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Vinci Life markets shared ownership of high-end real estate

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Compass agent Joanne Nemerovski says it’s not yet a common purchase, but “there’s definitely a market for such purchases.” Her Mr. Nemerovski, who has a long career in the Chicago luxury home market, has nothing to do with Vinci Life. “There are people who don’t come downtown all the time, but when they do, they don’t want to stay in a hotel. They want to live as neighbors, not as tourists. I think it’s the way it is.”

David Gumperl Longtime real estate investor in Chicago He currently resides primarily in Santa Barbara, CA and is an investor backing Vinci Life. Among the potential buyers he envisions is, “You may be hesitant to sell your Winnetka home and move to town full-time, but you want the energy I saw at the Fulton Market this weekend. And then there are the suburban burglars who go to the Cubs game, go to an Elton John concert.”

These are not timeshares where the buyer purchases the right to use the property. These are actual property purchases by a group of eight shareholders. “What you really own is a piece of real estate, not time,” says Matt Laricy, his Americorp agent who represents Vinci Life’s. Fulton Market Condominium. Not using your share as much as you planned? Like many timeshare buyers, you are not bound by a contract.

There are risks. One is that joint ownership becomes the equivalent of a “hotel-condominium.” developed or proposed downtown in the early 2000s, Almost all failed because the cost and complexity alienated buyers. For another, unlike sibling ownership of a vacation home, shareholders who are unrelated to fellow owners can be awkward co-owners. It doesn’t.) Gamperl said it is primarily Vinci Life’s responsibility to resolve disputes between shareholders.

The Fulton Street condos are located in a building owned by Gamper. Other properties shown on the Vincci Life website, including the newly built 6-bedroom, 6,000-square-foot mansion on Orchard Street in Lincoln Park, are owned by others and are for sale. and identified by Vinci Life as: This property has great potential as a shared property. If Larisie lines up the buyer for her three shares in the property, Gamperle says Vinci Her Life will buy it and work on selling the remaining shares.

Nemerovski is the seller’s agent for one of those properties. A Cedar Street mansion priced at just under $6 million. She is aware of Vinci Life’s interest and states that the seller would accept an offer from Vinci Life.

Marketing efforts began in mid-July, but no buyers have yet taken stake in Vinci Life’s Chicago-area properties, Laricy said. No money will be exchanged until there are buyers for the stock, he said.

If the property sells all shares, Vinci Life will remain as property manager and handle maintenance, utilities, furnishings and other details. That is the expected source of income. Vinci raised about $895 a month for her one-eighth share of a condo in the Fulton Market Building. That amount covers taxes, utilities, maintenance, and other expenses typical of homeowners associations, leaving Vinci with about $91.

Vinci Life is a lot like San Francisco-based co-owned business leader Pacaso, down to performing under the artist’s name. Pacaso, who launched in 2020 with vacation homes in Palm Springs, Calif., Hilton Head, South Carolina, and Breckenridge, Colorado, among others, expects to sell 400 units in 2021 and 200 so far in 2022. said Whitney Curry, the company’s chief marketing officer.

Curry said of joint ownership: Siblings inheriting a lake house from grandparents: It’s joint ownership.A modern interpretation, such as Pacaso or Vinci Life, is that a buyer doesn’t have to gather friends and family to buy another’s shares. Pacaso and Vinci Life offer shares on multiple listing services, as do other properties for sale.

Another modern component is that scheduling is all done on the app. No need to sit down with a calendar and call a meeting to mark the appropriate time for each shareholder to use the house. “It’s more efficient,” Curry says. Owners can call on Dibs for holidays and other special occasions, but only on a rotating basis.

Gamper said that his company has a similar name to Pacaso, “It’s just a coincidence. There was a marketing study that suggested three names, and the one I chose is Vinci Life.”

One of the new Buffalo homes Vinci Life has listed as a potential property is a six-bedroom lakefront mansion priced at just under $7 million. His one-eighth share purchased at Vinci Life is just under $945,000. Spending $945,000 to get a $7 million setup makes life on the lake possible. Our lakeside prices are very high. “ says Liz Roch, an international real estate agent for @properties Christie, who represents the shares Vinci Life is offering in its New Buffalo home.

Roch said sellers wouldn’t be surprised by an offer from a jointly owned company. This is because many of the homes in his second home mecca are “owned by family and friend groups in LLCs (Limited Liability Companies).”

Both Vinci Life and Pacaso say the advantage of joint ownership is that it is relatively easy to sell because it is real estate and not as arcane as time-sharing. Since Vinci Life is a brand new startup, there is no sales data. Pacasso is also young, but Curry said shareholder resales to date have taken an average of 12 days, with sellers making an average profit of 12%. She did not disclose how many resales were made.

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