Entrepreneurs Bank On Patrick Kane Jersey Fractional Ownership
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
"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
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
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
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.