First, we are so glad we did buy a share of the apartment instead of a whole apartment. Our experience has been just great! We love the apartment and the ease with which we can use it. Your staff and the staff in Paris are so helpful and service oriented. The advantages for us are:

We already own more than one house and definitely don’t need more to manage! It is so nice to have the services of the management company there to help us when we need it. The costs are shared, so it is never a big burden financially. The reports generated are clear and concise so we know just what is going on. It really is care free use.

If we aren’t able to go as much as we had hoped (either long term or in any given year) it isn’t a bit problem. We can still go lots of other places and don’t feel tied down to one place. We get the chance to totally try Paris out, and if we want more, we can arrange for that down the road. So far though, our weeks of usage are perfect.

The apartment is totally ready to use at all times with no effort from us. We don’t have to spend any time replacing things or fixing things. Once our initial investment was paid, our annual costs are really low, compared to one of our houses for example, where there are endless costs! We did to have to do any research on where or what to buy. Your expertise was our benefit.

We love our location and would never have been able to buy a whole apartment in that location. We did not have to learn anything about owning foreign real estate, or filing any annual reports or anything.

In summary, for us, this has been a great, full of ease and full of service experience. We couldn’t be happier!

Thank you Elite family,

Pam and Jack Safar

Congratulations! Every year, FlipKey and Trip Advisor have the privilege of recognizing our leading vacation rental management clients – folks that go above and beyond within the vacation rental industry. This year, based on the wonderful reviews from your past views, we would like to recognize Elite Destination Homes as one of those excellent companies.

We are very proud to have such high quality vacation rental management companies represented on FlipKey and TripAdvisor. As a token of our appreciation, we would like to present Elite Destination Homes with this TripAdvisor ‘Rated Excellent’ award.

We welcome you to proudly display this award in your office. We know you are committed to providing outstanding service to your guests – and that’s something we think everyone should know!

It’s been a pleasure having the opportunity to highlight your great rentals and excellent guest services on both FlipKey and TripAdvisor. I look forward to continuing to help educate travelers about your great service and bring more bookings to your rental properties.

Congratulations and thank you for using FlipKey.

David Kornblith

by Doni BelauDoni Belau

I’ve come to understand that the fractional system is unlike the time-share concept, and in this particular case much more luxurious and a much better deal, especially with Paris prices on the rise. In fact she has three apartments that she has done in Paris, and of course I simply had to know more.

Kathryn, tell us a bit about where you work and how you came up with the fractional ownership system that seems to work so well?

Fractional ownership just makes sense. You love Paris, I love Paris, let’s buy an apartment together. It will cost me half as much as if I owned it on my own. Simple. Then add in, let’s rent it when we are not here to help pay the bills. Take it one step further and hire someone to care for the apartment and to make travel easy—a concierge of sorts who will do anything for you. We decided to develop a company that does all of this for you, Elite Destination Homes. We know how to buy an apartment in Paris, we know how to legally structure it for multiple owners, we know how to care for the apartment, we rent it out when owners are not in residence, we provide concierge services to owners and guests, and best of all, one of the privileges of being an owner with Elite is that you can exchange a week in your Paris apartment for any of our other Elite homes around the world. A true perk.

Why are you different than others, when similar solutions aren’t doing as well?

The beauty about the Elite ownership model is that 2–6 families actually own the home. It is truly ownership, not just a travel club. It has withstood the test of the downturn of the economy where so many of the travel clubs have failed.

Do you have any fractionals in Paris on the market right now? If so, please describe them.

We looked at over 200 apartments in Paris and we ended up with 3 amazing apartments, all in the St.-Germain area. Our first step was the renovation and interior design work to bring them up to the Elite standards. I guess you could say we are somewhat snobbish about what our homes need to look like. All of our apartments have three bedrooms and multiple bathrooms, and with the hiring of Gisela Trigano, a famous interior designer, they could not be any more spectacular.

Are these fractionals good deals? Why or why not?

Of course they are a good deal! You can own a multimillion-dollar apartment for a fraction of the price. If you bought our apartments outright, they would range between $2.5 million and $4.5 million. Your cash investment ranges from $135,000 to $365,000 to own in our apartments.

Describe how the date selection works. What if I want to stay for Christmas week and one of the other co-owners does as well?

We have what we call flexible enrollment. In the spring of each year, owners choose their dates for the following year. So right now owners are choosing their weeks for 2012, before we open the calendar to our rental agencies. There are no set weeks for owners—you can travel to Paris anytime. If an owner wants the same week as another owner, we have a tiebreaker system in place, where whoever bought in first can “trump” the other owner, but then they go to the bottom of the list. It is really fair. In six years of running Elite, we have only had to use a tiebreaker twice. I must say, our owners are really neighborly.

Can you tell us a bit about the typical buyer so we understand if this is something we’d like to do?

The one thing that all of our Paris owners have in common is that they LOVE Paris, and they want to be able to share the city with family and friends. We have a true array of family types—professionals, families with kids and grandparents. Ownership with Elite is about a lifestyle, the love of travel, especially with the ability to trade a week in the Paris apartment for a week in any of our other destinations: the Caribbean, ski USA, Mexico, New York. They can share luxury travel experiences all over the world.

What other services do you offer your co-owners?

The short answer is the only thing that an Elite owner needs to do is pick up the phone and tell us when they want to travel. Elite does the rest—home care, home expenses, home rental, partnership management and exchanges. It is so easy to be an owner with Elite.

And in general what are the pros and cons of having a fractional compared with buying an entire apartment?

You don’t have to fix the broken toilet. You don’t have to file the taxes. You don’t have to worry if the next renter has the key to get in. You do not need to clean the apartment when you leave—get the picture?

Tell us a bit about the process of fixing up these apartments, who did it and how much of an ordeal was it?

So the stereotype that Parisians do not like to work hard was proven during our renovation. Parisians really do take two-hour lunches that include wine! However, we found an exceptional contractor with an eye for detail, and his ability to drive his team was exceptional. We did have an Elite staff member live in Paris for a while to help manage the project, and it was well worth it. The apartments are beautiful.

If an owner wants to trade a week, what are some of the other locations that he or she might want to trade for and how does that work?

Our locations are so fun. They range from the Turks and Caicos and Anguilla in the Caribbean, to Cabo San Lucas and Punta Mita in Mexico, to ski towns in the United States, to New York City at Trump International across from Central Park, to Sonoma Valley in California wine country and on and on. To set up an exchange is easy. All the owner needs to do is call Elite and tell us where they want to go. Elite calls the owners in that destination, and we find an owner that would like to travel to Paris (which is not a hard sell), and we make the trade. The exchange weeks do not need to match—owners can travel at different times to each other’s homes, even different years. The exchange stays on the books until it is used. Pretty simple.

How does one sell, transfer or otherwise get out of these deals if your plans change or shift?

An owner can sell their share anytime. It is actually an easy process where you transfer your share of ownership to a new person. The first step is to establish the price for the share, and then we begin to market your share. An owner can sell it themselves or ask for the marketing efforts of Elite.

What other cities and other projects will you be doing in the future?

Our most recent project is a vineyard estate in Sonoma Valley, the trendy wine county in California. We have two homes, a vineyard estate that sits on a mountain top on the vineyard and a five-bedroom mansion in the cute town of Healdsburg. London and Tuscany are also on our radar.

Tell us one thing that an owner has in Paris as an advantage over someone who rents.

There are so many advantages of owning: the leisurely cup of coffee in the morning, the afternoon nap, entertaining in the evening, the ease of travel with Elite. But I would say the most important advantage is the opportunity to create memorable moments for family and friends in some of the greatest cities all over the world.

In your opinion, what is the No. 1 reason to buy a fractional property in Paris?

Pride of ownership, and the love of Paris. Period.

Read the article at girlsguidetoparis.com

Own a Share of 5 Homes Through Elite World

Written by Nick Copley

Elite Destinations Homes has been selling fractional interests in individual vacation homes for many years. This is the first time that it has combined several of these interests, so that buyers will have a share of five beautiful homes throughout the world.

Each owner receives 8 weeks of guaranteed travel to use throughout the year at these impressive homes. So let’s start with the homes, which are located in:

1. Paris, France

A classic 3 bedroom, 2.5 bath, Parisian apartment (pictured below) in the heart of the historic, intellectual and fashionable St.Germain neighborhood. Just a short walk away, you’ll find Les Deux Magots, (the café frequented by Hemingway, Sartre and other luminaries), Luxembourg Gardens, Notre Dame Cathedral and the Louvre Museum.

2. Turks & Caicos, Caribbean

The 3 bedroom, 3.5 bath, Villa Osprey (pictured above) sits in landscaped grounds overlooking the Caribbean. The extensive outdoor patio stretches the length of the entire home and encompasses the private pool and hot tub. There is plenty of lounging space in the sun or in the cool shade of the Tiki Hut or hilltop gazebo. When you tire of the pool, the personal swim deck and relaxation platform is a few steps away over warm, sandy and shallow waters.

3. Cabo San Lucas, Mexico

The elegant 3 bedroom Palmilla Retreat offers marvelous ocean views in every direction. Owners and their guests will enjoy the private pool, fire pit and Jacuzzi overlooking the picturesque bay. It’s a 2-minute walk to the front gate of Club 96, your own private beach club with access to pools, spa, fitness center, restaurants, and beach activities. Enjoy the One and Only Palmilla golf course, tennis courts and top-rated restaurants.

4. New York City

At the corner of Central Park and Columbus Circle is the Trump International Hotel and Towers. The 1 bedroom, 1 bath residence has a living room, dining area, and fully equipped kitchen and puts owners in the heart of everything there is to love about New York City:

The Time Warner shops and resturaunts are across the street, shop at Tiffany & Co., Saks Fifth Avenue or Macy’s. Venture to your favorite museums and galleries. Take in the latest hit Broadway show.

5. Steamboat Springs

The Cimarron Chalet at 447 2nd Ave South in Steamboat has 5 bedroom, 5 bath, and sleeps 12. The tri-level 3,000 square feet of living space gives owners access to worldclass skiing, fly-fishing, mountain biking and boating. After a day in the fresh air, owners can warm their feet by the large stone fireplace relax on the couches in the expansive great room.

Services

Elite takes care of all the property management, maintenance and reporting to owners. They also provide concierge services to help with trip planning and organization before, during and after travels. In addition they’ll manage any rentals to generate extra income when owners are not in residence.

How Does This Work

Elite Destinations Homes has created a new company, Elite World LLC, which will be owned by 6 owners. The LLC owns 10 weeks in each of the five homes, giving each of the 6 owners 8 weeks of travel time per year. Owners may send friends, family, business associates and guests of any type to use the homes. Elite plans to hold the homes for 5-7 years and then start to sell them off and return the proceeds to owners.

Each owner will be making a $355,760 investment for their share, made up of a cash payment of $219,042 and mortgage financing of $136,718. The annual dues are expected to be about $16,800 including the debt service.

Exchanges

Elite Destination Homes counts about 100 current owners across 20 homes and manages a further 20 homes, providing exchange access to all 40 homes in 17 destinations. “Elite enables the trading of time between these owners, with no money changing hands, no points and no black out dates” said Bill Bisanz, CEO of Elite Destination Homes. The owners of elite world will also be able to exchange some of their time across these 40 properties.

This new structure from Elite is essentially like an equity destination club and so has a lot of similarities to Equity Estates or the new launched Lifestyle Assets.

Read more: Own a Share of 5 Homes Through Elite World – SherpaReport

Belgian born French novelist Georges Simenon (1903-1989) was one of the most prolific of modern authors, publishing more than 500 novels translated into some 50 languages with sales over 600 million copies worldwide.

He is best known for his detective novels featuring the world-weary, pipe-smoking Paris police Inspector Jules Maigret, solving murders with his unique combination of experience, intuition and ruthlessness, and usually found along the quays, canals and in workmen’s bistros along the back streets of the city. In addition to entertaining millions, Simenon’s stories have helped fans throughout the world to build a real relationship with Paris through his masterful story-telling and lively descriptions of Parisian life and eccentric characters.

Miranda Bothe, Managing Director of Paris Property Finders and Fractional Paris, sat down to talk with John Doran about his purchase and his Paris.

MB: Tell us a little bit about yourself first – your work, your family.

JD: I’m an urban real estate developer in Ottawa, Canada’s capital city. I started out over 30 years ago renovating private homes. My current focus is on building high-end midrise apartment buildings, mostly residential. We also have a rental portfolio of urban retail properties. I’m married with three children: my 23 year-old daughter is on a world tour, currently in Central America; my 20-year-old son is at university in Halifax, and my 16 year-old son is still at home battling it out with his parents.

MB: Why Paris?

JD: My relationship with Paris isn’t rational or objective – I am sure I am not alone there. Paris for me started as a place in books – as a kid, I read a lot of George Simenon’s Inspector Maigret novels, many of which take place in Paris. Simenon painted a vibrant, colorful world. Images of a woman in hair curlers at 5am, sweeping the patio of her bistro in time for the morning crowd; Parisians of all ages and social classes bumping elbows at the espresso bar, or having mid-morning cocktails in the corner tabac. This is Paris in a different era than the Paris today, but it was vivid, and I was intrigued.

MB: So did you find what you were looking for?

JD: I have yet to find the woman in curlers! But there is a real joie de vivre, a different sensibility than ours in North America: an appetite for the tactile, the sensory, a love of food and wine, of dressing well on even the average day, that defines the daily life. Ultimately, it was everything I hoped it would be. For me, it’s walking aimlessly and always finding a new corner you’ve never seen before, seeing the smartly dressed Parisians in their daily lives, exploring museums of all sizes and tastes, experiencing the city without a sense of rushing.

A relationship with a place is like a relationship with a painting. In the first instance, it either draws you in or not; and only after spending more time with it do you know if you love it. Well, I love it. And Paris is a painting with a lot of layers of paint, so with each moment you spend there you discover something else.

MB: How did you end up with a property in Paris?

JD: I had looked into Paris real estate a while back – I love the city, the urban feel, and thought it would be a nice contrast to life in Ottawa, where we live in both the city and a country home on a lake. But, for the size, quality and location of apartment I would want, it was just too big a financial commitment for the amount of time I would ever use it.

I had been researching fractional ownership on the Internet, for ideas I was exploring about a possible development project in the Ottawa area. I found Elite Destination Homes and their Paris properties during my search, and realized fractional could be the answer for me for a property in Paris.

I did my homework on the fractional ownership properties available in Paris, and Elite’s Rue de l’Université apartment was the clear choice.

MB: Why was Elite the clear choice for you?

JD: First, what I found in the market were a lot of fractional apartments in Paris with interiors with little style, a sort of tacky faux-Louis XV look. It’s difficult enough to give up the right to style a property that you own, but when the quality and taste is low quality then it’s really not worth it. There is a markup for fractional, and it is annoying how many developers don’t put that extra investment into making their offering more attractive. In contrast, the style of Elite’s apartments for me was a hit: it is simple, smart, elegant, and not over the top. A good mix of modern and antique that fit my concept of Paris without making me feel like I was living in a museum.

Second, Elite’s ownership model was right on target. First, Elite’s properties have either five or six shares, a clear distinction from the other offerings – all with 12 or 13 shareholders – which feel more like a timeshare to me.

Flexibility of time – absolutely key. With the smaller owner group, Elite is able to accommodate the owners’ varying usage schedules year to year. Doesn’t mean I can get what I want every time, but it’s very democratic system. What’s more, if time comes up unexpectedly, I can use the property if it’s available, which is great. I run my own company, which means I have good flexibility in my work schedule and don’t usually want to plan my vacations around an imposed schedule. Year by year the best time for us to travel changes, and the Elite model was the only one that really accommodated that flexibility.

Last, the financing option was a real draw. With the smaller owner group and quality property this is still a sizeable investment, and I am not sure I would have done it without the financing.

MB: With all the options explored, why fractional ownership?

JD: Besides the much smaller financial commitment as compared with buying a similar property on my own, the key is that it’s a hassle free purchase. That’s nearly impossible in real estate generally, and it’s even more difficult to buy in a strange city, in a foreign country, and to make a prudent decision.

They manage, they rent it, they do the whole thing; the process is seamless for me. You are paying a premium, but I know the headaches of buying, renovating and renting property. For me this was an emotional buy, so that premium was well worth it.

Elite’s got the little touches that go a mile: one of my favorites is having private lockers for the owners – you can leave your things there, no fussing. I’ll use mine for leaving some clothes, toiletries, wines etc.

MB: Why did you choose the rue de l’Université apartment?

JD: I have stayed in both of the other Elite Paris apartments. They are all within blocks of each other, but each neighborhood has it’s own feeling, and each apartment its own style.

Elite has done a great job with their Paris products thus far. The apartments are done with imagination. They are intimate with high quality fixtures, finishes and first class linens, and the concierge services are superb. They haven’t scrimped, and have made a big effort to make you comfortable. You’ll have a great time once you walk through the door at any of the Paris properties.

What I liked about RDU in particular is the features of the building and the particular neighborhood. First, it is in a striking building. It has great light, windows on both sides, and the living room gives onto the secluded courtyard of a private mansion – you literally hear only birds singing when the windows are open.

Second, there is nothing finer than that particular corner of Saint Germain des Près – close to everything, but secluded and residential and classy. In Ottawa I happen to live across the road from the former French ambassador, and he and his wife were surprised that the apartment was in the very best part of the neighborhood – they themselves have an apartment nearby. You are steps to the river, and even closer to the Musée d’Orsay – from its back you can see the front door of our building. Okay, I admit, it’s an emotional hook. Anyway it’s a very chic neighborhood – far tonier than we need.

Of course there’s a premium for that very special quality of location; this is not an adventurous or up and coming neighborhood. In my work I sell high end product in locations on the cusp of change, and I draw people there. Elite focuses on established neighborhoods, strong locations that hold value and where it’s nice to spend your time in Paris.

MB: How do you see the investment side of Elite’s offering, through your eyes as a real estate developer?

JD: We didn’t buy into Elite as an investment – I make my real estate investments in my own company. This was an emotional buy for me. It still had to make financial sense, but it wasn’t about turning a profit.

I got into it with the attitude that they have the right elements in place for the property to appreciate in value and the possibility that one might make money along the way. So if I make money, I am glad of course. If not, anyway I have the experience of ownership of a great property, and effective and seamless management.

Still, it is equity, not timeshare, and Elite has a formula built in for selling in ten years, so there’s the high probability of getting your money back and even making a profit – or, at worst, limiting losses and having the benefits of ownership along the way. It’s not liquid, but it’s sustainable.

Finally, RDU is a superior product, so it will sustain value in a good or bad market. It’s not an adventure: this is for people who want a hassle-free purchase, entirely managed for you – you are paying a price for that but you know it’s being done well.

MB: What are your impressions of the management team?

JD: Elite and its parent company have financial horsepower, successful business people with a strong background of real estate management and development, and – as you’d know after going through a negotiation with them – will not be pushed around. Once you are signed on, that toughness is your team now – and I am confident that they will be vigilant about protecting their investment and mine when it comes to building management, rental income and the like. That seemed to be the right partner for my investment.

On the ground, the concierge service is stellar, and the staff has a great attitude. They really stood out with the unexpected things: we wanted a guided tour for my two youngest for their first trip to Paris. The concierge arranged a great tour guide, so bright and knowledgeable, humorous, spoke 5 languages, really great. They not only find you what you need but it’s tops.

For anyone looking to purchase a fractional ownership property, first and foremost they should get to know the developer and the key management players going forward – beyond signing the purchase contract, they are the ones that will make or break the experience for you

John is “still exploring” the immediate neighborhood of RDU; but he shared his favorite eatery and gourmet grocer, each a stones throw from one of Elite’s other properties.

In the heart of the left bank, the Grande Epicerie is a must-see for Paris food lovers. The buyers for this gourmet grocer hunt down the beautiful and the tasteful wherever it is found: the shelves are lined with more than 5000 authentic and extravagant products from throughout France and the four corners of the globe.

In the heart of the shop, the market offers only the best fresh fruits and vegetables, cut flowers to put on the table or in a salad, over 200 cheeses, chickens from Brest, freshly caught fish and a fine selection of wines. Is your mouth watering already? Sushi platters, pasta, Greek salad…Enjoy a gastronomic voyage that you can eat at home or on the go.

The Property at Rue de l’Université

A stylish, 3 bedroom apartment centrally located in Paris’ 7eme arrondissement, steps from many of Paris’s most popular attractions, best shopping, and exclusive art and antique galleries. Visit the Musee d’Orsay everyday if you wish, it’s at the end of the street!

The building, nestled between a private mansion, a large cobblestone courtyard and a French Ministry, is located on the chic rue de l’Université (which counts Karl Lagerfeld amongst its illustrious residents). The apartment was selected only after an exhaustive 24 month search search to find the perfect property in this very exclusive area. The property was purchased from a former American Ambassador (and widow of a former CIA Director) who spent many happy years in the apartment, if only the walls could talk!

• 3 bedrooms with 2 bathrooms
• 1225 square feet
• Designed by renowned Parisian decorator Gisela Trigano
• Southern exposure, great light throughout the day
• Parquet floors and ornate mouldings
• Gourmet, eat-in kitchen with designer stone countertops
• Living room with working fireplace
• Luxurious modern bathrooms with designer fittings
• Elevator
• Full size washer & dryer
• Extremely quiet apartment with chirping birds and light breezes when the windows are left open – a truly relaxing retreat
• Secure access with door code and concierge
• Wireless Internet and Satellite TV
• Unused weeks are rented for you
• Secure, individual storage
• And much, much more…

As an owner you will experience all of the benefits of your vacation home with none of the worry or drudgery that home ownership traditionally entails. You will also have the option of pampering yourself with an assortment of concierge services. Many of our co-owners tell us that the greatest benefit of our vacation home offerings is the level of care and service we provide. Owners love having no worry or responsibility for the maintenance of their home or the management of their investment. The privacy and small size of the group, and the fairness of all of the systems we have developed for vacation time, rental income and cost allocation make this a carefree and equitable real estate investment.

Our fractional ownership homes different from traditional fractional ownership homes in some fundamental ways:

Privacy. Our co-ownership groups are small, typically no more than five owners per home. desirable, exclusive, and private locations.

Investment Quality. Because we buy smart and have a fair fee structure, the appreciation on the property goes to you.

Unique Co-Owner Selection. We have a unique mutual due diligence process that assesses whether co-ownership is right thing for you.

Property Management and Concierge Services. We not only take care of all aspects of property management and administration, we will pamper you with a comprehensive suite of concierge services to assure that your vacations are memorable, meaningful, and totally trouble-free.

Rental Income. We rent out the weeks that you’re not there to create an income stream for you.

Take a look at Elite’s previous private, co-ownership projects:

• Rue du Four
• Rue des Saints Pères

Sherry McChesney, owner guest, Minneapolis, MN

The concierge was great – he actually came and did a short interview (filming us) with me, Jack and Carolyn on Thanksgiving including filming the turkey in the oven.  He is a student there and was doing a documentary on American Thanksgiving.  That was kind of fun.  He arranged dinner reservations and got extra chairs as we had 10 for dinner on Thanksgiving.  (another Blake family was there also with a daughter studying in Paris who was a classmate of Carolyn’s and their son is a friend of Jack’s).  Two additional friends of Carolyn’s joined us and everyone was so excited to have dinner there and see the apartment.  We just loved the experience and can not thank you enough.

We were just in the Turks a few months ago. We enjoy warm destinations.

Thank you for all your help.

Jeffrey Mount of Franklin, Tennessee

Vina Karcz