A different way to own a second home
October 30, 2006
A new form of second-home ownership is coming to the Village at Northstar.
80/50, named for the elevation of Meridian Development’s first project of this type in Mammoth, is a fractional ownership private residence club. The 21 unit development will be a part of the gondola building at Northstar, which opens on Dec. 21.
“The development is at One Village Place. It’s the premier location in Northstar Village,” said Anita Noble the listing broker with Intero Real Estate.
The 21 villas will include two penthouse sweets at $4.3 million each, and 19 units that will be sold in 1/12 fractions, Noble said. A 1/12 fraction of a one bedroom will cost $285,000, a two bedroom will be $375,000, and three bedroom fractions will cost $435,000, Noble said.
“With a time share you purchase a scheduled week a year with different values, but with fractional buying you are getting a deeded interest, a piece of real property you can sell or pass on,” Noble said.
She also said that time is floated and flexible, giving each owner a total of a month to choose from.
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“The average use of a vacation home in this country is 10 percent a year, this way you aren’t paying for time you don’t use,” Noble said.
Fractional ownership makes this development “affordable luxury living” compared to other options like individual ownership, she said.
For comparison, the Great Bear Lodge in the village is another option for fractional ownership with 1/8 shares costing from $350,000 to $500,000 each, said Bill Fiveash, the vice-president for sales and marketing with Tahoe Mountain Resorts Real Estate.
Individual ownership of similar units in Northstar Village run from $900,000 to $1.7 million, said Fiveash, and rentals for similar units would run for $150 to $1,500 per night, depending on size and time of year.
All properties sold ” and re-sold ” in the East West-owned Northstar Village include a one percent sales tax and a 1.75 percent transfer tax respectively.
These taxes contribute the to Tahoe Mountain Resorts for cultural purposes and open space in the Truckee-Donner area, said Joe Malon, East West project manager for the Village at Northstar.