It is imperative that you understand how Casa Las Artes differs from other fractional ownership opportunities in the market. We are finding that many of our prospects do not understand how each concept differs from the other.

Destination Clubs

There has been a considerable amount of negative press recently about the Destination Club industry. Destination Clubs are entities similar to a country club membership. One pays a hefty upfront fee and annual dues for the right to use the club’s properties around the world. These properties are often lavish homes while others can be apartments in metropolitan areas or units in other Private Residence Clubs (to be defined later). Depending on the level of purchase the member gets to use the club’s properties for a specified number of nights per year. There also can be nightly or weekly usage charges on top of the annual dues. The member can receive a portion of the upfront fee, (80% is a common number) back if they resign from the club The club has to have the financial wherewithal to accomplish this refund this is where the problems have been in the industry. Remember that a member does not typically own the real estate, therefore, they get none of the appreciation or tax benefits of owning the property. There is also no ability to guarantee usage of the same property each time and there is no owners’ storage available to keep your items for the next visit. There are a few equity based Destination Clubs but the majority are non-equity as spelled out above.

The bankruptcy of Tanner and Haley one of the first clubs and the recent merger of several other clubs has caused companies in the industry to operate a far sounder business model with more reporting transparency.

Private Residence Clubs

We see many different definitions of Private Residence Clubs throughout the press and online. Our definition of the Private Residence Club or PRC is based on seeing many such properties in the United States and abroad. The PRC is usually a resort development consisting of multiple units. These developments typically have resort amenities such a restaurants, health clubs, concierge services and transportation. Many such PRCs are found in golf, ski or beach resort locations.

The units whether condos, individual cottages, townhouses or single-family homes, are fully furnished and are typically sold in shares from 6 to 12 owners. The shares are deeded meaning that the owner owns his share of the unit and in addition to the initial purchase price pays an annual assessment and often some type of weekly fee when in residence. The share can be sold independently at any time. The usage is typically done on a rotating calendar, though some programs offer the ability to purchase designated weeks such as Christmas week at a ski resort like Aspen. The owner may have title to a portion of one unit but have the ability to stay in multiple units within the club.

The PRCs often have shared facilities such as common areas or members lounges for use of all owners. Many of these projects are owned by established developers of major master planned resorts or large brand name hospitality companies such as Ritz Carlton who develop and operate resorts both domestically and internationally. This form of shared ownership is a “no hassle” form of second home ownership in that the home is fully furnished, managed and maintained.

In addition some PRCs offer exchange opportunities for weeks in other properties as a benefit to all owners.

The Weybridge Collection

The Weybridge Collection is not a destination club or a private residence club. It does, however, have a similar form of ownership to the PRC in that shares in the homes are sold on a tenants-in-common basis. Each home has annual homeowner’s dues based on the owner approved annual budget for the home and the usage calendar is on a rotating calendar. The big difference is that we believe that people who want a second home want to enjoy a freestanding single-family home to entertain their friends and family. They will, therefore, not have to contend with other people as they would in a resort. Though we do not offer restaurants, health clubs and other shared amenities of a large resort, we do offer housekeeping and concierge services that can provide a high level of service. We can arrange for restaurant reservations, personal chefs and spa services etc. The Weybridge Collection is a vision of one individual, not a major corporation or huge hotel chain. We provide our owners a second home experience in a luxury setting, rather than a resort experience, with a focus on the little details, personal attention and the total experience.

We are also offering exchange opportunities in other Weybridge Collection properties on an as available basis. With ownership in a home such as Casa Las Artes, an owner can optimize his investment in a vacation property or second home by only paying only for the time they use. But the pride of ownership is still there and there are no management hassles.

Take a look at one of our luxury fractional homes in The Weybridge Collection.