What does fractional ownership mean? Would I be sharing this space with someone else?

Asked by Vikiseed, Gualala, CA Fri May 18, 2012

--
This question is about this property: http://www.trulia.com/property/3079347256-117-Ashley-Ave-C-C…

Help the community by answering this question:

+ web reference
Web reference:

Answers

9
Dan Simon, Agent, Charleston, SC
Fri May 18, 2012
I just spoke with the listing agent for this property. It has been entered incorrectly/ by mistake as "Fractional Ownership", he will be making a change right away to reflect this. This is being sold as a separate condo unit (no sharing).
3 votes
Connie Dittr…, Agent, Mt Pleasant, SC
Mon May 21, 2012
Fractional ownership is usually when you own a portion of a property for a specified term such as a "timeshare". As noted previously, this condo has be incorrectly described as "fractional ownership." If I can help you in any way, please feel free to contact me.
Hope this helps! Have a great day Viki!
0 votes
Imogene Thom…, Agent, Charleston, SC
Fri May 18, 2012
Thank you for your email request for information about home ownership. As the other agents have mentioned, this condo was listed incorrectly as a "Fractional Ownership" in the multi listing system. This is an older home with five condos making up the sum total of the square footage of the property. This is the smallest unit in the home having one bedroom, one bath and sqft. of 775. The other units are larger and were priced accordingly when sold. You will have some "shared spaces", since this is a home: the front and back yards, porches, stairways, and parking spaces. If I can help you with your home search, please give me a call. Imogene Thomas 843-860-2247 Good luck!
0 votes
Doug Holmes, Agent, Charleston, SC
Fri May 18, 2012
Fractional ownership is usually for resort properties where you own a certain number of weeks per year at the property. Which weeks you get probably vary from year to year. As others have answered here, this property is probably mistakenly listed this way. It is doubtful that it is truly a fractional ownership situation that I described.
0 votes
Joshua Calve…, Agent, Charleston, SC
Fri May 18, 2012
Fractional ownership is usually when you own a portion of a property for a specified term such as a "timeshare". I recommend you find a good Realtor in your area and have him/her clarify this listing for you! Hope this helps! Have a great day Viki!
0 votes
Dan Mengedoht, Agent, Charleston, SC
Fri May 18, 2012
I don't think it was a Trulia feed problem... it is listed in the MLS as FRO.
0 votes
Dan Mengedoht, Agent, Charleston, SC
Fri May 18, 2012
Viki,
I looked up the listing and I see why you asked the question now. I think that it was mistakenly input as a fractional ownership. The listing remarks do not mention anything about FRO. It should really be SFA, or Single Family Attached, which is the designation used for Condo in our MLS.

Please call me at 843-478-9366 if you need help with anything else.
Best Regards, Dan
0 votes
Michael Schu…, Agent, Mount Pleasant SC 29464, SC
Fri May 18, 2012
Dan is correct.
But at that price, I'm pretty sure something went wrong with the Trulia feed, as our MLS lists it as a condo and not fractional ownership. See this link... http://ctarmls.com/CharlestonReports/ListitLib/show_report.a…
Michael
843-442-1291
0 votes
Dan Mengedoht, Agent, Charleston, SC
Fri May 18, 2012
Yes, but not at the same time. Usually vacation homes. You get to go to the beach for 2 weeks out of the year, or whatever the particualr terms for the fractional ownership are.

All the Best, Dan
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more