Could a Vacation Home Be in Your Future? Think Fractional Ownership

Earlier this week, Joe Luchi, Folsom's economic development director, gave my office an update on different residential and commercial projects around our town. He started off his presentation with a snapshot of who we are as Folsomites. A few interesting facts came out. One we're getting younger! According to the 2000 Census, our median age was 35.9 years. Now, in 2006, it's dropped to 35.6. And, even better, as we're getting younger we are also getting wealthier. In 2000, the median Folsom household income was $73,175. And in 2006, it's up to $90,473. So we've managed to get younger and richer. No wonder we're considered to be of of America's best places to live, work, and play (Money Magazine, Newsweek, and Business Week Magazine). Which brings me to today's subject (keeping in mind that we seem to have all this extra money to invest): fractional ownership. The topic came up because one of my office's agents has a listing coming on line in Coloma that offers fractional ownership in a home there. So what is fractional ownership? Only one of the fastest-growing segments of the vacation home market. Here's how it works: You purchase a share of a vacation home that entitles you to say a one-eight share of a property. That translates to six weeks of use per year. One clear advantage of fractional ownership is you can buy into a nicer vacation home than you would otherwise be able to. Also, daily maintenance (under  HOA dues) is taken care of for you. And unlike a time share, with fractional ownership you have an actual deeded interest that you can sell, leave in your will, or put in a trust. If you'd like to learn more about the pros and cons of fractional ownership, drop me a line and I'll get you more info.