Hawaii vacation rentals including Oahu vacation rentals, Maui vacation rentals and Big Island of Hawaii vacation rentals

HISTORY OF INTERVAL OWNERSHIP*

Fractional Ownership Property Listings! Fractional Ownership Home History of Fractional Ownership General Facts & Info about Fractional Ownership Frequently Asked Questions about Fractional Ownership

Hawaii was the first state to have condominiums, when a law was passed in the 1970's immediately after the United States Congress passed enabling legislation to allow condominiums in the US. Interestingly condominiums in different forms have been existent for over 300 years. It all began in Europe after the era when only noblemen owned the land. Actually the name "real property" comes from the Latin, and means "Royal Property," or the land of the kings. Nearing the middle of the 1500's the merchant or middle class rose in number and economic power. They often had more ready cash than the nobility, and it was only a matter of time before the laws and practices of various countries were modified to allow ownership by more "common" people. Since then it has been a continuing evolution of land law and practices to maximize the number of people who can own land, especially land that has traditionally been available only to the very wealthy. As the centuries passed and people began to easily explore and get around the world, the "best" places became most popular, especially with royalty and the wealthy. Places like the Caribbean, the South of France, Hawaii, St. Mortiz, Bali, Tahiti and many more became the stuff of legends and longing in the minds of most of the world. As the world, especially the West, became more and more wealthy, even "common folk" had the ability to visit exotic places. As air transportation became available to all, the world truly had no end, and the most desirable and accessible places became overrun with people, both local and tourists. Many of these wanted to live in paradise, and land ownership became both a challenge and a battle. Hawaii experienced exactly such a course of development, slowed only by periodic pressures from national recessions, hurricanes and labor strikes. But the ultimate course of land values and of the number of people who want the land has continued to climb, and today is no exception. The key now is how to find a piece of Hawaii that is both representatives of a typical Polynesian paradise and at a price that people can afford.

Timeshares were the first breakaway movement from condominiums and apartment buildings, but prices and risks were high, and people who wanted their little "piece of the rock" were persuaded to buy overpriced weeks at overcrowded properties with per week assessments that make interval ownership maintenance fees seem like a bargain in comparison.

In 2004-2005 we began to see new growth of interval ownership because it combines all of the convenience of timeshare with a lower per-week price, a more secure investment, and usage rules that apply from the outset to designate and require maintenance of the property in a high-quality to resort-quality environment. Maintenance fees per month are often less than a typical condominium timeshare maintenance fee for a single week in a similar property. With a dramatically larger percentage in fractional ownership compared to what are often "weekly membership" interests which float over a year's calendar, timeshares become an overpriced investment. A few interval ownership projects are presently available on the various islands, and more projects are being added regularly.

* The above information is the courtesy and credits of HOMESHARE HAWAII LLC, and Steven R. Lee, Attorney At Law