Post reply

Re: Crazy Quarter-share idea - Thoughts? (by Declan J.):

And.... this is why we don’t do maths at 2am!! :) and also the reason I posted here to get a sanity check. Thanks.

That said let me respond 2-ways here.

1.) As to all your observations I’ll say “yes” you’re correct. And all of a sudden my “great idea” ain’t so great! :( (still cheaper than a $650k townhome though). But you’ve raised excellent points.

Then there’s my devils advocate thoughts. (Roll with me here)

2.) I omitted that “during negotiations” I’d argue that it’d be unfair to be paying for 4 occupied units when I already own 4 - and that just because I owned 4 units simultaneously - that I’d shouldn’t have to pay for all four (because in essence the other 3 are occupied and being paid for by those tenants when I’m not there) but that’s the appeal for builders and them doing time shares. Empty or full, they get their monthly dues - from “everyone”. But given the nature of this unique transaction I may have a remote shot at working in that kind of “exception” (as I’d still be paying 12 months of HOA fees) but it’s hard to argue against the norm or standard. We’ll see?

2b.) I also omitted that this are actually listed as “quarter share fractional ownership” units. And it’s divided into 4 monthly segments. I’m sure they “swap” regularly internally - but it’s not listed as a weekly time share, you own 25% of the condo and that block of time. But I do need to look into that further as obviously the red week share prices are significantly higher than the off-season shares - but once averaged it still works out to be around $15K/ea.

What else did you mention?? Cleaning fees. Yup, probably in there too along with several others I’ll need to research more (you just know they’ll hate having me there 12 months straight) allot easier to deal with a weekly guest and if disgruntled or if something breaks, 7 days later the problems gone. Whereas with a “3x4” owner - I suspect I’ll get to know the staff *very* well lol. I also currently hire in a cleaning crew now - so unless it’s some insane painting and repair and cleaning type fee that’s in the thousands - I think that’d be a wash vs what I pay biweekly now. TBD.

Thanks for the sound feedback and Q’s I’d not really thought thru entirely. It’s just a thought ya know? FYI - “New” these went for over $225K 15 years ago for 25% or $2.5M to buy outright ... Lord only knows what shape they’re in and how many times they’ve been resold, etc. Allot to look into yet, but do appreciate the advice.

Cheers,

B.B.