Prices at the BlueWing Lodge at Copper Mountain are starting at $79,900 for a share of a one-bedroom unit. With a fractional ownership program, buyers buy a 25% interest in a deed. Timeshare owners, by contrast, typically buy time, but don't actually own a piece of the real estate.
The 66-unit, $25-million BlueWing Lodge at Copper Mountain, will allow 264 fractional ownership transactions. Some people are expected to buy more than one fraction. Two bedroom units are selling for $119,900 and three-bedroom units go for $177,900. The fully furnished units range in size from 650 sf to 1,670 sf. BlueWing Lodge also will have concierge service, a $2-million swimming pool/fitness area and high-end interior features such as granite countertops.
"We know there's pent up demand from people who have wanted to own a home at Copper Mountain, but couldn't previously justify the purchase," says Paul Stashick, Intrawest corporate vice president of Copper Mountain Resort. "For people who can't afford the entire price of a mountain home, for people who don't want to tie up a lot of equity in one property or for people with time constraints who can't use a full-time mountain home because of work or family commitments, Blue Wing Lodge and the iQ concepts are perfect."
Intrawest, based in Vancouver, British Columbia, calls its fractional ownership concept iQ, Intrawest Quarterly Ownership. It has two iQ projects that are completely sold out at its Whistler/Blackcomb resort in Canada. Under the iQ program, buyers use the samecondo one week per month and every four years they get the two weeks around Christmas. It's not unusual for two or four couples to get together and own half or an entire unit together, Stashick says.
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