3/28/2023 0 Comments Park city time shares![]() Other companies might have different models. Pacaso - which had stopped acquiring homes in Park City while a City Council decision on how to manage fractional ownership was pending - does not retain ownership in a home after it is sold. The company buys luxury properties, sells the shares and acts as the property manager for a monthly fee paid by the owners. No fractional ownership applications will be processed for those areas until completion of the evaluation, which is to take no more than six months.Ī blog post by Pacaso, a San Francisco-based company that has 10 fractional ownership homes in Park City, says its model gives buyers more options to reduce the cost and hassles of owning a second residence. Staff members will conduct further study of three other zones where fractional ownership is allowed under the ordinance - residential development, residential development-medium density and general commercial - then report back to City Council. The zoning districts where the fractional dwelling units can be located include historic recreation commercial, historic commercial business, recreation commercial and regional commercial overlay. Noting that Park City’s General Plan supports a balance between residents and visitors, planning staffers recommended amendments to protect primary residential neighborhoods for full-time residents and to direct co-ownership to the zoning districts where timeshares and private residence clubs are allowed.Īnother recommendation was to consider incentives to keep primary residents located within Old Town, which is not in a zone that allows fractional ownership homes. However, this new model of Fractional or Co-Ownership and Use of Dwellings in primary resident neighborhoods is relatively new.” “The City has regulated Timeshares and Private Residence Clubs for decades. ![]() “Fractional use of property is not new to the community,” the report says. These homes also might be co-owned by unrelated people without an LLC, according to a Park City Planning Department staff report. ![]() Fractional ownership companies might create a limited liability company (LLC) for each home and then provide scheduling services, furnishings, maintenance and cleaning. The properties typically, but not always, are managed by a third party.
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