Submitted photo Shares are being sold of this multimillion dollar, 13,000-square-foot home at 456 Lakeshore Blvd. in Incline Village. Each of the eight owners would have an allotted time to spend at the house.
INCLINE VILLAGE - With ever-increasing prices for homes in Incline Village and much of the market dependent on second-home buyers, a new trend may take off in the near future.
Intero Real Estate Services Incline Village will offer the first-ever fractional-ownership of a multimillion dollar, 13,000-square-foot home that includes resort-style amenities, recreational vehicles and concierge service.
There are eight shares to be sold for $2 million each. Each share will have one pre-assigned week at a time throughout the year, and each year, those weeks will rotate to the next week so the owners can enjoy a fair portion of the seasons.
Some of the amenities include a snowmobile, Hummer, Waverunner and a boat for the owners' use. There will also be a condominium with lakefront property. A maintenance fee will be charged to cover annual insurance, depreciation of the "toys" and maintenance of the house and vehicles.
"You can literally live like a billionaire and have all the toys for a lot less than if you were to buy them yourself," said Deanna Ashby, marketing and public relations consultant for Intero.
Unlike a timeshare, a shared-ownership works as a "tenants in common" situation, in which the owners each hold a share of the deed and title of the property. The owners may sell their shares whenever they wish and may rent their unused weeks through Intero's rental program. Since each share actually owns a portion of the property, the purchase falls under IRS guidelines for exchange, allowing for a tax break on "like-for-like" exchanges.
"The owner can experience appreciation on the property for as long as they wish to own," said Bob Wheeler, associate broker for Intero.
According to Wheeler, the majority of second-home buyers in resort areas use their property only 40 to 45 days per year.
"This is a great opportunity for a second-home buyer who plans to visit the area for a few weeks out of the year but doesn't want to take the extra time to maintain a property year-round," said Vince Scott, part-owner of Intero.
If you go
WHAT: Invitation-only preview of the first-ever fractional ownership of a multimillion dollar, 13,000-square-foot home that includes resort-style amenities, recreational vehicles and concierge service.
Where: 456 Lakeshore Blvd., Incline Village
When: 4-7 p.m. Tuesday
How: RSVP to Deanna Ashby at deanna_ashby33@yahoo.
com or call (775) 232-2142 today.