Timesharing, for the sake of argument, is any development having more than one owner per dwelling unit. The concept has grown from weekly intervals to fractional ownership (greater than one week per year), as well as the newly-coined term “Private Residence Club,” which is identical to fractional ownership but may be more upscale in product and services. Should Steamboat Springs be your selected ‘home resort’, our timeshare market has a fair selection of resort properties for you to consider…from a weekly timeshare purchase in a one bedroom condominium to a quarter share (13 week) purchase in a five bedroom, 3,800+ square foot 7th floor penthouse, and everything in between.
Ownership There are two ways in which one can purchase a timeshare: Fee Simple - This is the most absolute type of ownership with title passing to the owner via general warranty deed. Ownership is in perpetuity and one can sell, bequeath, trade and depending on the property, rent their interest.
Right-To-Use - This type of conveyance is a leasehold interest with ownership lasting for a set number of years. After the length of the lease is up (i.e. 20 years), ownership (the lease) reverts back to the developer and the buyer’s rights to the property are exhausted. No timeshare in Steamboat offers this type of ownership.
Weekly timeshares are just that. If the project sells +/- 50 weeks per unit (one or two weeks are reserved for maintenance), each owner would have a 2% share in the property. Fractional ownership typically begins with a three week block of time where each owner would possess a 6.25% interest. A quarter share owner would have a quarter of the year (25%), or 13 weeks of use and enjoyment.
Owner Use Use varies with each property. Typically weekly timeshares would have a set week (i.e. the 34th week) each year for the owner to use. However, fractional properties could either be on a rotation basis with each owner taking turns selecting their use weeks each year; have fixed weeks, or, depending on the project have a block of weeks in a row.
The Exchange Option Most timeshares affiliate with an exchange company to facilitate owners who want to swap their time with units at other resorts of similar quality and size. In general, an exchange works like a checking account. You have a bank (exchange company) that you would first give (deposit) a week from your home resort, then withdraw a week at a later date for a different resort location and time of your choosing. There is also a nominal processing fee. Exchange companies range from large companies such as Resort Condominiums International (RCI) and Interval International (II) with thousands of resorts, to smaller, boutique companies like The Registry Collection (approximately 100 resorts) and The Timbers Collection (9 resorts) that concentrate on exclusive exchange experiences.
The Search Process Timeshares can be purchased from the developer or on the resale market. Steamboat timeshares can be purchased through an Exclusive Buyer’s Agent (EBA) like myself. I will be able to provide comprehensive information for both new and existing timeshares and will also give you an unbiased opinion of each property and how it meets your needs. And remember there is no pressure to buy here, as I’m sitting on your side of the table!
Buyers should carefully consider how much time they will use their property before their search begins. Buying too little interest in a condominium will only produce an unsatisfied appetite, while owning too much may feel like a financial burden. The latter may be alleviated by renting the unused time, but not all Steamboat timeshares offer that option.
Financing With the recent retooling of the lending industry, few financing options are available. In-house financing may be available when buying developer-owned inventory, or many buyers like the advantages of using a home equity loan for this amount of purchase.
Steamboat Springs timeshares are being offered by some of the most respected resort developers in the industry. Owners of these properties enjoy prime locations, quality design and the highest standard of service. It’s a wonderfully affordable ownership option worth considering.
I have managed or consulted over nine timeshare / fractional ownership projects throughout the US, including the first fractional ownership project in Colorado, and The Steamboat Grand Resort Hotel. It would be my pleasure to help you consider this affordable and flexible ownership option.