How are reservations handled for Elite fractional owners?
Owners can make or cancel reservations at any time. Your house availability is viewable on our website and is accurate 24 hours a day. There is a yearly reservation process that is generally handled in the spring of each year. This process allows the owners to sign up for the dates they will want in the following year to use their home.
Because of the small number of owners in an Elite fractional home, there is very rarely the instance when more than one owner wants the same dates. However, in these cases, we first talk to the owners and see if they have any flexibility. This almost always resolves the matter. If not, we have a tie-breaker system that will resolve the week in question.
How do Elite owners typically use their fractional residence?
Most owners use their home 4-5 times per year. The average stay is seven nights, but Elite owners may use their homes for as little as one night or up to as many nights as they request. This is subject to other owner reservations.
Owners typically use 3-4 weeks for their own enjoyment and gift 1-2 weeks for family, friends, employees, clients or charities they support.
Lastly, Elite owners are increasingly traveling through the Elite’s free exchange programs.
How does the Elite Exchange program work?
When you become an owner of an Elite Destination Home, you have the privilege of worldwide travel to other luxurious Elite homes in the most popular destinations.
Our exchange program is simple and free. It’s as if you were trading houses with your friend—you use time in their home and they use the same time in your home. The dates don’t need to match, however, and the trades never expire. We handle all the interaction—all you must do is call or email your Elite concierge.
There are no fees to exchange. It is just a swap of time in each other’s homes.
How much does it cost to own part of an Elite home?
Ownership interests range from $100,000 to over $1,000,000 depending on the home, destination the amount of ownership that is purchased. Generally, a budget of $250,000 will enable a family to become an Elite owner.
Annual expenses vary widely based on the home, percentage ownership and financing elected at time of purchase. The Elite team will be happy to share details on annual carrying costs, once they have helped you understand the Elite model and if it’s a good fit for you.
How much does Elite charge?
Elite has a margin of approximately 20% on its fractional homes (i.e. 80% of all owner funds are used to acquire the homes and prepare them for use by owners and guests).
Does Elite offer financing for fractional ownership interests?
For select homes, Elite provides a financing option to qualified owners for up to half the purchase price of the fractional interest. Terms of this financing vary by house and geography. We will be happy to share details once your suitability for a given home has been determined.
What if I want to sell my fractional interest?
Any Elite owner is free to sell their interest at any time. You can ask Elite to assist with the sale or find a buyer on your own.
Can my Elite fractional interest be passed on to my heirs?
Generally Elite fractional ownership interests can be willed to your heirs and/or estate.
How does Elite differ from timeshares?
Elite Destination Homes is true ownership. You own a significant percent, e.g. 20% of a multi-million-dollar vacation home. It is similar to a group of 4-5 families owning a substantial home together.
As the name suggests, with timeshares you are buying time, not real estate. You are sharing the home with up to 52 owners, and the purchase price has been inflated so aggressively it is difficult—if not impossible—to recover your initial investment. Hence, the television ads promoting timeshare resales at 20% of the original value.
How does Elite fractional ownership differ from Destination Clubs?
Destination clubs and fractional ownership are two very different models. The biggest difference is that you do not actually own anything in a Destination Club—you pay for access to the club’s vacation homes. With fractional ownership, you own real estate.
By contrast, Elite Destination Homes’ simple fractional ownership model is actual ownership of a second home with a few other like-minded families. It has a clear operating agreement governing the home, including the ability to sell your home at any time.
Contact us with any other questions. We will be happy to assist you