Quarter-share ownership at the slopes

[rjc1976]

I'm just curious as to what people on there think of quarter-share condos. It's huge out west, and certain areas in the northeast (like Jackson Gore at Okemo and the ASC Grand Resort Hotels) have had great successes with them, but overall the east coast hasn't adopted them anywhere near the extent of the west coast (and maybe even Florida). Who out there owns one or knows people that own one? I have talked to a few people that own them, both out west and here in the east, and they seem very satisfied with them. However, I feel that the majority of people in our area (mostly people who don't have one) don't really like the idea. What's your take?

 

[beswift]

Quarter share.

Yes, I don't own one and didn't buy one. So does the fact that I don't like the idea qualifies me to answer? I would not want to ski one continuous week in a month and then wait for the next month to ski. If I had an arrangement where I could use my condo for a few days a week, I'ld grab it. How can you keep up your conditioning and form skiing one week a month and taking three off? This is a deal that won't attract atheletes.

 

[First Tracks]

certain areas in the northeast (like Jackson Gore at Okemo and the ASC Grand Resort Hotels) have had great successes with them

I'm not sure I'd call ASC's Grand hotels a "success," financial or otherwise.

 

[rjc1976]

beswift, I do agree that it's a bad arrangement for those looking for a ski condo/house. It has to be a more year-round usage/vacation home thing in order to make it worth it.

First Tracks, you're probably right about some of ASC ones not being successful (I haven't looked into all of them), but some of them seem to be. I know Jackson Gore at Okemo definitely is...sold out quickly and the demand for more is still there.

I guess I'm just trying to identify why the demand for quarter shares is large out west, but not here in the east. I keep reading real estate articles on how quarter shares keep growing at a rapid pace in certain areas. Why the difference in attitude in our area? Is it just poor execution? It's always peaked my curiosity, and none of the articles I read ever address it.

 

[ctenidae]

I'd venture to guess the difference lies in who is visiting which resorts. There aren't many vacationing families from Oklahoma staying at Killington for a week.
Without thinking too terribly hard on it, I'm of the opinion that the people who buy the quartershares aren't the same demographic as the people who ski in the East.
I think the best part of timeshares is having friends with unused time in them. "Use it or lose it" works well for those of us who want to use it but don't have it.

 

[ski_resort_observer]

deed

There is a diference between time-share( 1-2 weeks) and quarter-share(fractional share) in that with fractional share you actually get a deed to the property and can leave it to your next generation in your will.

 

[RISkier]

Re: deed

There is a diference between time-share( 1-2 weeks) and quarter-share(fractional share) in that with fractional share you actually get a deed to the property and can leave it to your next generation in your will.

You do with some time shares as well.

 

[First Tracks]

I'd venture to guess the difference lies in who is visiting which resorts. There aren't many vacationing families from Oklahoma staying at Killington for a week.

That's the kicker, I believe. Northeastern resorts are, for most of their clientele, weekend drive-to destinations. A great many western destinations, on the other hand, are far from major population centers, and thus are only visited once or twice a season by the majority of their guests who generally fly in. Even at the Colorado Front Range resorts, which draw from the sprawling Denver metro area, I doubt that most of their shares are sold to Colorado residents.

 

[rjc1976]

I guess that's what I find odd. If you are only going to go out west 2 or 3 times a year, why buy a quartershare? Why not just rent or get a regular timeshare? I know a family who owns a quarter at the Grand Summit at the Canyons. They use their propertly only a couple times a year. At that point, wouldn't you be better off buying a quarter-share in the east closer to home, and then trading for the two weeks out west each year? At least that way, you could still use the property on weekends throughout the year for golf, biking, hiking, fishing, etc.

 

[slapshot]

We have owned a quarter share

at Sunday River for a little over a year. We looked seriously at condos at Killington, but the condo fees for those we liked were outrageous. We decided that the quarter share concept would give us what we wanted. the cost at Sunday River was half of Killington, and since we're about the same distance from each, we went withthe lower cost. What we do is keep our unit in the rental pool and use the Space Available feature. Our rentals last year paid the condo fees and taxes. Space A allows you to use a unit for just the housekeeping fee if the hotel is not 90% booked. Thus far we have used it often at Sunday River and several times at K and Mt. Snow. Now that the wife and I are recently retired and have the bronze pass, we are using the various hotels mid week as often as possible. In addition, my son out in Colorado can use the Steamboat Grand on a Space A basis. Owning 13 weeks helps in doing RCI exchanges, too. We are staying in Park City in February with an exchange for a week in July at Sunday River. How can you beat that? We got 13 weeks for what many of our friends paid for one week at the Cape. All in all we've been pleased with the value and flexibility of the quarter shares.

 

[beswift]

My opinion.

I would think that the concept works in the west mainly because most owners will be skiing elsewhere when they are not using their quarter share. For instance, someone who skiis Killington in the east, say, 5-10 days in a year may also want to see out west for 2 or 3 weeks. Then again someone who skiis out of Denver can do day trips to the front range areas and then enjoy a quarter share one week a month. You can find a motel room around Pico and down valley for $55 a night. So you can drive up from a population center on weekends and take that week or two at your quarter share. At the Grand Summits, you can also put your shares up for rent when not using them. Seems like a good investment to me. I was considering picking up a share in the GS in Steamboat or the Canyons when they were selling them off at very low rates.

 

[JustSki]

I looked at the quartershare concept at Sunday River. I didn't like that the weeks change every year. I want to go on vacation during my kids school vacations and the week would only line up every 4 years. Can you exchange your weeks within the resort for different weeks? Does that incur and RCI exchange fee?

I've also noticed by looking at realestate listing for Sunday River, that there are alot of quartershares for sale and some have been listed for a year or more.

 

[beswift]

Sunday River 1/4

What are they asking? Real estate prices in the Rumford area have been on a downward spiral for years. The paper mill was automated putting a lot of people out of work. My Great Aunt's husband had a big stake in a local bank which went BK.

 

[JustSki]

Some listings from Sunday River's Jordan Grand:

http://www.kennettrealty.com/JordanGrand.htm

Or the Grand Summit:

http://www.kennettrealty.com/GrandSummit.htm

 

[beswift]

Prices.

Even I can afford that!!!

 

[beswift]

Trading

Ownership Privileges include space available trading at any of American Skiing Company's Grand Resort Hotels!

That's pretty interesting considering how they have GS at The Canyon's in Utah and Steamboat. $21,000 for a quarter share studio. What frightens me would be the cheesy construction of the GS Hotels.