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What’s a private residence club?

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What’s a private residence club?

A historical approach to owning a second home was family or friends purchasing together and each owning a fraction of the home. For example, two brothers and two sisters each purchase one home together. Each sibling own ¼ share and has use and rights 25% of the time. Of course, not all family members would be using their second home all of the time during the year. It was prudent to share the expenses such as mortgage fees, taxes, insurance, utilities and any other maintenance costs. It was impossible with life constraints to vacation all of the time. The formal arrangement of such relationships is a “fractional ownership.”

In fractional ownership each member has certain rights of use and certain amounts of entitlements and services based on compensation. An upgraded version of hotel services and five star amenities propelled fractionals into a country club meets second home ownership called private residence clubs (PRC). A PRC is a fractional vacation real estate development owned by members and operated for their enjoyment. Each member owns a fraction ranging from four to 12 owners in each club residence as well as an interest in the club common areas.

Most PRC communities feature spacious, thoroughly equipped and fully furnished apartments, cottages, townhouses, condominiums or detached homes accompanied by resort amenities and hotel services. PRC's are commonly located in popular vacation destinations such as mountain, beach, golf or urban resorts. Locations typically include direct access to a lifestyle attraction such as ski resorts, lakes, golf courses or major cities.

Learn more about PRCs through the following links:

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