A luxury real estate business that facilitates the acquisition of fractional ownership shares in luxury property has announced the opening of its platform, Gold Gate.
The web-based marketplace of high-end properties is targeted at high-net-worth individuals (professional athletes, CEOs, celebrities), family offices and property investors from around the world.
Rather than purchasing one luxury property, users can buy shares, or months, in multiple homes, in different locations worldwide for the same price, the press release stated.
Gold Gate owns the properties it resells after acquiring them with a no-fee, 90-day escrow, each under a separate LLC. That three-month window is used to raise funds and market the property.
Users can exchange shares throughout the Gold Gate marketplace.
The company hopes to gain the attention of those who travel for work, who can work from anywhere, and who take extended vacations.
“Gold Gate offers the opportunity to become a citizen of the world,” said Dalton Skach, CEO and founder. “Our platform offers users more time, wealth, flexibility in where they live and control over their lives.”
Temporary residency models are emerging around the country. Often referred to as “coliving,” most target younger, mobile professionals and company teams for extended retreats. Guesthouse is one, and there’s also Roam, WeLive and Common, among others.
Second-home buyers and investors have been scooping up remote luxury homes and seeking more lifestyle-driven living arrangements throughout the pandemic. Gold Gate can offer that audience a less-permanent option.
Gold Gate is currently focused on luxury in the U.S. market in New York City, the Hamptons, London, Washington, D.C., Aspen, Miami, San Francisco, and Los Angeles. Internationally, it’s targeting buyers in Tokyo and Dubai.
The company launched in May 2020 as a commercial real estate firm but shifted its approach to the fractional sales model only a few months later. It also positions itself as a safe sales alternative to the open market, which could appeal to speculative developers and luxury brokers and listing agents.
It will begin formal operations in the first quarter of 2021.
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Craig C. Rowe started in commercial real estate at the dawn of the dot-com boom, helping an array of commercial real estate companies fortify their online presence and analyze internal software decisions. He now helps agents with technology decisions and marketing through reviewing software and tech for Inman.
