Though a summer home on Cape Cod is a dream for many people, the realities of purchase costs and the upkeep of a second home can be a nightmare. The Cape Codder Resort’s Residence Club offers a compromise. This well-known hotel in Hyannis offers fractional ownership of the private third floor apartments.
Fractionals are similar to time-shares, but with deeded ownership, which means you actually own real estate shares that can be sold or willed like a normal property deed.
“Most people who have a second home use it for three to four weeks of the year. But they have all the headaches and expense of maintenance and taxes,” says Bill Catania, CEO of owners, Catania Hospitality Group. “This works out better because all the owners are sharing those expenses.”
Owners can also use the resort’s amenities, including the indoor wave pool with waterslide, a new outdoor pool, an exceptional on-site spa, dining and even room service. Automatic fractional ownership of a private boat club is included and an exchange program with time-share network RCI allows owners to swap time in resorts from Mexico to Canada.
Plus, because a property deed means buyers are Cape residents, they can apply for those prized parking stickers for the beach.
“It’s almost worth it for that alone,” jokes Catania.
Best of all, says Catania, paperwork is minimal: “It takes about a week to close. If people bought now, it’s possible they could use it this season.”