Northern Michigan Log Home - One Eighth Ownership Start Price USD 125,000.00 Current Price USD 125,000.00 Time Left - Bid Count 1 Buy It Now Price - Reserve Price - Start Time Monday, November 17, 2008 End Time Wednesday, December 17, 2008 Location Bellaire, MI See more about 'Northern Michigan Log Home - One Eighth Ownership' Description SquareTrade © AP6.0 vacationpropertiesnetwork Store TIMBER LODGE Bellaire, Michigan   Timber Lodge is a luxurious three bedroom, two and a half bath log home overlooking the 18th hole of The Chief Golf Course and Lake Bellaire.  This 3,600 square foot year round home has been professionally decorated in true Northern Michigan style.  It has two natural stone fireplaces, wet bar, home theater, fitness room, and outdoor hottub.  This beautiful home sleeps six, in two king beds, and one queen bed.  The office loft includes a desk and wireless internet. Located across from The Chief golf course and less than two miles from Hawk's Eye Golf course, you'll want to enjoy both championship golf courses.  FEATURES INCLUDE 3,600 square feet 3 bedrooms/2.5 baths Professionally decorated in northern Michigan style Custom gourmet kitchen with granite countertops and stainless steel appliances Wet bar, surround sound and custom lighting fixtures Office with high-speed Internet 2 natural rock fireplaces Professionally landscaped with waterfall feature Private golf cart Platinum Golf Membership Outdoor hot tub and swimming pool Registry Collection THIS AUCTION IS FOR THE PURCHASE OF A ONE EIGHTH OWNERSHIP (SIX WEEKS PER YEAR) IN THE TIMBER LODGE LUXURY LOG HOME. Frequently Asked Questions   What is fractional ownership and how does it work?Fractional ownership is similar to any other real estate purchase except that you are only purchasing a fraction of a home instead of the entire condominium. Under the fractional ownership concept, you receive a deed to your fractional share and to a specific unit which is insured by a title insurance company. Ownership of a fractional interest gives you the right to use the log home for a predetermined number of designated weeks throughout the year. For example, if you purchase a 1/8 fractional share, you have the exclusive right to 6 weeks of usage throughout the year.   How is fractional ownership different from a timeshare? Luxury fractionals differ greatly from the old-style timeshares. In traditional timeshare developments, an owner purchases time without ownership of the real estate – a specific week (or weeks) for a limited number of years. Many are simply vacation clubs. You never own the real estate – the developer keeps the deed for himself. In some timeshare developments you may only own time in a pool of units – not even a specific unit.   When you purchase a fractional interest at Timber Lodge, you are purchasing real estate – a home unit – your home! You get the deed. You can mortgage it, rent it, loan it to friends or family, gift it or leave it to your children or grandchildren in your will. Ownership at Timber Lodge entitles you to the exclusive use of your log home for six weeks throughout the entire year.   How was the fractional ownership concept developed? The fractional ownership concept has been popular in the luxury segment of the market for years. Owners of private jets, luxury vacation villas, exotic cars and yachts realized long ago that it didn’t make economic sense to bear the burden of ownership alone when you only use the assets a small fraction of the year. So the smart money turned to fractionalizing the ownership – including the benefits and burdens – of these luxury assets.   Are there motivations other than economics? For many, time is a major motivator. Owners can now relax instead of spending weekends working on their vacation home. At Timber Lodge, we take care of all the maintenance and upkeep for you – more quickly, more efficiently and at a lower price than you could do it yourself. You want to spend those precious vacations building memories with your family – not with the plumber or roofer. Also, shared ownership allows you to enjoy a larger, more luxurious vacation home in a premium location at a fraction of the cost.   Can fractional interest be purchased by a business or family trust? Yes. A fractional interest in Timber Lodge is and can be titled under a corporate, estate, trust or partnership name the same as other real estate.    Can a fractional interest in Timber Lodge be financed? Yes. A fractional interest in Timber Lodge may be financed with a conventional mortgage. The rates and terms are usually competitive with traditional condominium mortgages. We have established relationships with lenders who have several programs set up for Purchasers at Timber Lodge.   Can I sell my fractional interest? Absolutely. Owners are permitted to sell, transfer, gift or otherwise dispose of their fractional interests in accordance with the condominium documents. It can be listed the same as other real estate interests with any real estate broker.   I intend to mortgage my fractional interest. How does it effect the other co-owners of my unit? It doesn’t. Each owner gets a separate deed to their condominium unit which is fully insured by a title company. Each condominium unit represents a 1/8 interest, which, the personal financial situation of any one co-owner will have no effect on the property rights of the others.   Can I purchase more than one fractional interest? Yes. You may purchase as many fractional interests as you desire. Many purchasers purchase two packages back-to-back so they have multiple weeks in a row to use in all seasons.   Do fractional interests tend to appreciate in value? Generally speaking, yes. Luxury fractional interest condominium resorts have historically appreciated on a par with whole ownership condominiums. It all comes down to location, location, location! Each property is unique in terms of location, quality of construction, services offered and amenities. Golf Course real estate values in Northern Michigan have historically done well, but this is no assurance that prices will continue to rise and Timber Lodge is not being sold as an investment property.   I want to purchase a 1/8 interest. Can I choose the specific weeks I want? A 1/8 interest entitles you to 6 weeks of personal usage per year. In the interest of fairness, and to assure that you have equal access to each of the seasons, those 6 weeks are spread out ratably throughout the year in a predetermined fashion.   Do I get the same weeks each year? No. In the year of purchase you may choose the particular cycle you wish to start with. Each year thereafter your cycle will advance by one week. This insures that all co-owners have equal access to the prime weeks over a period of years. Your sales representative can furnish you with a written schedule so you will know the exact weeks available for your personal use, even years in advance.   What if my personal schedule won’t match up with a particular week in my cycle? You are allowed to trade weeks with other co-owners. The management of Timber Lodge will assist you in matching these trades. Also, you may decide to trade these weeks to similar property around the world through the Registry Collection.   What if I choose not to use one or more of my weeks? You have many options. First you may choose to leave it vacant that week. You may allow personal friends or family to use your unit. You may also choose to trade that week for another week that better fits your schedule. You can even rent the unit for income as part of our rental program. Finally, you can choose to trade it for a condo in one of the many luxury resorts throughout the Registry Collection   This auction is for the puchase of a one-eighth ownership (6 weeks per year) in the Timber Lodge Luxury Log Home.  Additional annual maintenance fees are required to maintain this home.  The fee for 2008 is $3,540.00.   Verified Ebay Seller. Squaretrade verification ID#: 014750722631 This listing is brought to you by Vacation Properties Network.  By listing this auction, I verify that I am the actual travel agent or travel provider and not a third party affiliate.  The travel/accommodations in this auction will be booked directly through me and not an outside agency.  I also verify that, other than the government taxes and related government fees stated within the listing description itself, there will be absolutely no additional fees, charges or after auction purchases associated with booking the travel within this listing. Place a Bid!