Hi All - looking for some guidance from everyone! I'm new to posting here but have been doing some research last few months. Around a year or two ago, the Ritz Carlton Club in Aspen released a little over 100 4-week fractional ownerships (that they held onto during the downturn) and sold them for ~$50-75k from what I remember. I was interested in buying one then but the timing wasn't right. It's my understanding that these all sold out, but that there are a few on the market still here and again from people re-selling, etc. I've seen a few now that are between $40-60k, depending on the weeks, view & point value, etc. I'm trying to determine the kind of value here and looking for advice:
- Purchase price ($40-60k) for 2bdrm unit
- HOA Fees ($14-15k/yr) - yikes!, but not too far off with what 4 weeks would be in MVC.
- MVC Pts (21-25k depending on unit)
- 4 weeks (2 winter or summer, 1 opposite, 1 floating), can exchange via Ritz for other weeks
- Other benefits include (per diem usage at any ritz (~200-300/nt based on availability, marriott platinum elite status, MVC chairman's club, 3rd home priveleges or exclusive resort priveleges for exchanges)
- when you resell, person has the same benefits unlike MVC resales.
My main goals would be to rent between 2-3 weeks per year to recoup most, if not all HOA fees (I've seen rentals & spoken to rental agencies that have said you can rent for ~$1000/nt), so taking 85% home if your rented through them in peak winter season could net $11-12k.
I'm aware of the ongoing lawsuit now and concerned about that too, but from what I understand there's not a risk of them leaving Ritz like what happened at Bachelor Gulch in Jupiter for a few different reasons.
Any Ritz owners here with experience renting their units? Any issues concerns or things and I'm not considering/missing? Would appreciate any and all feedback.
Thank you so much!!
- Purchase price ($40-60k) for 2bdrm unit
- HOA Fees ($14-15k/yr) - yikes!, but not too far off with what 4 weeks would be in MVC.
- MVC Pts (21-25k depending on unit)
- 4 weeks (2 winter or summer, 1 opposite, 1 floating), can exchange via Ritz for other weeks
- Other benefits include (per diem usage at any ritz (~200-300/nt based on availability, marriott platinum elite status, MVC chairman's club, 3rd home priveleges or exclusive resort priveleges for exchanges)
- when you resell, person has the same benefits unlike MVC resales.
My main goals would be to rent between 2-3 weeks per year to recoup most, if not all HOA fees (I've seen rentals & spoken to rental agencies that have said you can rent for ~$1000/nt), so taking 85% home if your rented through them in peak winter season could net $11-12k.
I'm aware of the ongoing lawsuit now and concerned about that too, but from what I understand there's not a risk of them leaving Ritz like what happened at Bachelor Gulch in Jupiter for a few different reasons.
Any Ritz owners here with experience renting their units? Any issues concerns or things and I'm not considering/missing? Would appreciate any and all feedback.
Thank you so much!!