New Jersey State Approval

Question: If fractional ownership in resort communities is such an innovative and exciting way to own vacation property, why hasn't it been done at the Jersey Shore already?

Answer: It has been tried for years. The roadbloack has come from the the State of New Jersey. Properties that are offered for sale via fractional ownership need to be cleared with the state. In the past, the state has never signed off on these offerings due to the lack of available financing to buyers. In addition, no one locally has been able to adequately explain the concept to the state. Well, this Fall, that all changed. The state has now gained comfort in the viability of this option and is approving these transactions. Specifically, they are waiving the requirement of registering the single family home as a condo. They achieved this comfort level due to the emergence of competetive financing to the buyer and the diligence of those in the industry who have explained the concepts fully.

What this means is that the trail has now been blazed and we should expect to see the first-ever fractional ownerships offerings in communities like Avalon and Ocean City this Fall and Winter.