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Entrepreneurs Bank On Patrick Kane Jersey Fractional Ownership Market

In the midst of an uncertain housing market, one trend seems to be flourishing: Fractional ownership of luxury homes and condominiums has become a fast growing segment of the housing industry, local industry experts said. And it's not expected to slow down anytime soon.

To take advantage of that growth, one company has been formed to target consumers and developers who might want to get into the market.

ShareCastle LLC recently was formed by Eric Mathews, former associate director of corporate research and development at the University of Memphis FedEx Institute of Technology (FIT) and co founder of Mercury Technology Labs, along with his two partners, Marc Diaz and Michael Hart.

Diaz is managing partner for the company's Tennessee operations. Hart is managing partner for the Alabama operations.

Cost sharing starts here

Fractional ownership allows a group of investors to buy a property and use it for a predetermined period from one to two months depending on the number of Patrick Sharp Jersey investors in the group and also to share maintenance costs.

While the notion of four to 10 people buying a property together is nothing new, it is a notion that's expanding into new territory, Diaz said.

For instance, people now go in together to purchase high value items such as expensive jewelry and purses.

In a similar manner, ShareCastle provides fractional real estate services to private clients, developers and current vacation homeowners who may not have previously considered fractional ownership. The business has operations in Memphis and Alabama and serves Florida, Arkansas, Mississippi, Tennessee and Alabama.

"ShareCastle is an idea that we conceived of about a year ago and the current real estate climate makes the idea make even more sense," said ShareCastle Marian Hossa Blackhawks Jersey co owner Diaz.

But while the concept is taking off and gaining popularity nationwide, Diaz and Mathews said one of the initial hurdles the business will face is educating people about how fractional ownership works and how it can benefit them.

"Well, initially, since it's such a new area, we don't think there's going to be tremendous opportunity to just strictly market on the Internet," Diaz said. "So there's going to be a lot of direct calling. . We're going to hold some seminars here and other places, educating people about the whole fractional market. That's our initial hurdle."

They haven't yet devised Authentic Patrick Kane Jersey a seminar schedule, but it is in the works.

More affordable luxury

The two properties on the Web site are in Alabama. Units in the Island Sunrise and Gulf Front condos are being offered for $49,500 for a one tenth fractional ownership.

Diaz said inventory is available in places such as Destin, Fla., Las Vegas and Miami, but he also said he sees enormous opportunity to bring together investors for the condo market in Downtown Memphis.

"A fair number of people have bought those (Downtown condos) as investment property or second homes," Diaz said. "And I think they're probably finding them underutilized, so I could envision a group of five or six people going in together and owning a condo Downtown and each having one or two months a year to use it."

Diaz, a FIT Entrepreneur in Residence, co owns a property in Heber Springs, Ark., which he plans to open up for fractional ownership.

"It not only makes financial sense, Authentic Marian Hossa Jersey but from a time standpoint, we don't have to go over there (and) constantly maintain the property," Diaz said. "If you own a house yourself and rent it out, you rent it out to people who treat it like a rental unit, which is not the same care that an owner would have for the property."

Mathews said now is also a good time to introduce fractional ownership into the local market because as baby boomers look toward retirement, fractional ownership will offer them a variety of lifestyles.

"This offers them a unique opportunity to have a beach front property as well as a mountain home, a ranch or a farm by owning bits and pieces of each one and being able to travel around to have different locations for them to live their lives," Mathews said.

As the concept takes root locally, ShareCastle will expand into areas such as the student housing market.

"As that secondary market and educated consumer starts to take notice of (fractional ownership), I think it'll really start to grow and markets like student housing will especially be attractive for it," Mathews said. "We're making the luxury lifestyle more affordable for the common man or common woman."

Through the Lens

Ellen Prewitt browses merchandise at an opening party for Memphis Fashion Week hosted at Joseph in Laurelwood Shopping Center. The series of fashion shows and other events takes place throughout the week. Continue to article">Victory Bicycle Studio owner Clark Butcher in front of his existing shop on Broad Avenue. Butcher plans to open a second local bicycle shop with a different target customer by the end of the year.

Continue to article">A Murfreesboro family, Angie Hughes, Megan Kelley, Carol Ellis and Patrick Sharp Blackhawks Jersey Zoe Ellis, look at cars at the Beaman Toyota car lot for a friend.

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