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 Project OverviewOwning a SuiteFractional OwnershipExchange ProgramNightly RentalAbout Fernie
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Fractional Real Estate Ownership FAQ's |
Tell me about the Fractional Ownership Program:
How does the owner usage rotation work?
The week rotations for owner usage will work on a Friday to Friday rotation with one (1) and two (2) week rotations For example:
Are there any weeks allocated for maintenance?
Maintenance weeks will occur the second week of May each year.
What rental revenue am I entitled to?
Rental income will be attributed to the individual strata lot, therefore you will receive the revenue obtained from your purchased weeks.
What are my options for use?
As an owner, you will be able to choose your personal usage dates out of your selected share, on our June 1 calendar distribution date. If you desire to use additional weeks in your suite, swapping with other owners is allowed, otherwise weeks are purchased through Fernie Lodging Company at established and current rates. Upon making your selection, you will be given four calendar rotations to choose from that will be projected for a 4 year rotation.
Do I have to rent?
You have the option to maximize the value of your suite by placing your vacation home in our professionally managed rental program. You may also choose to occupy all your weeks, therefore not obtaining any revenue for your portion of your weeks.
What if I want to make some changes to my suite?
There will be an in-suite Owner's Corporation in which any change requests must be sent in writing.
Who pays for furniture that requires replacing?
There is a Furniture, Fixtures, & Equipment Reserve (Capital Replacement Fund) set up for each suite to cover the cost of replacing furniture, etc. The FF&E Reserve is a replacement reserve equal to an annual assessment of 4% of the estimated value of the FF&E package for each Strata Lot - approximately $215 annually per quarter interest.
What is the Owner's Corporation?
Each Quarter Interest Suite has an Owner's Corporation. This Corporation has been set up to pay the Monthly and Annual Expenses on behalf of the Quarter Interest Owners. The Owners Corporation Budget estimates these expenses for each Strata Lot, which the Owner pays into monthly. The Management Fee for the Owner's Corporation in $26.47/month (for 2005) per Quarter Interest to cover accounting and administrative costs.
When are the rental income statements issued?
Rental income statements will be shared with all owners on a monthly basis during the winter months and quarterly thereafter.
How does fractional resort home ownership differ from a timeshare?
Suites at the Juniper Lodge are being sold as fractional resort home ownership. This means that with a purchase of a quarter you will have a deeded title and full rights of property ownership. You are buying real estate rather than vacation time.
Has construction begun?
Phase I of Juniper Lodge is complete - owners have enjoyed a beautiful fernie summer in their new homes. Phase II will be ready for occupancy in time to enjoy the 07/08 ski season
Can I re-sell my property?
Yes. You may sell your fractional ownership privately or list it with a real-estate agent or broker to promote and sell your property. Experience has shown that in most real estate developments, the best properties invariably sell first and appreciate the fastest.
Could you tell me what the taxes would be on a quarter ownership of one of the suites...estimate for quarter ownership?
The 'Owner's Corporation' has budgeted property tax to be $625/yr. or $52.08/month per quarter share (2005). As you can see the major advantage of quarter ownership is that you only pay the costs (fees) for your purchased time (in this case a quarter). |
