Equity residence club
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Equity residence club developments are an evolution of luxury vacation real estate and allow for the sale of fractional real estate interests to high-income buyers. Although they are a shared-ownership product, they differ significantly from timeshare in terms of pricing, prestige, flexibility and who buys them. These private residence clubs are owned and enjoyed much like a private equity golf country club. Members have access to all club residences in their category with the right to use anytime subject to club reservation policies and availability. Members can reserve club accommodations well in advance and also use them on short-notice and space-available basis. Owners may also invite guests to stay with them during their vacations, and they may invite unaccompanied guests to use any of their planned vacations without a guest fee. Equity residence club properties are designed to offer an ownership cost that is commensurate with the average amount of time a second home is typically used. Residence club ownership provides flexible vacation use and removes the worries typically associated with whole ownership such as upkeep and maintenance. Residence clubs also significantly reduce the financial burden through shared ownership as well as shared taxes and insurance. Owners pay only the published housekeeping fees whenever they vacation at their club on a space available or short notice basis.
There are equity residence club developments in popular beach, golf, ski and urban destinations around the world.
DCP International pioneered this type of vacation home ownership in 1992 with the Deer Valley Club in Park City, Utah. The company continues to consult developers on sales, marketing and design.
