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Fractional Condo Ownership Comes to Pacific Beach

Pacific Beach Fractional Real Estate

Now that the real estate bubble has burst, what’s next for the housing market? How about a second home, or at least a part of it?

“The location is amazing,” exclaims Jennifer Rooks, “You're right here at the beach.”

But what made Jennifer Rooks and her grandparents stop in their tracks to check out the luxury “villa” in Pacific Beach?

“What caught my eye is that it's $179,000, and there's nothing here that cost that little!”

Look a little closer though, and fine print on this hot property says ownership is “fractional.”

“I assume its some type of timeshare or vacationing, but I don't know,” says Ed Carnahan.

“You know, real clearly, it's not a timeshare,” says Fractional Villas President Robert Vicino.

“Well, this particular property is valued at over a million dollars, and a share cost is $179,000, so that's the advantage.”

When the eight fractions of the 3 bedroom, 2 ½ bath property on Felspar are sold, owners will be guaranteed at least six weeks at the beach. The property comes completely furnished, down to the four beach cruisers parked in the garage.

But unlike a timeshare, says Vicino, if it’s time to sell, “You actually own the property, so over time, like any other real estate investment, it should go up in value.”

“Certainly opens up the market to a great many more people,” adds Pacific Beach Realtor David Hill, The RE/MAX Coastal Property agent has sold real estate since 1980, and does not work with Fractional Villas.

“[Fractional] is new to California,” says Hill, and the property “might be hard to re-sell -- you're not in control of your total destiny.”

But Hill sees fractional ownership as giving the appeal of the “Joneses” to the average Joe.

“As prices rise, it will make these properties -- second home ownership -- more affordable for people along the coast. “

Originally reported on http://www.sandiego6.com/, June 20, 2008

Professionals West Realty (Fiji) Ltd.

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