At the upper echelon of the market, high interest rates and taxes are driving a trend of fractional ownership of second, third or fourth homes to add more bang for the buck. In April, Palm Beach-based billionaires Steve Wynn and Thomas Peterffy teamed up to in Aspen’s Red Mountain neighborhood — a record residential sale in Colorado. “Fractional ownership happens more often than you’d think would make sense with the uber-wealthy,” star of The Altman Group tells r.
“It’s a money play. Maybe one of them didn’t want to drop $108 million, even though they could any Tuesday of the year and not even care. It’s a way to make your money go further.
” Former cast member of Sotheby’s International Realty often brokers co-ownership deals: “That happens a lot in Hawaii, actually, where two prominent families — founders of companies or C-suite executives — co-buy because they know they will not be able to use this thing, but it’s a good place to park their money as a tangible asset. It’s a purchase that is totally legacy and multi-generational to have in the families a long time.” Chef-hotelier Charlie Palmer, music industry execs, Hollywood producers, and retired NFL and NBA players are among those doing business with San Francisco-based company , which has tapped into home co-ownership demand with a model that allows for more time in vacation mode by taking hassles like maintenance and repair off the table.
Pacaso offers an anonymous co-purchase of a one.