Fractional real estate listings for sale on Isle of Palms SC and Wild Dunes Resort. Sometimes referred to as interval ownership,
partial share, fractional property ownership has become very popular because buyers understand they usually only have but so much time to spend in their second / vacation home. In Wild Dunes and on Isle of Palms in SC the most common fraction for sale on MLS is 13th which equates to 4 weeks, but it can be all over the place, and price depends on the location (like with all real estate), the share size, and of course market demand. The most available fractional real estate listings on Isle of Palms or Wild Dunes will usually be condos and villas but there are a few single-family detached homes as well, but no oceanfront detached that I know of. There are a few fractional homes on Sullivan’s Island as well. If you’re interested in all the fractional ownership of the Charleston SC area, there are also options on Kiawah Island, Sullivan’s Island, and Folly Beach.
MLS Listings Data
| Total Listings: | 5 |
|---|---|
| Average Price: | $233,000 |
| Highest Listing Price: | $549,000 |
| Average Days On Market: | 142 |
5 of 5 listings found — map results shown
Now Is the Best Time to Sell Your Home
$509,737
Avg. Sale Price
HOW DO FRACTIONAL OWNERSHIPS WORK?
So why pay for all of the expenses yourself when you can only enjoy it a few weeks a year anyway? The first thing you must know is it’s NOT a timeshare. In a timeshare, you don’t actually have ownership in the unit you simply own the time. It may seem the same but here is how fractional ownership is different. The biggest difference between timeshare & fractional ownership is that with a timeshare you buy the right to use a property, but with fractional ownership, you are buying real estate and get a title. You get a deeded piece of real estate because you are essentially purchasing shares of an LLC. With fractional ownership, you also reap the rewards of equity growth or decline just with any real estate investment. Generally speaking, the reason fractionals are used is to save money. Every fractional endeavor requires some sort of oversight, and there are one or a few “managing partners” who take care of responsibilities as well as enforces the regulations (which are agreed upon before the fraction is purchased) to the degree laid out in the legal ownership documents. Each owner is guaranteed a prescribed amount of access to the asset and shares (fractions) are divided up almost like stocks. However, in real estate is it done in portions that fit within allotted weeks or months and [rarely if never, back to back]. Nine times out of ten each share-owner has their week(s) dispersed throughout the seasons so everyone is hopefully given equal enjoyable weather. Then your weeks are moved up or back one week the next year. Interval ownership can be split up in half, to as little as only two weeks (but that is rare). There are monthly or quarterly dues which can range from usually as little as $300 a month to $700+, of course depending on the property and share size.
Each owner will get a calendar schedule of the share break down with their allotted weeks, along with contact info and names of the other owners. When you purchase a fractional all the owners work together to make decisions on behalf of the benefit of the group and property. No one owner can make changes. If you can’t make one of your allotted weeks it is common for owners to swap/trade weeks to be friendly to other owners.
Your monthly or quarterly dues are used to pay for things like – real estate taxes, cleaning services, monthly regime fees (if condo), resort POA dues, property management fees (if any), and repairs.
Can I rent out my unused weeks? –
Usually NO. The reason being is because you own with usually 8 or 9 other couples or families and people want to know who is coming and going, so 9 times out of 10, most fractionals do not allow renting out of your unused ownership time. You may be able to allow your cousin to bring their family, and then take money from them, but you can’t advertise and allow strangers to rent. There are a few properties around Charleston where they do allow it, but it is on a random basis. We would have to get the governing docs to see.
Are pets allowed?
95% of the time NO, primarily because most fractionals are in a condo development and the condo documents do not allow pets (mostly dog because of insurance liability), and secondly potential for accidents in the unit. If you’ve got to have your dog, the detached homes will sometimes allow pets. So look at a house listings that is a fractional and not condos.
When Can I come View One?
These are essentially vacation rentals, that have property managers and “tourists” except the tourist is one of the other partner owners. So they adhere to a traditional vacation schedule and the other owners do not want to be bothered while they’re enjoying their week. Since there are maid services coming on Sunday usually (at least in Wild Dunes), all showings are allowed during that time, when the turn over cleaning time. So no showings during the week, or on Saturdays. Unless the turnover day is on Saturday.
How Are They Paid For?
These are all cash transactions, the only way I know of people getting financing for them is if they have another property they can get an equity line on, that pays cash for the purchase of the fractional.
How are renovations, updates, and repairs handled?
There is a “share manager” or whatever each fractional group wants to call theirs, essentially someone who is the point-man/woman, who is willing to take on all the responsibilities for everyone else. If you have a suggestion about a renovation you bring it up to them, they bring it up to the group. The group votes on it, and boom that’s it. Then that “share manager” would put out bids for getting work or renovations done, purchases new furniture or furnishings for the unit/property.