Ownership

How are the homes in a "The Residences at Snowmass Club" owned?
What are the advantages of Fractional Ownership?
How is Fractional Ownership different from timeshare?
Can my “Chapter” of ownership be resold?
Can a legal entity purchase a “Chapter”?
Is financing available to purchase at Storied Places®?
Will I pay association dues?
Will I pay daily charges to use the homes?
Will I be required to pay special assessments in addition to regular association dues?
Will the expenses ever change?
Can I make changes to the property?

FAQs

How are the homes in a "The Residences at Snowmass Club" owned?

The ownership model of Storied Places® is based on the Fractional Ownership concept. Each home is divided into distinct, fee simple interests (fractions), known as “Chapters” which are 1/10th in size. Each owner owns one or more of such fee simple interests in one or more of the homes and designated common areas.

What are the advantages of Fractional Ownership?

You can own an exquisite home for less than the deposit, property dues and taxes ordinarily required to own such a home outright. It provides owners with the amount of access they need and want with flexible usage; removes the maintenance worries typically associated with second home ownership; and matches your investment with your needs.

How is Fractional Ownership different from timeshare?

Fractional ownership is governed by the Time Share Act in many states because there is no fractional legislation body. Fractional Ownership is not like the time share in that it is not sold and marketed like time share. Product quality and service exceeds time share, it doesn't have the same owner density as time share, 8 owners per home versus 52 owners for example. Most importantly our “Chapter” or fractions are fee simple deed real estate that can and do list on the MLS.

Can my “Chapter” of ownership be resold?

Yes. Like any real estate, an owner’s interest can be listed on the MLS, sold, willed or transferred by the owner, subject to the Condominium Documents.

Can a legal entity purchase a “Chapter”?

Yes. Ownership can be acquired in the name of a legal entity such as a partnership, corporation or trust. Up to four (4) registered owners may be listed and are given owner privileges based on Space Available.

Is financing available to purchase at Storied Places®?

Purchasers will have options for financing their Storied Places® purchase similar to financing a second home. Upon the request of an interested purchaser, a list of recommended lenders will be provided.

Will I pay association dues?

Yes. Storied Places® owners will pay association dues for the professional management and operation of all the homes, amenities, services and common areas. Storied Places®, Inc. is the contracted management company, a wholly owned division of Intrawest. Included in these dues are funds for salaries, supplies, maintenance, window washing, garbage removal, legal/accounting, insurance, utilities, property taxes, transportation, and reserves for replacement and/or refurbishing of Association facilities and other such things. Annual budgets are submitted by the association manager to the Board for approval, then to the Owners for ratification. The expenses in the budget are assessed equitably to each owner based upon the respective number and size/value of “Chapters” owned.

Will I pay daily charges to use the homes?

No. Costs for management, full weekly housekeeping with a mid week tidy, maintenance and other operating expenses are contained in the annual dues for each “Chapter”. However, personal charges such as long distance telephone, upgraded housecleaning service, groceries, spa treatments, greens fees and so on will be due after your stay. Additionally, each Space Available stay will be subject to a nominal fee per usage, as established by the Board from time to time.

Will I be required to pay special assessments in addition to regular association dues?

Only if the member-governed Owners’ Association determines that there is a need for a special assessment, then such assessment would be levied equitably based upon the allocation procedures for the annual dues. An owner may be assessed, as a personal charge, any costs and expenses for damage caused by the Owner or Owner’s guests, and other compliance issues as set forth in the Declaration. The annual dues include an adequate capital reserve that should cover normal wear and tear as well as roof repair.

Will the expenses ever change?

The expenses are based on the actual cost of maintaining the property, with budget review and approval at the annual meeting of the owners. The annual dues will fluctuate with the budget. The Association is able to change and control the budget.

Can I make changes to the property?

No. Not on your own. Since all the Storied Places® homes, amenities and common area are typically co-owned and available for use by all the owners, and owners must agree to the changes and/or improvements according to a majority rule or as stated in the homeowner legal documentation. Most changes would be planned for in advance through the owners’ association management. There will be a reserve account for holding and building funds for capital improvements, maintenance and repairs.