The Porches developers to offer half-ownership
March 26, 2016
Steamboat Springs — The developer of The Porches luxury residences on Indian Summer Drive is using a new approach to lure in prospective Steamboat second homeowners — half-ownership.
Developer Bruce Shugart had the idea for half-ownership after visiting with The Porches' current fractional owners, who desired a broader, larger window of time to visit their residence club homes, according to Beth Postemski, sales manager for the development and a development broker for Steamboat Sotheby's International Realty.
Postemski said owners wanted more time in Steamboat and desired larger windows of time to visit their residences than offered through fractional, one-eighth ownership.
"(Half-ownership) gives them a little bit of breathing room, and a lot of people really want to be here for longer periods of time," she said.
The Porches is offering two townhome units for half-ownership — a 3,100-square-foot, four-bedroom, 4 1/2-bath unit for just under $982,000 and a larger five bedroom, 5 1/2-bath unit for $1.2 million.
Postemski said she expects the half-ownership units to go fast, based on the perceived interest and recent sales at The Porches.
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There were three sales of units at The Porches in December and another in January, two of which were former one-eighth owners who sold back their fractional ownerships to purchase whole ownerships.
While this is not the first time Postemski has heard of half-ownership of a condo or other property being offered, she said it was unique for a development such as The Porches.
"It's the first time that a developer has carved this new niche," she said.
Benefits of half-ownership include the use of storage space for toys, gear and family mementos and full furnishings that will be monitored and replaced by The Porches when necessary, eliminating the headache partial homeowners might otherwise face when privately sharing ownership with friends or family.
Half-ownership between two owners is divided through the use of a pre-determined calendar, though The Porches managers would facilitate trades of times, when possible, Postemski said.
"I can really foresee this turning out where we have a lot of people that want to stay for four months in the summertime or wintertime and then trading back and forth," she said.
Apart from half-ownership, there are two whole-ownership homes also on the market and 15 one-eighth fractional residence club shares available.
While the pace of sales at The Porches varied with the economy, recent activity has led developers to discuss the possibility of building out the development, which — with the 15 buildings totaling 30 townhome units constructed so far — is about half-complete.
"There has been talk about it," Postemski said. "With the activity that we had with the three sales in December and another in January, we're running out of inventory — so it would make sense."
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