
ease, investment and utilization.”
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