Fractional Ownership is a growing successful concept, but few people really understand exactly what it means, or the benefits it can give. It is frequently confused with timeshare, conjuring up a very negative view of being chased down the street in Marbella by an over enthusiastic salesman inviting you to enjoy a liquid lunch and sign on the dotted line.
Fractional Ownership is not Timeshare. It has some similarities, in that it involves a number of people sharing in the use of a single property, but the similarity ends there.
Fractional Ownership was developed to create a more secure and reliable solution for those wanting to share ownership of a luxurious item. Property, aeroplanes and boats are the most popular, where the share of ownership is generally between 1/12th and 1/4.
The key to Fractional Ownership is ‘ownership’; you own a share of the property in perpetuity, with the right to sell at any time. Timeshare is all about ‘time‘, you have the right to use the property for a short period each year, normally a week, but without ownership in the freehold asset. Timeshare is likely to reduce in value over time. Appassionata have undertaken several re-sales on behalf of owners, achieving an average return of +12% on the total value of shares sold, a real success in what has been a difficult international property market.
“Fractional ownership in Casa Tre Archi was a much more pragmatic approach to owning a home in Italy. The property was meticulously restored and fractional ownership was the solution to all of the expense and hassle of overseas home ownership.”
Victor & Sandra Jason – Owners
With Fractional Ownership several buyers collectively own a luxury property which is professionally managed and maintained throughout the year. Owners split the annual running costs between them. Financially this makes good sense. On average a holiday home owner only uses their property for 40 days each year, but has to pay for the entire year.
Our owners are all pretty savvy. They often have the resources to buy a property outright, but don’t want the financial burden and stress. They know they haven’t got the free time to use it all year.
They don’t want the headache of paying for the upkeep and maintenance of all year-round ownership. Some have owned holiday homes before and were fed up of having to maintain the house, cut the grass, clean the pool and fire up the central heating before they have had a chance to kick back, crack open a bottle of wine and enjoy ‘being’ in their holiday home.
With Fractional Ownership you arrive and everything is ready for you to start your holiday immediately….. sound perfect?
“Appassionata are a delight to deal with and the reason that everything works so incredibly well. Friendly, helpful, professional and most of all passionate about their work.”
Joanne Evans-Webb – Owner.
Fractional Ownership provides a modern solution to owning a holiday home. It’s much better having a group of people share in the cost of ownership and for the house to be fully used throughout the year. It breathes more life into local communities having a property consistently used, adding to the rich culture and diversity of the local area by developing long term relationships with the community. Really getting the chance to explore and experience a beautiful part of the world on a recurring basis.
Fractional Ownership is not for everyone. If you are planning to live somewhere permanently or spend more than 6 months of the year in the same place, there are perhaps better solutions for you. However, if you want a holiday home, or a home where you can experience the local area before deciding on an outright purchase; or want to buy into a more luxurious property than you can afford, Fractional Ownership is an option you should definitely be considering.
It is a given that the legal structure for Fractional Ownership must be robust. Buying into a Fractional Ownership scheme must be easy and straightforward. The legal structure must protect the owners, the property, and provide a simple transparent way for the property to be managed. The Appassionata structure is simple, secure, tried and tested.
With Appassionata you own a 1/10th share of the property which you can sell at any time. The property is owned by a UK company where you are a 10% shareholder. You have exclusive use of the house during your 5 weeks of annual residency.
To experience the quality of our Fractional Ownership properties or to find out more information please get in touch and we can arrange a discovery visit to Le Marche.
“The expense of buying a holiday home outright, along with the annual running costs seemed crazy, when you may only use the house for an average of 40 nights a year. – That is why Appassionata was born!” The Sunday Times
With the sparkling Adriatic Sea and the Apennine mountains at a comfortable proximity, a hilly and vibrant countryside as far as the eye can see — you have to wonder why more people don’t talk more about the region of Le Marche. Those in the know however are quite aware of Marche’s positive attributes. And there are many. Central Italy has often been a hot place for expats to call home due to its low prices and stunning natural landscapes. It’s the kind of place where people truly find their joie de vivre (joy of life).
My husband and I left Tuscany behind for a night in Le Marche, our destination the hilltop town of Petritoli which sits pretty with high points offering views overlooking the Adriatic Sea. As we drove through the three arches and 15th century turrets, I knew immediately it was going to be a place I would love. The tiny medieval town boasts only four churches, a few restaurants, and a local population of no more than 2,500. Truth be told, I have always had a very positive view of the Marchigianis, a humble and hard-working people who know how worthy their land really is.
Two such people who have certainly figured out this “secret” destination are interior designer Dawn and successful entrepreneur Michael Hobbs, originally from the UK . Since 2004 they have split their time between England and the beautiful town of Petritoli. They first discovered this area in search of a holiday home after a suggestion by Michael’s business partner. Choosing to stay here was an easy one for them to make, with a natural beauty and charm so less besieged by tourism than neighbours like Tuscany. Also, the proximity to local airports was a huge advantage for Michael and Dawn who travel back and forth to the UK frequently. Petritoli makes for an easy 45-minute drive from Ancona or an hour from Pescara.
[Piazza in Fermo, Le Marche]
They bought their first property around 2005 and started renovations, planning to then sell the property outright but then changed their minds. “This is when the wheels started turning regarding starting our company offering fractional ownership,” Michael said. They founded Appassionata in 2007 with the idea to allow people part ownership of a property that Michael and Dawn completely renovate and furnish. After purchasing and renovating a few more places, they took their time setting up the business “we didn’t want to rush things, we wanted to do this right.” In fact, each property was chosen under careful consideration, for its proximity to the sea and airports, and also its potential after the renovations.
Each owner has a 1/10th ownership in the property which they have total control over and are allotted five exclusive weeks a year to use. The cost is roughly 90,000 pounds to 195,000 depending on the size of the property. With the favourable dollar to pound currency rate at the moment, this is really the ideal time for a property investments for those from the USA. Dawn and Michael’s properties sell off quick, momentarily there are only 9 of 10 shares left in the latest available property “Il Riposo”. None of the places are “cookie cutter,” each comes with its very own personality. Currently owners include people from Australia, South America, England, American and China.
[Dawn and Grandson Lucas]
After checking in with Michael and Dawn, they showed us to an exquisitely designed one-bedroom apartment underneath their own home in the 15th century Palazzo Scarsini in Petritoli. This space is mainly used for discovery visits from potential buyers– but they also rent this apartment on Airbnb, a steal at €125 per night considering I have rarely seen five star hotels this impeccable. Like every other of the properties that they have handled, it has been completely designed by Dawn. She handpicks everything from the liberty tiles adorning the floors and kitchen to each exquisite piece of furniture, a bowl of fruit and welcome bottle of wine finished the welcome.
Their latest property “Il Riposo” a 12th century renovated townhouse is an absolute dream — true to its name which in Italian signifies “the retreat.” Located in the nearby town of Patrignone in the “Terre di Bonfini,” it was known locally as a 12th century artists’ colony founded by the Bonfini family whose names pepper each street corner. First in tribute to the painters Martino and Giacomo Bonfini and later the historian of King Mattia Corvino’s Hungarian court, Antonio Bonfini.
For me, Patrignone, facing east of the Adriatic sea signifies a quiet, picture-perfect example of a small borgo in Italy – think narrow cobblestoned streets which beautifully pave the way towards Il Riposo. It is an area also home to incredible views while the countryside beyond is dotted below with charming countryside villages. Year-around the town boasts only 150 residents, thus making this “retreat” a true reality for those looking to escape the crowds.
Patrignone is a frazione of Montalto delle Marche, the village of Montalto close by, just a few kilometers away and home to a few restaurants, shops, and a bank. Michael informed me of its illustrious past “What put this place on the map was Pope Sisto V” who was elected Pope in 1585, “he made Montalto a Papal State during his reign.”
With all of this in mind who wouldn’t want to call Il Riposo home? This three-floor light-and-airy luxury property is the perfect space for larger groups looking for a true “country and town” atmosphere with designer details. Dawns well-searched for acquisitions for the property from local artisans (like large terra cotta pots) have led to many of Appassionata’s buyers ordering items direct from these Italian small suppliers for their other homes.
[Kitchen – Il Riposo]
Inside you’ll find four spacious double bedrooms, three bathrooms, all in a luxurious 210 square meter (2269 sq. feet) space with plenty of open-plan space. All the better for enjoying the extraordinary views from the huge, airy kitchen. The cozy living room and dining space with its light colours, original wooden beams and custom, colourful furniture looked the perfect place to entertain guests, who like you, will thoroughly enjoy what is truly a slice of Italian paradise.
[Staircase of Il Riposo]
Walking outside, I was surprised to find the walled terraced garden even boasts a pool, albeit discreet for those who want their privacy. More importantly to note, Dawn and Michael hire local artisans and builders, which has gained them trust locally as respected business people that pay their bills on time – a not too frequent occurrence in Italy. “I often go to our carpenter and suggest an idea that he thinks is totally crazy,” Dawn laughs as she shows me around, “but eventually he always surprises me and himself too by creating exactly the one-of-a-kind item that previously only existed in my mind.”
[Outdoor pool of Il Riposo]
Dawn spends hours in her car driving around to look for the next great furniture piece or antique chandelier, everything is kept in a storage space before it finds its home in an Appassionata property. Their daughter India and her husband Charlie live nearby and help out with the business, owners with special requests can turn to them for customised requests.
You might be asking yourself, why not just buy a house outright instead of a fractional ownership? As was quoted in The Times “Owners might be able to afford a holiday home outright but don’t see the point if they’re only going to use it for a limited number of weeks each year. They like the fact that the property is managed and used all year around and they don’t have to worry about it when they’re not there.”
Which is a great point.
After all, imagine you don’t speak the Italian language (yet) nor have the will to weave yourself through endless Italian bureaucracy. Buying a fractional ownership means that essentially all you have to do is show up, everything is taken care for you upon arrival. For those scared to be locked in for life, don’t be. Re-sale is 100% possible, with Appassionata facilitating the deal between the current and new owners.
For Michael, it’s not about the money. In fact, they regularly turn down people who are looking to buy a share as a financial investment. Over coffee he quite rightly pointed out “what you get here in Le Marche is a real lifestyle investment.”
Since the seaside is so close, we decided to have lunch at an airy, beachside restaurant “Il Grecale” in the pretty resort town of Grottammare on Via Cristoforo Colombo. Though it’s January, the sunshine has brought locals out, biking or running along the wide stretch of promenade that runs parallel to the sea. Michael and Dawn know this place well, we order a bevy of seafood dishes, fresh pasta and swapped stories.
[Fresh pasta at Il Grecale]
That evening, tired but happy to come home to pretty Petritoli, we decided to visit a local wine bar suggested by Michael and Dawn, the “Cantina Antisociale,” adjacent to a gas station owned by the owner’s father just outside the town’s ancient walls. Cozy and welcoming, locals gather here amicably for aperitivo or a light dinner, tasty nibbles are brought out with every glass of wine. The young owner Simone is extremely passionate about the business and was more than happy to chat with us about his curated selection of wines. Later that night, we head to Ristorante Re Squarchiò where families were gathered in big groups for Saturday dinner. Though we were still full from lunch and our aperitivo, we dig into delicious fresh pasta and yet another bottle of Passerina wine.
The next morning, we lingered over one last cappuccino (doppio espresso for the hubby) at Bar Tre Archi with Michael and Dawn, who made us feel instantly at home. As I walked back to pick up our luggage, I heard the voices of mass (it was a Sunday) radiating from the steps below to our apartment and a few bellows of a laughter. Apparently, priests around here have a sense of humor. We stood on the steep steps reveling in the peaceful atmosphere, a comforting murmur from the building continued inside and that’s exactly when I realized my Petritoli visit can’t end just here. I have to come back. A reminder about how so many people probably feel who come to Le Marche on holiday, it draws you in as easily as a laughter-filled wine-induced lunch on a Saturday afternoon. Even if it it’s just temporary, it feels like home. Michael and Dawn, we will be back.
Benefits of Buying an Appassionata Property?
Buy the weeks you are actually going to use each year
Align your costs with your usage
Make a lifestyle investment to share with family & friends
Own a more luxurious holiday home than you thought possible
Share the annual running costs of the property
Own a fully furnished interior designed home
Have your holiday home managed and serviced
Start your holiday the minute you arrive
Tips for Petritoli
Cantina Antisociale: a local wine bar, perfect for a before-dinner drink. Address: Piazza Costantino Tamanti,
Bar Gelateria Tre Archi. The place for a morning coffee and a chat with locals. I’ve also been informed that they make excellent homemade ice cream. Address: Largo Giacomo Leopardi, 5
Ristorante Re Squarchiò, excellent eatery to sample local seasonal cuisine form Le Marche, they offer a 25€ tasting menu (with wine). Reservations recommended. Address: Via Largo Tre Archi, 4/5.
Interested in checking out Appassionata’s “Il Riposo” in person or to learn more about fractional ownership? Contact Dawn and Michael here for a chance to see your potential next vacation home in Marche
Over the past few years many people have asked me to write a blog, me, I’m not even on Facebook! But, I do like writing and relish the opportunity to share our Italian adventures with you.
Was it the classic midlife crisis move, maybe, maybe not, I like to think of it as making the most of life. In 2001 we had reached a cross roads in our lives, and the desire for adventure and change were strong. With four children almost grown up, we saw a window of opportunity, and jumped!
People frequently ask me why Italy, why Le Marche, quite simply we fell in love. Let me explain, up until a few years ago I had never visited Italy, we had travelled extensively around Europe and lived in America for a few years, but Italy remained undiscovered.
Out of the blue my husband, Michael, was invited on a business trip to Florence, and asked if I would like to join him, of course I jumped at the chance to visit the one country I had been longing to see.
I was so excited, landing in Pisa and catching the bus into the centre of Florence, I was finally in Italy for two whole days. As with every weekend, at home or away, there is always an important game of rugby on TV. Michael searched out a bar with sky TV to watch the game that afternoon. I was determined to make the most of the short time we had, plus I knew the shops were fabulous. I have a terrible sense of direction, no inbuilt compass, no natural feeling of north, south, east or west. Sometimes I get hopelessly lost, but these are the times I discover hidden gems. Florence was no exception, I was lost in minutes, wandering the crowded narrow streets which often led onto a beautiful piazza. I found a little café in the heart of the city, and ordered a cappuccino, my first lesson in Italian etiquette, don’t order cappuccino after 11am, it’s bad for the digestion!
The US dollar is at a thirty-year high against the British pound, and rightly so American jetsetters are casting their eye across the pond and setting their sights on trips abroad that will now see their money stretch a lot further.
With a reported 50% surge in stateside searches for UK accommodation, there could be a flurry of American travellers exploring Great Britain. However, for those looking to get off the beaten track of London sightseeing, and instead immerse themselves in authentic Italy – I say there has never been a better time to consider buying a fractional share in an Appassionata property!
Now I know what you’re thinking, our properties are based in Italy, which of course they are. But, the properties are actually owned by UK based non-trading companies, meaning they are priced in pounds’ sterling. Couple this with the fact that the fractional ownership buying process is also very straightforward and avoids all the complexities and substantial costs associated with purchasing a property outright in Italy – it’s a savvy option for discerning Americans to consider.
So, if you’re reading this from across the Atlantic, then I will leave you with a parting thought; prioritising a lifestyle investment like this now could see you afford a third more luxury for your money. Looking to your future, you will own a one tenth share in a stunning luxury property, giving you a picture-perfect family space for five weeks’ escapism each year – and it will last a lifetime.
To read more about our property on the market, Il Riposo, and to find out about our Fractional Ownership model head here, and I hope to see you on a discovery visit to Italy soon.
One of the reasons I love what I do at Appassionata so much is because I get to meet some really wonderful people. I am very opinionated, (quite a few people would tell you that, including my husband Charlie!) but I’m also passionate about everything I do… what is the point of doing something, anything, if you don’t throw yourself into it and do it properly? It’s a philosophy which guides everything I do at Appassionata, it’s ‘how we do things’.
Please allow me to explain.
A month ago when I was in the UK I got a lovely email from a lady who was enquiring about our property, Casa Tre Archi.
Casa Tre Archi
She had seen us advertised in Gate-Away’s e-newsletter. They were going to be in Puglia looking at properties and after seeing our advert decided to come up to Le Marche and visit us. Immediately I got a good vibe from her, she was very pleasant and asked all the ‘right’ questions. We had several emails back and forth and then 2 weeks later I was meeting them in Petritoli to show them around. Colleen, Duncan and Angus arrived just before lunch. After a long drive from Puglia on a rather warm day they were happy to be here. I showed them around and they didn’t give much away in terms of interest levels, but this is quite normal- usually the people who come and are gushing about everything from start to finish are the people you don’t hear from again.
I left them to enjoy some lunch with the local groceries I had brought for them and then we arranged to meet for dinner at Re Squarchio, our local Osteria, where we would also be joined by my parents, Dawn and Michael.
Ristorante Re Squarchio
For our business its very important to us that people meet us and we meet them. I won’t go as far as to say that we have an interview process where if you score less than 90% you don’t qualify but we seem to be able to tell instantly upon meeting people if what we are offering is going to be suitable for them and for us. We do seem to attract very likeminded individuals, families and couples. They all have a deep love of Italy and all it offers, they are all wanting to make a change in their life, setting aside time for themselves, family and friends, away in their home from home. Many of our owners have high powered/stressful jobs and so when they come here they re charge, relax and enjoy the peace and tranquility.
After a lovely meal out with the Rouse family and having spoken to them a little bit more about the house and the buying process we said good night and they wondered up to the local café to have a gelato and a digestivo. They said that they would be in touch but in the meantime would I send them the contracts and one of the current owners details so they could talk to them about their experience.
Within 2 days Duncan called and said that they had decided to buy. We were delighted as they are lovely people and we knew that they would fit in perfectly as part of the Appassionata family.
They have now completed the purchase process and chosen their 5 weeks to use this year and we are looking forward to welcoming them back in August. From viewing to becoming owners in Casa Tre Archi took 15 days.
So back to where I began. I knew instantly that Colleen was someone who, like us, was passionate about Italy, and together with her terrific sense of humour, shared by her husband Duncan and their son Angus, we had a fair amount in common; they were likeminded people, both with us, and our other owners, the Appasionata family, and we’re delighted that they have joined us.
The clocks have gone forward an hour, our evenings are longer and lighter and the air feels different, it smells of summer. This is the time of year to de-clutter and spring clean, both at home and work!
The last few weeks here in Le Marche (where? I hear you say… on the east coast of Italy about half way down the boot), my husband is relieved that I am no longer sneaking the thermostat up on the central heating! I’m actually going around the house and throwing open windows, letting the blend of mountain and sea air float through the rooms, bliss.
In our house I have to admit that every month a ‘Spring Clean’ has to take place. With two small children, a dog and my husband, there is a constant trail of mess! I turn my back for a few seconds after cleaning one area to find that Millie-Mary, our young daughter, has decided to tip up the bag of toys I’ve just packed away! Cornflakes are found in the bath, the dog’s water bowl has been tipped over again, and the neatly stacked pile of clean laundry has been thrown around the lounge! It’s a never-ending game…
However, in my business life things are different. When a Spring Clean takes place at Appassionata HQ, it really does happen, and we can step back and be proud of what has been accomplished and really see and feel the change.
During the past week on Estate Giacomo Leopardi, Charlie and his team have been very busy. The exterior of Casa Giacomo has been painted, the main gates stained and all the plants (including hundreds of lavender) have been pruned. It looks wonderful- all fresh and clean, neat and tidy. Over the next couple of weeks similar work will be happening in Casa Leopardi.
Casa Tre Archi
Casa Tre Archi, the house we are currently marketing, now has all its garden furniture out on the roof terrace. With newly potted plants on both the roof terrace and the decked garden area, its now ready for owner’s to sit outside, relax and enjoy their surroundings.
Most exciting of all is the big ‘Spring clean’ on our website. After 3 years we thought it was now time to update and de- clutter our old site and go for a cleaner, slicker and more elegant site.
We have grown and matured over the last few years and so to reflect this we are creating a more sophisticated website. Colors, fonts, images and style will now reflect the business Appassionata is today.
Having just completed a two day intensive course in London with e-consultancy (highly recommended) on digital marketing, I now have a real understanding around the value of a website to a business. The importance of making your website work for you and getting as much traffic to your site as possible.
I found it very interesting and learnt so much- and I’m sure the information I have gained will be a huge help as I move forward in helping to grow our business over the coming years.
Having recently been handed the reins to the Appassionata’s social media accounts including facebook, twitter, instagram, pinterest etc, it’s amazing to see what grabs people’s attention and what doesn’t. We are delighted to have welcomed many new followers throughout our social media channels and we hope you will all enjoy watching us grow.
Exciting times ahead for the Appassionata Team. Keep a look out for our new website coming soon…..
Are you amongst the many people who are put off the idea of looking at something you know you like, and think you’d be interested in buying, because you don’t want the usual spiel that many sales people bore you with?
Take me, I travel fairly frequently and like to purchase things, like many women do, in duty-free. However, if one of the overly smiley and falsely jolly shop assistants comes over, and starts pestering me about how my trip was, where I am going to now etc. at 7am as I’m browsing, I will often just walk out, as I want to decide, in peace, which perfume or lip gloss I want to buy, without any pressure.
I like to take this into account when I have clients coming over to view our properties in Le Marche, where we sell fabulous homes as fractional ownerships. A slightly bigger purchase I know than a £60 perfume or £25 lip gloss, but still these things matter.
We want people to immerse themselves into the beautiful region of Le Marche, to discover the place we hope they will decide to call home in Italy.
As they drive along the coast road and inland to the rolling hills, scattered with vineyards olive groves and stunning towns quite literally perched on top of hills, many of our visitors drive with the windows down, as fresh, sea air meets mountain air, and we know it’s hard to do anything other than relax.
As you drive up into the medieval town of Petritoli, you’ll see the locals, who will be curiously looking at what’s happening; for many of them, this has been home for… well forever. A trip down to the coast, just 20 minutes away is as far away as they’ve ever been.
Pulling in front of the ancient three arches, an unmistakeable gateway to the town, you will feel like you are stepping back in time. Walking along the narrow cobbled streets, dotted with cafés, bars and restaurants you will feel the warm, yet curious, welcome of the locals.
We will be here to meet you, and show you around our unique property, Casa tre Arche. But don’t worry, there will be no power point presentation, or heavy, pressured sales pitch. Far from it, we are here to show you the treasures that lie within, and to answer any questions you may have, usually over lunch or dinner, with you as our guests… a very Italian experience.
Where possible, and if Casa Tre Archi is available, we love our prospective clients to be our guests for the night, so that during their discovery trip they get the best possible chance to see and feel what a special place this really is.