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Fractionals all the rage for destination homes

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One of the hottest new areas in real estate is fractionals -- properties where several different people share ownership and use of a destination or vacation property. When your clients are thinking about adding to their real estate portfolio, this is one of the hottest options for 2008. You may have noticed that hotel companies such as Starwood, the Ritz Carlton and the Four Seasons are building new hotels or "residences" in prime areas across the country. Most of these properties now allow you to purchase a unit and be the full owner of the property. When you're not there, you have the option of renting the unit out through the hotel or leaving it empty. You don't have to worry about upkeep since the hotel manages that for you. A much more intriguing way to own more than one property for the price of a single full ownership is "fractional" ownership. Fractional ownerships are different from timeshares. Here's how one company describes the difference: "Interval ownership...