Private Residence Clubs (PRC) are often referred to as fractionals and are often mistaken for timeshares. While Timeshares give “owners” a license to use time at a resort, PRCs provide true ownership with a deed. PRCs are perfect for those who might not be able to spend more than 4-8 weeks a year in the Aspen/Snowmass Village area or for those exploring their desire to have a permanent home in this beautiful resort town. PRCs are known for their maintenance-free ownership, five-star amenities, and the camaraderie of fellow owners – very similar to a country club experience.
There are several types of PRCs in Aspen and Snowmass and they offer choices of ownership with fixed-weeks, fixed-seasonal weeks, and two types of rotating weeks. There are also a variety of fractional sizes, including one-seventh, one-eighth, and one-tenth. Fixed-weeks work for those who know they always want to vacation at the same time every year, for example around Christmas, New Year’s, Presidents Day, spring break, or Fourth of July. This type of ownership can be found at St. Regis, Hyatt Grand, or Ritz Carlton at Highlands.
Another option is seasonal ownership, which typically provides several weeks in winter or summer and often includes back-to-back weeks. St. Regis is known for this type of ownership and the Gary Feldman Group has what is possibly the best available interest listed on the market with fixed Christmas, New Year’s, and Food & Wine weeks. Finally, rotating ownership comes in two varieties, one where you rotate from the first week of January to the second week of January the following year, etc., which The Ritz Carlton offers. The second, and more popular, the rotating system allows owners to select their weeks annually based on a rotating selection system that is very similar to selecting a Fantasy Football team. It is considered fair to all owners and allows access to all weeks over a length of years. The Residences at the Little Nell, Dancing Bear, and St. Regis in Aspen offer this system, and The Timbers Club and Snowmass Club offer it in Snowmass.
The first decision to make when selecting the right PRC is deciding whether you want to be in Aspen or Snowmass. Next up, is selecting the right system, price point, or attributes of a particular property. The Timbers Club in Snowmass Village with its prime ski-in/ski-out location still holds the record for the fastest sell-out from 2002-2004. It maintains a robust resale record with prices around $300,000. The Residences at the Little Nell set records for its $1 million-plus price tags, now around $1.4 million, and are in high demand because of the renowned Little Nell Hotel services. Bottom line, PRCs offer perfect resort homeownership for those not wanting to spend more than a few weeks each year in the area or who don’t want to worry about maintaining a property. They also offer a stepping stone when deciding whether to make Aspen or Snowmass a more permanent Rocky Mountain home, with the purchase of a house or condo.
The Gary Feldman Group has members with significant PRC expertise who can walk you through the pros and cons of PRC ownership and help you decide which Aspen or Snowmass Village options are best for you and your family. Click below to learn a bit more about each property.