You harbor a not-so-secret desire to own a luxury condo nestled in Telluride Village -- a second home for unforgettable family vacations. But the inherent ownership responsibilities of hiring a local management company, finding off-season renters and convincing your spouse to spend every winter break in Colorado are simply too overwhelming.
Well, a recent Money magazine story says: Don't give up the dream!
Companies like Four Seasons, Ritz-Carlton and Exclusive Resorts (run by Steve Chase of AOL fame) have devised two new compromises between owning and renting that provide a compelling mix of flexibility, variety and convenience -- for a price.
The first option, fractional ownership, allows you to literally purchase one portion of a private home. Limits on the number of owners mean you get roughly 1/14th of the year all to yourself, plus the management company handles all maintenance, upkeep and rentals on your behalf. The second option, the destination club, works more like an exclusive, international alliance with greater luxury ($3 million villa in St. Tropez, anyone?), greater availability and greater up-front costs.
Hey, if you've got $25,000 to blow on annual dues, this could be a fantasy come true...
Read more about this on CNNMoney.com
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