Sorry the fractional ownership option has been rescinded by the developer. Units are only available in full title participation.

Imagine .. a fabulous waterfront home

.. a luxury resort atmosphere

Luxurious interior living spaces

.. a family oriented vacation setting

Relax on your private beach

      .. and 13 weeks per year of unrestricted personal use in a 4 season
         recreational paradise.

       Hiking

for less than 200k

Paddlewheel Villas fractional ownership units will be fully furnished and outfitted commensurate with a 4 to 5 star luxury resort and include an electric boat lift, 6-7 person hot hub, patio furniture, appliances, electronics, beddings, kitchenware, and attentive details, right down to the fax machine and personal computer.

Fractional ownership is the hassle free and affordable way to make your lifestyle dreams come true or the way to have your lake (opps I mean cake) and eat it too.

Fractional Ownership: Frequently Asked Questions (FAQ)

.. I have only been shopping for a wholly-owned second home, why would I consider a "fraction"
Fractional ownership may work for your goals and circumstances and it may not. Most purchasers who invest in a "fractional" recognize their schedule does not allow more than a couple of weeks to a couple of months a year to holiday at their vacation home. With fractional ownership you can get the quality and level of luxury you want and only pay for the "fraction" of time you utilize your new home.

.. How does it work?
Fractional Ownership consists of owning an "undivided fractional fee simple interest" as a tenant in common in a unit specific property. In simple terms it is similar to any other real estate purchase except that instead of purchasing the whole property you are buying your vacation home with other owners who will share costs and enjoyment with you.

.. Is this a time-share?
Absolutely not. With time-share a vacation property (traditionally corporately owned and controlled) is usually "divided" and the purchaser acquires vacation time but not a legal title or an interest in a legal title. With Paddlewheel Villas you will become a registered owner or more precisely a co-owner with an "undivided one quarter fee simple interest" with the accompanying full rights of ownership.

.. Who is likely to buy the other fractions of my unit?
Typically someone similar to yourself. Fractional buyers in other resort areas have traditionally been discriminating families seeking a higher calibre lifestyle product by leveraging the magnitude of their investment, or families who can afford a second or vacation home but can not justify or warrant the expense as they only intend to occupy it a few weeks or months of the year.

.. Why fractional?
Fractional ownership first originated in the airline industry with the ownership of private jets. It proved to be a very successful solution to "the high value, but low use" investment dilemma of obtaining and maintaining a private plane. In 1994 fractional ownership debuted in the American real estate industry and the concept quickly spread to resort areas such as Florida, Aspen, Tahoe, and Whistler. With escalating real estate prices and enhanced consumer demand for lifestyle and vacation homes it is now common in many of the resort areas throughout the world.

.. What are the benefits of fractional ownership?
The obvious benefit is that you get full use and enjoyment of a property greatly exceeding your individual investment for periods well in excess of the average families allotment of holiday time. Secondary benefits include; the option to generate revenue while not occupying it, the capital appreciation of the investment, the preferential tax advantages should you opt to rent it, and the overall hassle free maintenance and ownership package.

.. Is fractional ownership complicated?
No, essentially you will only have two documents, the purchase agreement between yourself and the seller and the shared ownership agreement between yourself and the other owners of your unit.

.. What will be specified in the Shared Ownership Agreement?
The shared ownership agreement will specify the personal use schedule attached to your fraction, your units’ rental program election and your first year election to be self or professionally managed.

.. Will I always get the same weeks?
No, unlike a timeshare where you traditionally get the same week every year fractional properties usually rotate the schedule 1 week per year to provide equity i.e. every forth; Christmas, New Years, spring break, Canada Day, Labour Day etc. The biggest difference between the traditional fractional ownership model and the Paddlewheel Villas model will be that high demand and peak summer period (last 4 weeks of July and the first 4 weeks of August) will be grouped in 2 weeks blocks with each owner having 14 consecutive days.

.. Once I own my property, can I swap dates with other owners?
Absolutely, exchanging dates and combining of weeks can be done at the discretion of the owners. This may be particularly desirable where different school systems or provinces have different holiday schedules. Your usage calendar shows your exclusive use dates years in advance and gives plenty of time to make changes with other owners.

.. Will I interact with the other owners in my unit?
We would encourage it, but it may not happen. The shared ownership agreement calls for a yearly meeting of the owners but also provides that this meeting can he held electronically or in person. If the owners elect to manage the home themselves they will likely talk/correspond throughout the year to discuss rental options, stocking, maintenance issues, etc.

.. What if I want to sell my unit?
Your Paddlewheel Villa interest is yours and you would be free to sell it with full discretion to determine asking price, marketing, exposure etc. Selling expenses and capital gains would be your sole responsibility. Each share however would have a registered right-of first refusal which would firstly allow the remaining owners to participate in proportionally increasing their ownership then secondly allowing a singular existing owner to purchase your interest.

.. Can I pass on or will my interest to a family member?
Yes, and the passing of your interest to an immediate family member, the addition or removal of a spouse, and a transfer between a corporate entity and a director or shareholder are the three circumstances that would not trigger the right of first refusal clause. A proposed transfer to a non- arms length third party would.

.. Are all the fractions the same size?
Yes, all fractions are one-quarter ownership.

.. How would revenue and expenses be allocated?
Revenue and expenses would be allocated according to your agreed shared ownership agreement.

.. Who will pay bills and manages the property?
Either the owners (or the owners representative) or the management services provided by the resident manager depending on the election made in the shared ownership agreement. It should be noted that the shared ownership agreement provides for a yearly renewal election by both the owners and the management service.

.. Could I allow others to use my unit during my personal use time?
Yes, it would be presumed that guests, relatives, employees would be entitled to use your unit during your designated personal time (unless yourself and the ownership group of your unit had unanimously amended your shared ownership agreement) Owners would be would be responsible for their guests during their personal use time.

.. Would my unit be rented?
That would depend. Contrary to the majority of fractional ownership properties or "Private Residence Clubs" where you have no choice but to enter into a management/rental agreement as a condition of sale, at Paddlewheel Villas that choice is entirely up to you. Owners can elect to rent the property while not occupying or designate it as personal use only. The choice is entirely up you and your co-owners.

.. Would all the units have the same rental agreement?
Not necessarily. Buyers would be grouped according to the rental/personal use program they feel best suited to for their lifestyle/investment purpose. Initial market testing and past vacation properties sales suggests two similar but different buyer profiles. The first with a "summer use, maximize the off season revenue, and see you next summer" attitude, and the second with a more 4 season personal use perspective. A fall golf trip, a family Thanksgiving, a white Christmas, an intimate New Years, Vernon Winter Carnival, a spring break ski trip, a Universitys’ out unwind, a early season golf getaway, an extended May long weekend, etc.

.. Who would administer the rentals?
Owners would be free to elect to use the Paddlewheel Villas on site rental provider, to administer it themselves, choose their own rental provider, or to use a combination of the above.

.. What if I want to change my rental or personal use program?
Owners would be free to change their program with unanimous approval from the ownership group of their unit.

.. Will I have to decide between a specific unit and a specific program?
Perhaps. To achieve the greatest harmony and long term customer satisfaction, owners of a specific unit will be organized according to investment goals and objectives. Paddlewheel Villas fractional sales will not become "unconditional" until a buyer executes to a shared ownership agreement which contains an initial ownership use schedule that can only be changed by unanimous consent. Buyers may have to choose between a specific unit and a specific personal use plan depending on priority registration. Proposed models and rental projections will be available soon.

.. Who would clean my unit?
If you choose to be self-managed or to administer your own rentals cleaning would be the responsibility of your own group. Professional cleaning would be provided prior to guest and / or owner visits if your rental was managed by the on site rental provider and would likely be required by outside rental providers.

.. Could I participate in more than one fraction at a time?
Absolutely. You could own one, two, three, or all four quarters of a unit with your share of revenue and expenses adjusted accordingly. Conversely it would be possible to own fractions of multiple units that were on the same schedule.

.. Could I organize or control my own ownership group?
Yes, depending on availability you may be able to organize similar minded friends, relatives and acquaintances and acquire all the interests of a particular unit.

.. Will all units be sold fractionally?
Not necessarily. Unit 1 is wholly owned by the resident manager and at the present time future buyers still have the option of purchasing the all the fractions of a unreserved unit. Once a unit has 2 fractional reservations it will be no longer be offered wholly.

.. What happens when things need replacing?
As per Fractional Ownership Costs (under the Operating Costs, GST and Taxes) the strata corporation will be responsible for the maintenance of the exterior of the building and the grounds including dock, beach, parking, etc. The owners of the unit will be responsible for unit specific furnishings as per the shared ownership agreement.

.. Would I have my own private storage area?
Yes, each unit would have a lockable storage room as well as individual lockable storage lockers.

.. Is Financing Available?
Financing is available but borrowers who want to secure financing against their Paddlewheel Villas title should expect to pay higher rates due to the chartered banks comfort (or lack of) with the non-conventional title. More favourable financing would likely be readily available through a home equity line or through the finance of an alternate property.

.. Do fractional owners each get a vote at a strata meeting?
No, Paddlewheel Villas consists of 5 units, each unit gets 1 vote regardless of how many owners are registered on title.

.. What will the strata fees be?
If you owned one fraction your strata fees would be simply be one-quarter of a full unit or approximately $60.00 per month.

.. Should I expect appreciation or depreciation on my investment?
As your Paddlewheel Villa investment is direct ownership of a deeded property you should expect appreciation or depreciation dependant on the market for that type of property. In Whistler where property values went from high to higher, then down, and then back up, the fractional properties followed the market. Most people have their own (and varied) opinions and predictions for the future but my crystal ball says waterfront in the Okanagan is “Blue Chip” or better. (especially when you consider the average sale price of the last 4 single family waterfront lots in the Vernon area was just over 500k)

.. Is there a resale or secondary market?
This is the first project of its kind in the North Okanagan area but in other resort areas fractional ownership properties have enjoyed strong resale markets.

.. Can my fraction be purchased corporately?
Yes, however the shared ownership agreement requires the corporation to appoint an individual (contact person) to assume the actions and the liabilities of the corporation. Due to the complexity of the Goods and Sales Tax applicable to the purchase price, the treatment of capital gains and the possible Goods and Service Tax liability on the resale it is strongly recommended that buyers seek independent professional tax and legal advice relative to their own personal situation before the registration of title.

.. Are there any other benefits for fractional owners?
Yes, fractional owners will have shared use of 2 canoes, 2 kayaks, 4 mountain bikes, water trampoline, water volleyball court, horseshoe pit, bocce balls, beach loungers, and other vacation enhancing extras.

.. Are Hospitality Services Proposed?
Yes, depending on demand, proposed hospitality services that may enhance your own or your guest’s Paddlewheel Villas holiday experience include (for a fee or as a enhanced guest package) airport pickup and delivery, welcome reception, complete grocery shopping, full or partial meal preparation, child care, in house (or on deck) professional massage, slalom course and tournament boat availability, wakeboard/water-ski lessons, golf excursions, wine tours, patio boat cruise and more.