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What is fractional ownership?
Fractional ownership of vacation homes, also called private residence clubs, is a relatively new concept that allows you to enjoy part time home ownership privileges at an upscale, luxury resort but at a fraction of the cost of purchasing, or maintaining, of whole ownership. Parkside fractional ownership is structured as 1/4 interests, and the owners are alotted 12+ weeks per year to use.
How does Quarter Ownership work at Parkside?
Owner have at least 12 weeks/year of usage. Each owner has a fixed prime block of 4 weeks from June to September and between October - May, a rotating 14 night block every 8 weeks. Owners also are able to *interally* swap their time, for blocks of 30-60 days in a row at Parkside.
Can I buy a whole unit?
Yes. A limited number of whole ownership residences are available.
Can I use Parkside outside of my usage plan?
Yes. You will be able to use additional time at Parkside, at a fixed low rate, designed to cover operational costs.
When is the expected completion date?
Completion of Parkside is expected to be in 2008.
What kind of people have bought at Parkside?
People very much like yourself, who are looking for an investment in real estate & lifestyle and love the value Parkside offers. We have many local Victoria BC owners, Albertans, Ontarians and many represented owners from the USA.
Will I be able to rent out my home?
Yes. Parkside will be managed by Aviawest. The Aviawest group and principals have an excellent property managment track record of shared ownership properties, since 1991. This ensures Parkside will be managed to the highest level of owner and guest satisfaction.
What amenities will Parkside have?
Parkside’s amenities will include a Penthouse Owner’s Lounge, Rooftop Patio, 24 hr Concierge, 25 Seat Private Theatre, pre-arrival concierge services, 25 metre ozonated, indoor pool, fitness facilities, and full service spa.
Can I use the amenities 365 days/per?
Yes. As an owner, you will be able to use the amenities and owners lounge at Parkside as your own private club, 365 days per year.
Will I be able to sell my quarter?
Yes. Parkside is fee simple real estate, just like whole ownership. You hold deed & title to the property. A realtor is able to list the property and sell it on the MLS for you. Many other people have been successful at re-selling quarter interests in this manner.
Is financing available?
Yes. We will work with Coast Capital Savings based out of Victoria BC. They offer consumer financing specifically for Parkside or you may finance through your own bank or other financial institution. Parkside 1/4 interest's can be mortgaged over 25 years, similar to typical whole ownership real estate.
Who is the Management Company? What is their track record?
Parkside Victoria will be managed by Aviawest , a locally owned and operated resort management company. They have successfully engaged in the development, operations, marketing and sales of shared ownership projects since 1991.
Who is the Developer?
The Aviawest Group and Pearson family with 30+ years experience with land, commercial, residential & resort development. The Pearson’s are the developers of world-class Pacific Shores Resort & Spa and Aviawest Club. |
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