What is a Shared Private Residence?
Shared Private Residences are the top tier of Fractional Ownership. They provide outstanding value and convenience to their owners combining the security of real estate ownership, ease and flexibility of use, and genuine first-class services and amenities. Located in premier resort destinations, on prime sites, Private Residence Clubs feature extraordinary architecture and design, and provide the highest levels of amenity conveniences.
What are "Vail Run Private Residences”?
Shared Private Residences featuring lavish one and two bedroom condos in Vail Run. Vail Run is a unique combination of location, luxury living, superior amenities, unrivaled privileges and service.
Who benefits from Shared Private Residence ownership?
Shared Private Residences are ideal for those who want the advantages of traditional, second-home ownership with significant space but cannot justify the investment because of limited use.
What are the sizes and specifications of the residences?
Each Vail Run residence will feature approximately 1,125 - 1297 square feet of graciously appointed living space, including one - two bedrooms, one-and-one-half baths, balconies and gas fireplaces. Homeowners will enjoy magnificent views.
Is a Shared Private Residence the same as timeshare?
The only similarity between this product and timeshare is that ‘time’ is the factor used to split up usage and ownership of the property. Most owners think of Fractional Ownership, and in particular Shared Private Residences, as being more like traditional whole ownership without traditional whole ownership expenses.
Why has the fractional concept become so popular?
Primarily because it makes sound financial sense. Savvy buyers around the world are realizing the economic benefits of purchasing only as much of an asset as they intend to use. Because of this basic notion, the fractionalization of private jets, luxury yachts and exclusive resort homes has become a multi billion dollar industry.
What are the primary advantages of Shared Private Residence ownership?
Owning a luxury residence at a fraction of the cost of whole ownership while enjoying substantial space, nice furnishings and premier locations.
Having the use of an extensive range of amenities for your leisure time enjoyment.
Knowing that your property is professionally managed, avoiding the maintenance issues and concerns typically associated with second residences.
The availability of travel options to other premier destinations.
Is ownership in a Shared Private Residence the same as owning real estate?
Yes. At Vail Run, homeowners will enjoy the rights, privileges and security of owning ultra-prime, fee simple real estate. This means that they can sell their property to whomever they choose at any price, bequeath their share to their heirs, allow friends to use it, invite guests to share it with them and, above all, enjoy it themselves.
Is financing available for purchasing at Vail Run?
No. With the low prices financing should not be necessary.
What fractions are going to be offered at Vail Run?
Homeowners will each own a 1/52nd interest in a residence.
How often can homeowners stay at a Vail Run home?
Homeowners are guaranteed a minimum of 7 days per year of use. They can stay as often as they choose, subject to availability at 20% off normal rental rates.
Do all homeowners have equal access and equal privileges at all times?
Yes. All homeowners are privileged and you have exclusive control over the weeks you own.
Are the residences maintained on a daily basis, similar to a luxury hotel?
No. Vail run will be professionally managed and maintained to the highest standards by the staff of Vail Run with cleaning service mid way during the week. During Christmas week maid service is daily.
Will the Vail Run be maintained and refurbished to the highest quality of standards?
Yes. The residences and facilities of the Vail Run will be unequivocally maintained to the initial, first-class standards. This will be achieved by reserves built into the Annual Maintenance Fees.
Who controls Vail Run and its policies?
Homeowners control the residences through their Homeowners Association, Articles of Association and a Board of Directors.
Can I rent out my time when I am not using it?
Yes. You can rent to whomever you please. You can use any rental management group you please. However, many homeowners will choose to take advantage of the skills and marketing network of the management group at Vail Run.
Are Vail Run homeowners able to exchange with any other clubs?
Yes. Vail Run is affiliated with one the world’s largest network organizations, RCI and Interval International, that specialize in facilitating exchanges. Vail Run homeowners will interchange with other world-class destinations and accommodations.
Can my unaccompanied guests be sent to vacation at Vail Run?
Yes. A homeowner’s family, friends or business associates may stay unaccompanied during any of a homeowner’s reserved visits with a notice of arrival.
Do Vail Run homeowners have access and privileges to the amenities of Vail Run?
Yes. Homeowners and/or their guests will have full access to the many amenities, services and privileges of Vail Run while they are in residence. Services and amenities are listed below.
Free computers in the lobby
Free wireless access in each condo
Once a week housekeeping
Access to the Vail Run Lounge
Access to Vail Run's state-of-the-art exercise room
Access to the game room
Access to the Sauna and Jucuzzi
Secure storage for your skis
Underground parking with direct residence access
FINANCIAL AND LEGAL:
Can a my fractional ownership be resold?
Can a corporate entity or trust be a Vail Run homeowner?
Do Vail Run homeowners pay Annual Maintenance Fees?
Yes. Homeowners pay an Annual Maintenance Fee that includes: professional management and operation of the residences, and access to the additional benefit programs provided by Vail Run Association. These annual fees are each homeowner’s pro-rata portion of the funds required to cover operating costs including, but not limited to: the ongoing administration of the facility, the reservation system, cable TV and high-speed Internet costs, staff salaries, supplies, maintenance, gardening, cleaning, housekeeping, laundry, legal, accounting, fuel, utilities, insurance, a reserve fund for the replacement and refurbishing of the facilities on a regular cycle to maintain the standards, and other costs associated with operating the membership program and Shared Private Residences at Vail Run.
How will any increases in the annual levies be managed?
The Board of Directors of the Homeowner’s Association will have the authority to approve annual fees within the norm of market related rates, barring extraneous circumstances.
What happens when a homeowner does not pay their annual maintenance fees?
The Shared Private Residences will continue to function and operate without any impact from any defaults. The management team will institute agreed upon actions to recover the fees from the homeowner. Homeowners in default of their maintenance fees will not have access to Vail Run.
When do I start paying annual maintenance fees?
The Annual Management Fee is payable from the time that your residence becomes available for occupation.
For more information or to reserve your Vail Run Fractional Ownership please contact John Tschohl at cell 612-382-5636 or Jtschohl@aol.com