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 Looking for a vacation home while the prices are low? Lifestyle Asset
Group, a Ft. Collins Colorado based company is selling luxury vacation home ownership at a small investment.
The business model offers investors a
one-eighth ownership in twelve $1 million dollar homes in locations such as
Napa Valley, NYC, Chicago, Florida, Mexico, Turks and Caicos and the Dominican
Republic.
Investors must make a $10k fully refundable deposit to
guarantee membership and then members pay a capital
contribution of $300k. The first
property group will close on February 28th, 2012. Annually, members
can expect to pay $24,000 for expenses.
Rich Keith, CEO of Lifestyle Asset
Group was the founder of another once-thriving luxury vacation club that
ultimately ended in bankruptcy in 2010 after struggling with huge debt.
"What we learned," said Keith in an interview with Fox Business
News," is that you cannot have bank debt in the luxury market." The members
will be part of an LLC and will own the properties free and clear.
In seven years, the inventory of homes will be sold and
assets will be divided, as stipulated
in the LLC contract. Seven years was
chosen because it is the average length of time most people maintain a club
membership and is also the amount of time it takes to fully emerge from an
economic downturn.
Timing for a new
vacation ownership model and for picking up luxury properties in a still-cool
real estate market couldn't be better, says Keith in an article in the
Northern Colorado Business Report. He
said the club intends to eventually sign up 200 members to own 24 luxury
properties.
Watch the full
interview at Fox Business News
 photo credit: Carlanne McCrystal
Posted on January 23, 2012 12:27:37 by  IPTV.Boyz
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