Co-Ownership Home

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Submitted by XBoxBoy on April 23, 2021 - 11:00am

Here's a listing of something I've never seen before. This is a house across the street from Windnsea Beach. They've been trying to sell it for quite awhile with no takers. (Originally for sale at $12m and after 3 years were at $9m) Now they've relisted it as a Co-Ownership Home, and they are offering to sell you 1/8th ownership for $1,151,000

https://www.zillow.com/homedetails/6653-...

I wonder how successful this will be. Are there 8 people willing to pony up a bit more than a mil for an 1/8th of a house across the street from the beach? Perhaps this is the start of a new trend, or then again maybe this will be a flop. Should be fun to watch.

Submitted by The-Shoveler on April 23, 2021 - 11:37am.

LOL
IMO it really does not make much sense to spend Millions on a vacation home you only visit a few times a year, unless maybe you have 30 or so million sitting around doing nothing LOL.

Just book a room at a 5-star hotel, much easier and probably less than maintenance on a beach home IMO.

Submitted by spdrun on April 23, 2021 - 12:22pm.

Isn't this just a TIC (common in San Francisco).

Submitted by gzz on April 23, 2021 - 12:47pm.

Wow what a pretty house. Poor job with the MLS photos however, they are tiny and disorganized.

Submitted by sdrealtor on April 23, 2021 - 2:08pm.

Fractional ownership. Seen it done from time to time or at least attempted to be done

Submitted by The-Shoveler on April 23, 2021 - 2:24pm.

Seems like an idea that could go really bad quickly even among family members.

Submitted by XBoxBoy on April 23, 2021 - 2:58pm.

The-Shoveler wrote:
Seems like an idea that could go really bad quickly even among family members.

I would think even worse idea among family members. Nothing like a good sibling rivalry to mess up this sort of thing.

Submitted by scaredyclassic on April 23, 2021 - 3:39pm.

timeshares....

wonder how it would work if one of the owners refused to vacate for another owner's turn. just stayed there forever.

Submitted by pluto on April 23, 2021 - 4:24pm.

Seems like they want it to work as a timeshare. If you ask me, who ever owns that place probably needs cash soon.

Submitted by scaredyclassic on April 23, 2021 - 5:00pm.

sell 52 shares. then everyone moves in at the same time. a bargain! but crowded.

Submitted by sdrealtor on April 24, 2021 - 10:58am.

Its owned by an investment fund/LLC. I vaguely remember seeing it on IG. Maybe used as short term rental

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