Fractional Ownership News

Florence hosts latest Registry Collection fractional awareness day

June 28th saw the fourth of the European fractional awareness days organised by The Registry Collection take place in Florence, Italy. This followed successive fractional awareness days held in Ireland, Cyprus and Spain earlier in the year, designed to encourage resort developers to discover more about the fractional ownership concept which is becoming more popular throughout Europe.
 
Piers Brown, founder of Fractional Life attended the event, which was held at the Michelangelo Hotel, together with 50 delegates.
 
Nick Turner of The Registry Collection welcomed everybody with a preview of the day. Philip Bacon of HVS then gave delegates a detailed overview of the popular types of shared real estate models and their appropriateness within today’s changing property market.

The importance of effective business planning, implementation and identifying your consumer was then discussed in an open panel session headed by Philip Bacon, and Brad Lincoln from The Best Group.

Eric Gummers of Howard Kennedy followed with an update on the 2011 EU Shared Ownership Directive and some handy fractional legal tips to ensure the directive was adhered to if developers in Italy were considering offering a fractional real estate offering – the key message was designing fractional legal documents that were easy to understand offering ‘flexibility and transparency’.

Italian resident Lisa Migani of FNTC followed with a presentation on how fractional ownership structures administered by a trustee can provide consumer confidence and protection, before a quick break for coffee and networking.

As delegates returned to the room, Linda Barnes from Generator Systems explained how embracing information technology can help establish a more consistent and efficient sales pipeline which can be used to identify numerous cost savings and improvements within the fractional sales process.

Next Peter Kempf of Peter Kempf International took the audience on a journey demonstrating how fractional ownership real estate club, Borgo di Vagli (located in Cortona, Tuscany) and its owner Fulvio di Rosa, a recent Fractional Life Award winner, had become one of the pioneers of fractional ownership in Ialy, and the challenges and successes experienced within the region to date.

Chris Allen of Citadel Trustees followed with a presentation on how real estate can be packaged as a fractional investment within a SIPP-compliant trust structure.

The potential for fractional ownership in Italy was then discussed as a panel session, with Piers Brown, Philip Bacon, Peter Kempf and Michael Hobbs – owner and fractional developer of Appassionata in Le Marche – discussing macro and micro topics on why Italy has the criteria for more successful fractional developments, and the pitfalls to avoid. Lively debate ensued and following this, Brad Lincoln brought delegates right up to date with a presentation on what’s selling in today’s market.
 
The final Registry Collection Fractional Awareness Day 2011 takes place at at the Quinta da Marinha Resort near Lisbon, in Portugal, on September 13th. The day delegate cost for the full-day workshops above is €59 plus local taxes. Contact Amanda White (amanda.white@rci.com) to reserve a place or for further information.

Thank you to Florence private residence club Palazzo Tornabuoni, (pictured) where Piers stayed during his visit.

www.theregistrycollection.com

11/07/11

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