- What is a Shared Private Residence?
Shared Private Residences, also known as Private Residence Clubs, are the top tier of Fractional Ownership. They provide outstanding value and convenience to their owners combining the security of real estate ownership, ease and flexibility of use, and genuine first–class services and amenities. Located in premier resort destinations, on prime sites, Private Residence Clubs feature extraordinary architecture and design, and provide the highest levels of amenity conveniences.
- What are "Paramonte Private Residences"?
Shared Private Residences featuring lavish three bedroom suites attached to The Lodge & Spa at Cordillera. Paramonte is a unique combination of location, luxury living, superior amenities, unrivaled privileges and personalized, world–class service.
- Who benefits from Shared Private Residence ownership?
Shared Private Residences are ideal for those who want the advantages of traditional, second-home ownership with personalized services but cannot justify the investment because of limited use.
- What are the sizes and specifications of the residences?
Each Paramonte residence will feature approximately 2,000 square feet of graciously appointed living space, including three bedrooms, three–and–one–half baths and two terraces with an outdoor fireplace. Homeowners will enjoy high ceilings, multiple fireplaces and magnificent views. A professional interior design team will create the exquisite finishes, complete with furnishings and equipment fitted to international standards.
- Is a Shared Private Residence the same as timeshare?
The only similarity between this luxury product and timeshare is that ‘time’ is the factor used to split up usage, and ownership of the property. In every other way, it is fundamentally superior. Most owners think of Fractional Ownership, and in particular Shared Private Residences, as being more like traditional whole ownership without traditional whole ownership expenses.
- Why has the fractional concept become so popular?
Primarily because it makes sound financial sense. Savvy buyers around the world are realizing the economic benefits of purchasing only as much of an asset as they intend to use. Because of this basic notion, the fractionalization of private jets, luxury yachts and exclusive resort homes has become a multi–billion dollar industry.
- What are the primary advantages of Shared Private Residence ownership?
- Owning a luxury residence at a fraction of the cost of whole ownership while enjoying award-winning design, furnishings and premier locations.
- Enjoying first-class hotel services that are not normally available to second homeowners.
- Having the use of an extensive range of amenities for your leisure time enjoyment.
- Knowing that your property is professionally managed, avoiding the maintenance issues and concerns typically associated with second residences.
- The availability of travel options to other premier destinations.
- Is ownership in a Shared Private Residence the same as owning real estate?
Yes. At Paramonte, homeowners will enjoy the rights, privileges and security of owning ultra-prime, fee simple real estate. This means that they can sell their property to whomever they choose at any price, bequeath their share to their heirs, allow friends to use it, invite guests to share it with them, and above all, enjoy it themselves.
- What fractions are going to be offered at Paramonte?
Homeowners will each own a 1/8th interest in a residence.
- How often can homeowners stay at a Paramonte home?
Although homeowners are guaranteed a minimum of six weeks of use per year, they can stay as often as they choose, subject to availability.
- Do all homeowners have equal access and equal privileges?
Yes. All homeowners are privileged and no one is permitted to monopolize holidays or other high-demand dates.
- Are the residences maintained on a daily basis, similar to a luxury hotel?
Yes. Paramonte will be professionally managed and maintained to the highest standards by the staff of The Lodge & Spa at Cordillera.
- Can I rent out my time when I am not using it?
Yes. You can rent to whomever you please. You can use any rental management group you please. However, many homeowners will choose to take advantage of the skills and marketing network of the management group at The Lodge & Spa at Cordillera, Paramonte Residences' management company.
- Are Paramonte homeowners able to exchange with any other clubs?
Yes. Paramonte will be affiliated with one of the world's largest network organizations that specialize in facilitating exchanges into other Private Residence Club homes around the world. These are NOT timeshare exchanges. Paramonte homeowners will only interchange with other world–class destinations and accommodations.
- Do Paramonte homeowners have access and privileges to the amenities of The Lodge & Spa at Cordillera?
Yes. Homeowners and/or their guests will have full access to the many amenities, services and privileges of the Lodge while they are in residence.
Services and amenities:
- Valet parking
- Room service
- Discreet twice daily housekeeping
- Access to The Lodge & Spa Lounge
- Pre–arrival and on–site concierge services
- Access to The Lodge & Spa's state–of–the–art exercise room
- Casual and fine dining at The Lodge & Spa
- Access to a world–class, full service spa
- Secure storage for your personal belongings
- Underground parking with direct residence access
- 24-hour security
- Access to The Lodge & Spa meeting and conference rooms*
- Personal grocery items stocked prior to arrival*
- Personal chefs and waiters to cater for you at your residence*
* These services are offered at additional cost.
- Can a share in Paramonte be resold?
Yes. There are several real estate brokerages in the Vail area, including Slifer, Smith & Frampton, that would be happy to list your fraction for re–sale.
- Do Paramonte homeowners pay Annual Maintenance Fees?
Yes. Homeowners pay an Annual Maintenance Fee that includes: professional management and operation of the residences, and access to the additional benefit programs provided by Cordillera Homeowners Association and The Lodge & Spa at Cordillera. These annual fees are each homeowner's pro-rata portion of the funds required to cover operating costs including, but not limited to: the ongoing administration of the Club, the reservation and customer service system, satellite TV and high–speed Internet costs, staff salaries, supplies, maintenance, gardening, cleaning, housekeeping, laundry, legal, accounting, fuel, utilities, insurance, property taxes, a reserve fund for the replacement and refurbishing of the facilities on a regular cycle to maintain the standards, and other costs associated with operating the membership program and Shared Private Residences at Paramonte.
