June 2nd, 2014 – FOR IMMEDIATE RELEASE
Nick Leonard, Owner – [email protected] – (651) 308-0766
Alan Olson, Broker/President Century 21 Vista – [email protected] – (218) 205-7128
Detroit Lakes, Fergus Falls and Perham Chambers of Commerce to host a ribbon-cutting ceremony on Friday, June 6th at 1:00 PM.
DENT, MN—The Leonard Family, owners of East Silent Lake Resort, are pleased to announce that they will hold a ribbon-cutting ceremony for their newly constructed vacation home onsite at 1:00 PM on Friday, June 6th.
“We’re happy to introduce the public and our many loyal guests to the newest lake home at East Silent Lake Resort,” said Nick Leonard, Owner and Vice President. The ribbon-cutting ceremony for this new 3 bed/3 bath, 2500 square foot home also marks the launch of a new era of resort management and lake home ownership in this region. According to Leonard, “East Silent Lake Resort is committed to preserving the family resort experience for generations to come”. To do so, however, resorts may have to think outside the box. Embracing a new way to manage a resort and own property on a lake, East Silent Lake Resort is delivering a new kind of vacation opportunity via fractional share ownership.
The phrase “fractional ownership” is generally used to describe a “shared ownership” of a common interest community. Simply put, it is a percentage share of an asset. East Silent Lake Resort is offering the most common form of fractional ownership, quarter-share ownership, which is an undivided one-fourth interest in real estate, together with the rights to thirteen weeks of use. Designed with today’s fast-paced society in mind, common interest community fractional ownership is great for busy people, according to Alan Olson, Broker/President Century 21 Vista, Inc. (Fergus Falls, Battle Lake, and Ottertail). “All you have is to do is the math.” On average, people use a vacation property 26 days a year, notes Olson. Fractional ownership gives people a way to increase their useable vacation days. If a person were to purchase a one quarter ownership of a common interest community resort or vacation property, for example, they would have access to that property for 13 weeks of usage rights or one week each month.
There are several advantages to this sort of arrangement according to Leonard. First, a fractional owner can more affordably purchase lake property based on the amount of time they would realistically be using the property. New 3 bedroom/3 bathroom, 2000+ square foot vacation homes start at $125,000. Second, fractional ownership is maintenance-free. “We take care of EVERYTHING” according to Leonard. “From garbage to taxes, lawn care to bed making, and dock installation to furniture replacement, our property management services afford owners a hassle-free real estate investment.” Third, many buyers are attracted to resort ownership due to the rental revenue potential. Sometimes owners get too busy to utilize their vacation property. Instead of feeling guilty, owners at East Silent Lake Resort generate income by participating in the rental management program. Finally, according to Leonard, owners at East Silent Lake Resort are buying more than a cabin. These lake homes come with complete access to an extraordinary variety of recreational opportunities. “All of the programs created for our resort guests are also available for our owners…pontoon rides, ice cream socials, children activities, campfires with the pre-cut wood, and of course, the number one favorite resort activity…s’mores!”
Representatives from the Detroit Lakes, Fergus Falls, and Perham Chambers of Commerce are scheduled to be on hand to assist in the ribbon-cutting. The event is open to the press and tours will be given immediately following the ribbon-cutting.