Private Residence Clubs (PRC) are fractionally owned properties within a single location. This group of properties may range from a small group of single family homes to a building containing multiple condominiums. Most PRCs are comparable to four star hotel accommodations and service but provide a greater amount of square footage. PRCs are typically located in a resort or vacation destination such as a beach community, golf community, or ski resort. PRC owners have found fractional ownership to be equivalent to owning a secondary residence without maintenance obligations and burdens thus requiring less investment/operating capital.

Fractional owners purchase a deeded share (usually ¼ to 1/13) for a specific property within a structure. Although deeded shares are specific to an individual property, deeds can provide access to a unit, or a building. Some have exchange programs providing access to properties across the globe. Fractional ownership may consist of dedicated, rotating, or a variation of reserved weeks. Restrictions on ownership vary greatly by PRC and thus it is very important to have a clear understanding of ownership policies when locating a club to meet your needs.

Fractional Ownership at a PRC is considered home ownership with a title or deed issued thus retaining value similar to a primary residence. Fractional Ownerships may be listed on the MLS and made available for resale.

Ownership in one PRC location may provide access to other PRC properties around the world. Some PRCs may participate in an exchange program within the group of properties managed by the PRC. Other PRCs may offer third party Fractional Ownership exchange memberships with a fee-based exchange program. This exchange program typically provides for an exchange of one (or more) planned weeks at the owner’s PRC residence to an equivalent number of weeks in yet another PRC location. In this manner, PRCs may slightly resemble to a destination club. However, a PRCs ownership policy may require approval for reserve week exchanges while a destination club’s standard exchange policy does not require approval.

Private Residence Club Amenities & Services

Private Residence Club owners are entitled to amenities and services which may include the following:

• Private Reception – A well-appointed club lobby facilitating arrivals and departures.
• Concierge – Pre- and post-arrival concierge services may include overseeing stocking a unit with personal belongings, favorite foods, and beverages. Concierge service may also be available to assist with local conditions, reserving resort amenities, securing dinner reservations, arranging for tee times, and assisting with other special requests.
• Private Staff – Clubs often provide professional, attentive staff ensuring every visit is relaxing, comfortable, and worry-free.
• Fitness Center – Fitness centers, when available are provided either as a dedicated onsite facility or with membership elsewhere on the resort.
• Swimming Pool – Private pools and common areas are typically within walking distance of residences.
• Housekeeping Services – Daily housekeeping service, considered to be standard at most PRCs may be offered.
• Owner Storage – Secure, dedicated storage space may be available for storing personal items between each visit.
• Business Services – With an understanding that many owners cannot completely leave business behind, dedicated office space with wireless access, faxing, overnight shipping, and copying services may be available. Most residences provide high speed internet access.
• PRCs provide a secondary residence without the costs of primary residences since multiple owners share the burden of purchasing and maintaining the PRC property.

TrackBack URI for this entry

Comments (0)

Subscribe to this comment's feed

Show/hide comments

Show/hide comment form

Name

Email

Comment

smaller | bigger

I have read and agree to the Terms of Usage.

Write the displayed characters

Add Comment