Second Home Destinations

The Ascent Opens For Sales in Colorado

Filed under: Estates, Real Estate Developments

Sales began today on The Ascent, a new 49-unit resort condominium project at the base of Beaver Creek Ski Resort in Avon, Colorado. The first sales offering includes some 25 units initially with two-, three- and four bedroom residences up for sale.

Units have upscale appliances and finishes with knotty alder cabinetry wood flooring, granite countertops, GE Profile stainless appliances, GE stack washers and dryers, Jacuzzi tubs, gas fireplaces, high-speed Internet wiring, ceramic bathroom flooring, and a designer's palette of muted paint colors and premium finishes throughout. Property amenities are designed for vacationers with a fitness area with lockers and a steam room; indoor pool; indoor and outdoor hot tubs; and outdoor fireplace and deck; sports lounge; youth game room; reading lounge with a fireplace; ski lockers with boot warmers and a ski season shuttle to Beaver Creek and Vail.Prices start at $349,000 for a two-bedroom on the second floor and zoom up to $1.099 million for a four-bedroom penthouse, prices that are approximately 50-67% of the 2008 pricing.

Tags: beaver creek, colorado real estate, second home, second home buying, Second Home Destinations, second home market, second homes, the ascent

Good News For The Vacation Homeless: Luxury Membership Options Emerge Following The Ultimate Escapes Bankruptcy

by Susan Kime (RSS feed) —

Filed under: Luxury Travel & Hotels

Demeure's Borgo De Vagli residence, Tuscany

For those of us who have followed the fallout from the Ultimate Escapes bankruptcy, it has been a bumpy ride. I have written about this bankruptcy before on Luxist, but here is a small refresher précis.

Ultimate Escapes was a high end, luxury, non-equity based destination club, and the second largest in the industry. Members paid between $150,000 and $800,000 membership deposit, and many thousands more in annual dues. For those fees, they took vacations to exotic places and stay in exceptional residences, villas and condos. There were over 1400 members when the club bankrupted in mid-September, 2010. It was then the fifth major bankruptcy in five years for the non-equity destination club space. Prior to Ultimate escapes was Tanner & Haley, Lusso, High Country Club, Solstice, and now this. For members, industry watchers and many others, this bankruptcy began a serious re-thinking process. What is the matter?

As with many complex problems, this one appeared easy to solve. Many believed it was the non-equity model on which literally all of the bankrupted clubs were based, and in part, but only in part, it was. The first generation non-equity model was broadly based on a kind of Wild West 2004-2008 YAHOO-type optimism: clubs will certainly grow if -- real estate values would appreciate, and if members continued to join. If this growth hormone were in place, and why shouldn't it be?.. then the members will receive what was promised to them: 80% of their deposits back upon resignation from the club, and the 3 in 1 out option borrowed from the timeshare industry: If three new members joined, you could resign. Simple. Seemed so reasonable in those pre-Madoff times.

And because it seemed so reasonable, and times were so optimistic, many clubs bought properties and others were leased when prices were at an all-time high. Then, suddenly, in October of 2008, the perfect storm appeared: real estate values declined, Bear Stearns and Lehman Bros. deflated. But no matter what, lenders wanted mortgage payments and lessors wanted their rent. With these occurrences, the first generation club model looked like a house of cards, easily toppled by the dark winds of a collapsing economy and potential members' deciding against joining any club, even, as one member said to me, "a church group." Thus, with this last bankruptcy, following much the same process as the others, many felt this was the last gasp for the non-equity based club.

BUT! The model is not dead: it is evolving....

Tags: Abercrombie Kent Residence Club, Boundless Journeys, Demeure Club, Destination Club, DUO by Quintess, Exclusive Resorts, Post Ultimate escapes Bankruptcy, Quintess, Second Home Destinations, Ultimate escapes bankruptcy

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Conspicuous Leisure: A New Luxury Travel Trend?

by Susan Kime (RSS feed) —

Affluent Americans today consider leisure-oriented pursuits to be more valuable than luxury goods, services and experiences, says Chris Fair, president of Resonance Consultancy, a strategic marketing organization. This trend was also underscored in the latest Luxury Institute Wealth Report newsletter of 11/15/10.

While conspicuous consumption may be on the wane, new research by the Luxury Institute, conducted in cooperation with Resonance Consultancy, suggests that conspicuous leisure is on the rise. A two-year study of affluent U.S. households' lifestyles and aspirations conducted in 2008 and again in 2010 by the Luxury Institute reveals aspirations that are in sharp contrast with popular conceptions of wealthy attitudes. The corporate titles, Ivy League educations, cars, boats, jewelry, large homes, chauffeurs, private jets, furs, art collections and wine cellars often associated with wealth were nowhere to be found near the top of wealthy Americans' most desired list. In fact, the top four of the top 10 list of the most desirable luxury items and experiences in 2010 are:

•Taking exotic vacations
•Vacation home in the mountains or at the beach
•Extended time off work
•Freedom to work from home

Tags: Boundless Journeys, Conspicuous Lesiure, Demeure Club, Luxury Institute, Luxury Institute Wealth Newsletter, New luxury trends, Resonance Consultancy, Second Home Destinations, Ted Conferences, Virginia Postrel

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