The Lake House At Chelan Thrives With Fractional Ownership Sales
January 29, 2009 by Perspective Magazine | Timeshare & Fractional ReviewsResearch predicts fractionals will be first to emerge from economic downturn
As the first real estate development to offer fractional ownership in Washington state, The Lake House at Chelan provides second home buyers with the opportunity to own a luxury vacation home despite the economic recession.
According to Ragatz Associates, an elite real estate research firm based in Eugene, Ore., the luxury fractional segment of the vacation home market will be the first to rebound from the current real estate slow down.
Despite the real estate downturn, fractional sales grew in 2007 and have dramatically increased over the past five years. Unlike second home owners who may have a difficult time justifying the high cost of a low utilized residence, fractional ownership allows owners to purchase only what they need.
Fractional ownership experts at DCP International, a Chicago-based management company of private residence clubs, agree. Their research indicates that vacation homes are one of the most desired, major discretionary expenditures of affluent households, second only to college educations for their children. The shared annual cost of fractional ownership is significantly less than merely renting a comparable luxury home multiple times per year. Plus, fractional residences reduce the waste of unoccupied housing by accommodating guests year-round.
“Pre-sales of residences at The Lake House have flourished despite the volatile economy,” said Brian Merrill, sales manager of The Lake House at Chelan. “Many buyers of fractional ownership do not require financing, but for those who do, we connect them with lender financing from a local bank that is supporting our community.”
To-date, The Lake House has sold 22% of its fractional segments during pre-sales alone. North Cascades National Bank offers fixed-rate conventional financing for buyers. In addition to fractional ownership, The Lake House at Chelan offers luxury vacation rentals featuring a unique combination of services and amenities with team members handling everything from housekeeping and grocery shopping to renting recreation equipment, arranging wine tours and making golf tee times or dinner reservations. The Lake House is expected to open in March 2009 and has already begun booking reservations for this summer.
For more information about The Lake House at Chelan, visit www.thelakehousechelan.com.
About The Lake House at Chelan
Located in the heart of downtown Chelan with stunning lake views, The Lake House at Chelan offers fully furnished, richly appointed residences and vacation rentals. The Lake House is just steps away from Lake Chelan at 402 West Manson Highway, close to award-winning wineries, golf courses, and outdoor activities including beach volleyball, basketball courts, tennis courts, skateboard parks, walking trails and a water park. The Lake House features a unique combination of services and amenities with team members handling everything from housekeeping and grocery shopping to renting recreation equipment, arranging wine tours and making golf tee times or dinner reservations. The adjoining Pool House is a 4,000 square foot activity center for owners and guests, offering a year-round pool and hot tub, Splash Zone, fitness room, game room, indoor/outdoor kitchen and more. Experience The Lake House Lifestyle, as an owner or a resort guest. For more information, please call (509) 293-5982 or visit www.thelakehousechelan.com.
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