Les Tso, and his wife, Sharon Tso, an avid golfer, own a one-ninth share at the Residence Club at PGA West in La Quinta.Los Angeles resident and admitted Italo-phile Vera Campbell wanted a vacation villa in Tuscany. Not just any old house -- she wanted a place where she could host a dozen friends, sip a little Vino Nobile and savor la dolce vita without worrying about burst pipes or leaky roofs.
"If I had tried to find all of that in a private home, with all of the maintenance costs, it would have been in the millions," Campbell said.
Then, she toured Castello di Casole, a private residence club set on 4,000 acres of rolling hills on the outskirts of Siena. It includes a 17th century castle that is being reinvented as a boutique hotel as well as eight large renovated farmhouses. For $600,000, Campbell bought a one-tenth share of one of the houses and, paying $15,000 in annual dues, is guaranteed at least four weeks a year in her 4,000-square-foot villa and full use of all amenities.
Before she arrives on visits, a phone call ensures that her kitchen is stocked, her hot tub is bubbling at exactly the right temperature and her artwork is hung just so. She faxes the concierge her itinerary with special restaurant and private winery tour requests. Staff members plot out the trip, complete with driving directions and estimated driving times.
"I knew what all the complications and costs could be on buying and maintaining a foreign property that would be sitting empty most of the time," said Campbell, so she considered the residence club a good option.
Among shared vacation home alternatives, private residence clubs like Castello di Casole are a relatively new concept that has grown quickly over the last few years as prices for prime resort real estate have topped out and residence club developers have refined the concept to appeal to upscale buyers.
In a residence club, members purchase a deeded share in a resort residence and, after paying annual dues, can stay for three to 12 weeks a year and use all of its amenities. Most clubs also have space-available provisions that allow members to stay for an unlimited number of days on a last-minute basis without charge. read more
No comments:
Post a Comment