Does your family love the idea of owning a lake cabin or vacation home, but dread the added maintenance of a second home?
Our "Next Generation of Lake Cabins" offer a maintenance-free lifestyle set within all the amenities of your favorite resorts. Enjoy our rustic and upscale lake homes, on-site resort amenities and rental program without any maintenance.
Consider the single family lake cabin. The time honored choice for most. This type of ownership offers you maximum flexibility to use your cabin or vacation home whenever you choose. Such advantages come with the responsibility to maintain the property. Today's prices for a well appointed 3 bedroom cabin on Lake Superior start at $650,000 and reach up to well over a million. In the Leech Lake area, a 3 bedroom cabin starts at around $500,000 with prices also over a million. Approximate monthly costs in the range of $5,000 to $7,000 are typical for this type of ownership.
Odyssey offers several types of lake home ownership. Some are very similar to what you'd find with residential property. Others are unique to resort communities.
Resort Whole Ownership: Similar to single family cabin ownership, in that one party owns the entire home, this type of ownership offers you maximum flexibility to use it as much or as little as you'd like. A primary advantage of whole ownership within a resort setting is the maintenance-free lifestyle. Add our established rental programs utilized by 95% of our owners and this type of ownership is much more affordable than a single family lake cabin. Whole Ownership of a vacation home in our resorts range from $300,000 to $700,000 and our ski in-ski out condominiums in Lutsen start at $99,000. After utilizing the rental program, typical monthly costs for whole ownership range from under $1,000 to $2,000.
Resort Fractional or Shared Ownership: The fastest growing part of the vacation home industry, fractional ownership means that you "share" ownership of the cabin with other owners. With the average American taking 13 vacation days a year, purchasing an entire vacation home may not be the best value for your family. With this type of ownership, you receive a deeded interest that you own forever, or until you choose to sell, just like your primary home, however, no owner has any liability for another owner's financial obligations or for that owner's share of the costs of ownership. All maintenance, interior and exterior, is handled by the resort staff. There are currently 153 fractional projects in North America and despite a challenging real estate market, the sales of fractional properties grew by 8% in 2007. Today, we offer fractional ownership at our resorts from $99,000 to $229,900. If you participate in the rental program, typical monthly costs are approximately $500 to $1,000. |
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