Finding value in fractional ownership

Re: '4 downsides to part-ownership' (April 16)

Dear Editor:

I read the article about the investment quality of fractional ownership. With a little due diligence, the writer would have found deeded fractionals with very happy owners and increased values. With prices as low as they are now, deeded real estate investments will prove to be rewarding, particularly if owners have the ability to purchase the use periods during which they can enjoy their vacation-home residence. Keep in mind that like writers, some real estate offers are more credible than others.

Charles McCormick
Clear Wave Realty
Orange Beach, Ala.

Dear Editor:

My husband and I bought into a fractional ownership last year in Lake George, N.Y. Reading this article did not make me feel good but I do think we got a deal. The units go for about $600,000 -- there are 10 owners per unit, for (a fractional cost of) about $60,000 each. If you can afford it, you can purchase the entire unit for the full price.

There is a set summer week, plus a spring and fall week, which rotate. Each owner buys three weeks. We can rent them through the management company or trade into (timeshare exchange companies like) RCI or Interval for other vacations. There is an annual maintenance of about $2,300. Last year, we rented three days of our fall week and got a check for about $1,000, which we put toward the maintenance cost.

Our place is gorgeous. It overlooks the lake. Owners are always on premises. It has full amenities (pool, clubhouse, etc.). Since it is deeded, it can be passed to our children. It sounds like ours is handled a bit different than the one referred to in the article.

Maria Casha
Web product administrator
Multiple Listing Service of Long Island Inc.

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