Second Homes 411

The dream of owning a luxurious second home in the heart of Santa Fe is becoming a reality thanks to the downtown area’s first—and only—fractional home-ownership opportunity: The Residence Club at El Corazon de Santa Fe. Quite possibly the last new-construction residential development to build in the downtown area, the Club is just three blocks from Santa Fe’s famous Plaza, countless shops, art galleries (over 200 downtown), museums, and popular dining destinations that appeal to all tastes. Even more appealing, the residence club lifestyle provides first class, luxury vacation-home ownership at a fraction of the price.
Club owner Pamela Michaelis, an Albuquerque resident who hosts a statewide radio show covering Santa Fe’s art scene says, “What won us over was literally the hassle-free ownership of it. We weren’t necessarily looking for a second home, but this opportunity was irresistible.” Owners enjoy virtually unlimited vacations, without worrying about repairs and upkeep, security, cleaning, and other headaches that often make second-home ownership unappealing. Michaelis appreciates the ease of their visits to Santa Fe, “We’ve never had any problems making reservations. The staff goes out of their way to   accommodate us.”
Considering the average second homeowner typically spends only three to four weeks per year at their property, fractional home ownership has proven to be a smarter way to own an exclusive home in one of North America’s most coveted and popular destination cities. New residential properties in downtown Santa Fe are quickly becoming scarce, with prices soaring up to $1,000,000. A comparable home at The Residence Club at El Corazon de Santa Fe starts at $130,000 – just one of the reasons fractional ownership makes sense to affluent buyers.
The luxury shared ownership concept has grown into a $2.1 billion industry, reports industry consulting firm Ragatz Associates. Residence clubs now grace some of the world’s most exclusive destinations, from Cabo San Lucas and Aspen, to Manhattan and Florence. Although often confused with timeshares and destination clubs, private residence clubs are really quite different. Residence club owners actually own deeded real estate, which can be sold, willed or placed in a trust just like any other form of real estate. The pampered lifestyle, financial value and promise of a lifetime of carefree vacations entice affluent buyers worldwide.
For those who long to experience the treasures of Santa Fe: the Georgia O’Keeffe Museum, the Wine & Chile Festival, the world-famous Opera, the “Luminarios” at Christmas, and the unlimited recreational opportunities, ownership at El Corazon de Santa Fe is ideal. Pamela Michaelis says the location is incredible. “We walk everywhere! The idea that we can leave our car in the parking lot and go to concerts, dinner, galleries – it’s just perfect!” Owners also enjoy a host of amenities and services including local spa (Rock Resort Spa) and golf membership benefits (Towa Golf Resort), pre-arrival grocery shopping and an on-site concierge.