Montage Resort

If you have been in debt before, you understand how it feels. Debt can feel like an elephant on your shoulders day in, and day out. Many people feel as if there is no hope when you feel you owe your soul to creditors and collectors. Bankruptcy seems to be the only choice at this point whether for your business or for you personally. Is Bankruptcy the choice you should take?

That question is not so easily answered and there may be many things that the general public does not necessarily understand about bankruptcy. Bankrupcy, for the most part, is a societal and governmental means to finding the right solution for your debts when all else has failed. As it stands now, if you file for bankruptcy and are granted bankruptcy, you most definitely deserve it. The laws that govern the various types of bankruptcy make it almost impossible for someone to claim if they don’t necessarily need to. The amount of paperwork has increased, the court fees have increased, and the overall trouble to file has made it quite a struggle for just anyone to qualify for bankrupcy.

Before such action is taken, there are programs to help you get out of debt such as debt consolidation and consumer credit counseling services. These types of services consolidate your debts in to a small, structured payment plan. These services somewhat mimic the same concepts that bankruptcy to get you out of debt. For example, if you file for chapter 13 bankrupcy, all your debts are to be paid off in a structured payment period of between 3-5 years. Often times, like debt consoladation, the amount you end up paying is less than what you originally owed. You get to keep your possessions and your debt is cleared.

So which method of getting out of debt should you take? It should be situational and based on every individuals specific case. Probably the best method would be to speak with a credit counselor in regards to your personal debts. Understanding your debt and the options to you are usually the primary step in making a wise decision about your credit. If your debt is beyond help and you’ve exhausted all other methods, maybe you should consider bankruptcy.

One major thing to remember is that you should never be ashamed to claim bankruptcy. Individuals get caught in the preditorial credit trap and have sales people pushing credit cards in their face every time they shop. We are not taught in school about finances as much as we should be. We are not prepared for the “big business” world when we graduate high school and we definitely know nothing about living on our own. The good part is that there are a number of institutional answers and guidance which are available to every consumer nationwide. The worst thing you can do about your debt is to do nothing at all.

Gage
writer, web-publisher

Bankrupcy

Debt Consoladation

Consumer Credit Counciling Service

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Fractional shares (”fractionals”) are sometimes confused with other vacation property options, such as time shares and condo hotels. While there are similarities, there are a number of things that make fractional shares unique, and thus suited for a certain type of vacation property buyer.

Fractionals, also referred to as private residence clubs, are similar to condo hotels in that they can be put into a rental pool when the owners are not using the property. Also, fractionals are considered a second home purchase with interest and equity benefits that go along with ownership. But unlike a condo hotel, fractionals are typically luxurious private homes located in the most exclusive areas.

Although they are available in studio and one-bedroom units, most are larger with several bedrooms, family rooms, pools, decks and outdoor recreation areas, and a host of other features that make them exclusive properties. A fractional property would be out of the price range of most individuals, but because ownership of the home is divided between a small group of people, this upscale lifestyle becomes affordable.

Typically fractionals are split in 4 to 8 shares, which means that arranging time at the property is less competitive than other types of shared ownership properties. There is no requirement that you have contact with the other owners, but many do develop friendships or at least get to know each other at annual ownership meetings. How involved you want to be with the other owners is up to you.

Even those that could afford to purchase a million dollar vacation home may only be able to use the property for a total of a month or two during the year and might feel that it is not a wise investment. Fractionals allow owners to decide how often they want to use the property, with packages ranging from two weeks to three months (not consecutively). Prices vary accordingly.

This is an ideal situation for those who enjoy staying at quality lodging when on vacation and prefer to put money toward their own investment, rather than putting that money into the pockets of a hotel chain or resort management firm. When you own a fractional, you can rent it out yourself or offer it to friends and other family members. And if you decide that you want to sell your share of ownership, you are free to do so at any time. Or you can will it to your children or other designee.

Fractionals first became popular in the posh ski resorts of Colorado and Utah and beach communities of California and the Caribbean but have spread to other areas of the country, including Florida. In fact, fractionals are the fastest growing sector of the timeshare industry, growing over three times faster than the industry as a whole

One of the reasons they are so popular is because since you purchase deeded ownership to your share of the property, banks offer more favorable financing for fractionals than for other shared ownership options, often treating them as second home purchases. Because there are far fewer fractionals available than timeshares, their value tends to increase, making them a better bet for banks to finance.

Another benefit of fractionals that makes them popular to buyers is that many of them come with an option to upgrade to a larger residence if one is available. And some fractional properties are owned by organizations with units in other parts of the country or world, and they will allow you to transfer your scheduled time to one of these other properties. So you may own an oceanside unit in Florida, but can spend a weekend skiing in Aspen, while staying in the same luxurious comfort, often for no additional cost.

And with a fractional, you don’t have to worry about maintenance, repairs, or other ownership responsibilities that can get overwhelming with a second home. All of these services are included in your annual maintenance fee, which is similar to membership fees paid by those who belong to a homeowners association or gated community.

Many fractional properties are managed by lodging and hospitality experts like Ritz-Carlton and Four Seasons. This ensures that your property will be well maintained and offer the best in guest services and amenities. And if you have the option of placing your unit in a rental pool on a rotating basis, the reputation and sales clout of the management company increases the likelihood that the unit will be rented.

Perhaps the biggest appeal of fractionals is the personal service you receive from the staff. Prior to arriving, they will ready the residence for you, decorating the home with photos, artwork, books, DVDs, bedding and other personal items you keep in storage. They will purchase food according to your instructions and add a hide-a-bed or crib if needed. Everything is ready for you when you get there.

If your home is located in a resort community or luxury hotel property, you also receive the services and amenities that go along with the location. This often means access to golf courses, marinas, spas, and other desirable extras. All of this comes at an average price of $100,000 to $500,000 depending on the total sale price of the home, the number of weeks in your package and the number of other owners.

There are many benefits and perks that come with fractional shares, but they can come at a hefty price. Make sure it’s right for your budget. If not, there are other vacation property options that may suit your needs.

For more on finding and buying fractional shares, check out Make Your Next Home a Resort, the 2005 Guide to Condo-Hotels, Fractional Shares and Resort Residences. You can download the Guide as a pdf file at http://www.InvestingIN.com/realestate/resorts/resort4u.htm

Leon Altman is the founder of the InvestingIN Real Estate Letter - http://www.InvestingIN.com/realestate/LtrSignup3.htm - and its parent website, http://www.InvestingIN.com - a website that provides articles and newsletters about opportunities in different areas.

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Phoenix and its surrounding areas of Scottsdale and Carefree abound in award-winning resorts and spas in which to hold your wedding. But I’m not going to talk about any of them. Instead, this article focuses on thinking “outside the resort” for your Phoenix destination wedding. Think wildflowers, culture and zebras.

Desert Botanical Gardens

The Desert Botanical Gardens (1201 N. Galvin Parkway) is a lovely desert botanical garden located in red-rock Papago Park in North Central Phoenix. If you’ve never been to Papago Park, it’s like a little mini Sedona in the middle of Phoenix. (Okay, at least, that’s what it reminds me of) And the Desert Botanical Gardens is the perfect venue to experience the flavor and appeal of the desert. It might be obvious, but I’ll state it anyway, you may want to skip this venue in the summer months. The spring months would be perfect, however, as the desert blooms come to life. You can choose to have your ceremony in one of the courtyards or terraces, or in the Wildflower Pavilion. There is also a ballroom, Dorrance Hall, which can accommodate several hundred guests. Call 480-481-8109 for more information.

The Heard Museum

Located at 2301 N. Central Ave., the Heard Museum has been a Phoenix institution for more than 75 years. Encompassing more than 130,000 square feet of gallery and education space, the Heard Museum has one of the finest collections of Native American art and cultural exhibits. And, the exhibits aren’t the only things worth seeing at the Heard; there’s also the interesting architecture and grounds, which include arched walkways, brick patios and lovely courtyards, which serve as picturesque backdrops for your wedding photos. The Museum is available Sunday - Thursday, 6 to 10 PM, and Friday and Saturdays, 6 to 11 PM. The Wedding Facility Use Fee ranges from $2,500 to $4,000. Call 602-252-8840 for more information.

The Phoenix Zoo

That’s right, the zoo. We are thinking outside the resort, remember? The Phoenix Zoo is located at 455 N. Galvin Parkway, close to the Desert Botanical Gardens, and offers numerous lovely settings for weddings from 5 to 10,000 guests. You can choose from a variety of settings, including a Columbian rainforest, Tropical Ramada, gardens, and The Stone House Pavilion, with a 90-foot wall-to-wall window, from which you can view the Papago Mountains at sunset. And, yes, you can also provide your guests with a sunset tour of the zoo on the Safari Train. Call 602-273-1341 for pricing and more information.

Resorts and spas are great, and the Phoenix area definitely has a lot of them. But, for something different, add these wedding venues to your short list.

Shari Hearn is a writer and creator of Destination Weddings, where you can learn more about Arizona Weddings

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