HIGH-END VACATION HOMES FOR LESS

(Image credit: Ritz Carlton Club/Kapalua Bay)

published 12 September 2007

Dream of living a million-dollar lifestyle at a fraction of the cost? The latest twist in timeshares, so-called "fractional ownership," gives you deeded ownership of a portion of a luxury home at perhaps 10% to 15% of the cost -- and without the headaches of maintenance.

Don't let the savings figures fool you, though. Fractionals (also called residence clubs) are targeted to the wealthy. You'll pay about $60,000 to $800,000 to use the house or condo, typically for four to 16 weeks per year. Annual maintenance fees run between $5,000 and $10,000. Still, it's one of the fastest-growing trends in vacation homes. Take our tour of ten fractional-ownership properties:

Topics

Lists

SANDESTIN, FLA.

Resort: Storied Places, Sandestin Beach and Golf Resort

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SNOWMASS, COLO.

Resort: Timbers Club

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ST. THOMAS, U.S. VIRGIN ISLANDS

Resort: Ritz Carlton Club

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JACKSON HOLE, WYO.

Resort: Teton Springs

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TUSCANY, ITALY

Resort: Castello di Casole, Timbers Resorts

This 4,200-acre historic estate lies in the Tuscan hillside between Florence and Siena and consists of several stand-alone stone-walled farmhouses hundreds of years old and carefully restored to their rustic beauty -- with all the modern conveniences. Homes feature vaulted ceilings and wood-burning fireplaces, as well as private infinity pools. There's a working vineyard and olive press on the property.

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LAKE PLACID, N.Y.

Resort: Whiteface Lodge

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PUNTA MITA, MEXICO

Resort: Four Seasons Residence Club

These two- and three-bedroom villas range from about 2,700 to 3,300 square feet. Decorated in plush Mexican style, the residences have sliding glass walls to the terrace, comfy lounge chairs, ocean views and a private infinity-edge pool (pictured). Indoors, owners enjoy a gourmet kitchen, vaulted ceilings and luxe touches, such as tropical woods and stone-mosaic floors. Phase I is sold out, but phase II is currently for sale with completion by summer 2008.

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TREMBLANT, QUEBEC, CANADA

Resort: Storied Places Tremblant

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NEW YORK, N.Y.

Resort: The Phillips Club

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KAPALUA BAY, HAWAII

Resort: Ritz Carlton Club

In Hawaiian, Kapalua means "arms embracing the sea," and each three- or four-bedroom condo at this Maui club will enjoy ocean access and views. The property will consist of 84 units, each about 3,000 to 4,270 square feet with luxurious details, such as African mahogany wood trim, marble bathrooms and Asian wood floors. You can buy your fractional interest now, and construction is slated for completion in 2008.