Don’t want to invest outright? Laura Henderson meets the fraternity of fractional owners in Italy who are cutting the cost of a second home by going Dutch
Endorsement from a best-selling author can’t be a bad thing.
No less an authority on la bella vita than Frances Mayes, of Under the Tuscan Sun fame, has given an enthusiastic thumbs up to the restoration of a 14th-century hamlet in deepest Tuscany. She’s talking from experience. Italian architect Fulvio Di Rosa, the man responsible for renovating her secluded 13th-century writing retreat, Casa Fonte delle Foglie, has been working his magic once again, only this time on a dilapidated hilltop hamlet.
Hidden away in deep forest some 20 minutes from the ancient Etruscan town of Cortona, Borgo di Vagli has been painstakingly transformed into a community of homey one-bed and spacious two-bed cottages. More unusual, perhaps, is the project’s approach to home ownership based on fractional or part-share investment. “Owning a holiday home outright in Tuscany can be an expensive business,” says the project’s sales director Lee Cogher, “and those who manage to find their dream home invariably find they can’t use it enough to justify the investment, which is why fractional ownership offers a sensible solution. Owners can enjoy the benefits of a second home, but without the huge sums associated with year-round upkeep, insurance and maintenance.”
Tapping into a growing cash-rich, time poor investor pool, fractional ownership is less of an anomaly these days, explains Melanie Down of the Vigia Group. It provides a perfect middle-ground solution to the high cost of a second house purchase. Not to be confused with timeshare, fractionals confer a deeded interest in a property and an investment component whereby the owner benefits from long-term capital growth but, as the term implies, at a reduced outlay.
“The most significant benefit of shared ownership is being able to match your purchase with your expected use of a property,” says Down. “The flexibility built into most schemes – for example, allowing owners to take an additional property in exchange for a reduced number of weeks – also means that friends and family can be accommodated. Add to this access to first-class private facilities and you have a very compelling reason for investing this way.”
Residents of Borgo di Vagli can enjoy, in perpetuity, a one or two-bedroom home based on a one-tenth share basis. Prices start from €60,000 for a one-bed up to €92,500 for a two-bedroom property. Access is flexible, with booking options ranging from advance reservations (in November) for the following year to ‘space available’ for shorter stays of up to one week. Annual management fees of €1,000 for a one-bed property and €1,400 for a two-bed cover maintenance, refurbishment, utility costs, taxes and upkeep of communal areas. Housekeeping is charged according to usage.
Administration and maintenance is provided by a professional management team and associated running costs are shared equally by the owners: “Owners have full rights to a specific residence category,” Cogher explains, “including selling on their share or leaving it to their heirs. The resort is also a member of The Registry Collection and Destination Exchange International, which offer home-exchange opportunities worldwide, although most owners regard this as a fringe benefit and not the primary reason for purchasing.”
The project has taken 10 years and engineer Di Rosa has micro-managed Vagli’s restoration, from the mundane task of tracking down original deeds to more pleasurable pursuits such as selecting upholstery fabrics. “Previous residents abandoned the hamlet during World War II,” he explains. “They moved to areas where there was electricity and running water, so we were pretty much starting from scratch.”
Cottage plots retain their original random layout, created when the original families added on bits as and when more living accommodation was required. “The tiered housing is one of the fundamental charms of the place,” Di Rosa says. The outlook is another: the cottages sport panoramic views of the surrounding Niccone valley while native almond, cherry and fig trees provide welcome shade from the midday sun. “Many visitors fly in to Florence, which is an hour-and-a-half away, for a little sightseeing before coming here for some R’n’R,” he adds.
Residences come fully furnished with a mix of modern Italian upholstery, pitch-perfect country antiques and fittings sourced locally, including carved stone sinks, copper cooking utensils and hand-painted cabinetry. Modern conveniences haven’t been overlooked either. There’s high-speed internet access and a flat-screen satellite television in every home. Sealing the on-site luxuries is a concierge service that can arrange tours to local wineries, golf courses and nearby towns, two ultra-glam swimming pools and a trattoria with an exhaustive wine cellar. UK investor Bob Wheatley, who bought a two-bed fractional last October, says: “If you like to do your own thing away from the crowds and your criteria are part investment, part pleasure, Borgo di Vagli ticks all the boxes.”
Overlooking 4,200 acres of rolling Tuscan forests, vineyards and olive groves just 35km west of Siena, it’s not difficult to see why buyers have fallen for the charms of Castello di Casole. One of the biggest private estates in Tuscany, Casole’s real-estate conversion is the brainchild of Colorado-based luxury developer Timbers Resorts. Its aim is to offer owners the equivalent of five-star hotel service from the comfort of their own home. A total of 40 properties will be made available at one-tenth shares, starting from €345,000 and rising to €575,000, with annual maintenance fees ranging from €9,000 to €11,000.
Villas and Casali farmhouses scattered throughout the estate feature stone walls, marble flooring, terracotta roofs and high-beamed ceilings. Lawned gardens overlook vinyards and infinity pools are cut into the hillsides. The interiors boast high-spec bathrooms with stand-alone baths and power showers, while furnishings are a mix of modern and antique with a little Tuscan reproduction thrown in.
“Buyers like the idea of sharing with like-minded people,” says the estate’s sales representative Marina Palmerio. “Plus you have all the extras – chefs, cleaners and a concierge service – which owners can tap into as and when they choose. There are no maintenance hassles either, so you can get your holiday underway the minute you arrive.”
Serving up its own hassle-free version of the high life in the heart of Florence is Palazzo Tornabuoni. Located just minutes from the Duomo, the former home of Pope Leo XI of the Medici family has been tastefully transformed into 36 bespoke apartments. Private membership is available to just 288 shareholders, with eight per apartment. The low ratio should allow for the travel patterns of all members and ensure that they can enjoy the property as often as they wish. The studio flats are adorned with 15th-century frescoes while the top-floor apartments offer panoramic views over the city’s rooftops. On-site amenities include a library, cigar room, fitness centre and climate-controlled wine cellar.
Prices start from €210,000 for a studio rising to €528,000 for a three-bedroom apartment, with no nightly lodging costs no matter how often a member stays. Services include daily housekeeping, an in-house sommelier and private airport transfers. Plus there’s automatic access to the club’s “ultimate Florentine lifestyle”, which includes membership of the new spa at the Four Seasons Hotel Firenze, private wine- tasting tours and preferential access to art galleries and private art collections. The Italian good life has arrived.
At the Heart of it all The UK’s West Midlands Region
Birmingham, the city that is second to none.
A diverse and dynamic city. World class culture. Superb shopping. Top attractions. Fantastic nightlife. It’s time to take a look at Birmingham – the city at the heart of it all.
Be entertained
How many cities in Europe can boast more than five thousand works of art in one square mile? Or their own Symphony Orchestra, Ballet Company, School of Acting and Opera Company?
Symphony Hall - home of the world-renowned and critically acclaimed City of Birmingham Symphony Orchestra - is widely recognised as being the only acoustically perfect concert hall in the world.
Birmingham Museum and Art Gallery boasts the world’s largest collection of Pre-Raphaelite works and the Ikon gallery is now one of the largest and most respected contemporary art galleries outside London
Birmingham is Europe’s youngest city so it’s not surprising that the city’s club scene is one of the liveliest in the country. Head for the bustle of the bars and clubs in Broad Street, sip a cocktail at the hippest nightspots in the Mailbox or dance the night away at the cool clubs of the Arcadian or Digbeth.
Dine in style
Whether it’s Michelin-starred fine dining you’re after or a quick bite to eat after a hard day’s shopping, you won’t go hungry in Birmingham. The city boasts 200 restaurants offering cuisine from around the globe as well as some local specialities.
Brindleyplace is a stylish canalside development with restaurants offering a wide variety of cuisines from Italian to Japanese.
If you like your food spicy, don’t leave Birmingham without trying a balti, a type of curry which was invented in Birmingham. Brummies are so fond of the dish that there is a dedicated ‘Balti triangle’ just south of the city centre where the air is fragrant with the smell of this delicious delicacy.
For serious gastronomes, Michelin starred Simpsons is definitely worth a visit.
If oriental food is your passion, then the city’s Chinatown boasts a wide range of restaurants.
A dynamic business and leisure city, Birmingham is a diverse and lively mix of shopping, attractions, nightlife, major international events and exhibitions with easy access to beautiful countryside.
Shoppers’ paradise
Indulge in some retail therapy in the new shopping capital of Europe. Bullring offers an array of shops, boutiques and restaurants right in the centre of Birmingham and is also home to the futuristic Selfridges department store.
The Mailbox in Birmingham houses the largest number of designer stores outside of London with brand names including Christian Lacroix, Emporio Armani, DKNY and Harvey Nichols.
Sweet dreams
Birmingham’s hotels are full of touches that any business traveller will value.
The AA Hotel Group of the Year 2006-2007 winners, Malmaison, have their boutique-style 189 bedroom hotel in the city, complete with Spa for reviving treatments.
Hotel du Vin offers Egyptian linen sheets and plunge-style showers in each room. Its bar and bistro offer a relaxing end to a day’s meetings.
The latest star arrival on the Birmingham hotel scene is the luxury Radisson SAS.
The hotel is housed in the iconic, 400ft, 39 story Beetham Tower. As well as offering panoramic views across the city, the hotel boasts a restaurant offering delicious Italian cuisine and a spa, gymnasium and sauna.
To find out more about Birmingham
and the surprising West Midlands Region visit: www.westmidlandsregion.co.uk
FR Parts et propriétés au soleil
Grâce à son succès, Frances Mayes, l’auteure de Sous le soleil de Toscane, a entamé la restauration d’une demeure délabrée du 14e siècle dans un hameau de Toscane. L’architecte italien Fulvio Di Rosa, l’homme derrière cette rénovation de la retraite de l’écrivaine, a renouvelé la magie, cette fois dans un hameau en ruine perché au sommet d’une colline.
Borgo di Vagli a été patiemment réaménagé en une communauté de cottages à une et deux chambres. Ce qui est moins courant, c’est l’approche de l’investissement dans ce projet, basée sur des parts partielles ou partagées.
Dans une période où l’on a de l’argent mais de moins en moins de temps, ce système de club d’investisseurs offre une solution pour acheter une seconde résidence au coût souvent fort élevé. A ne pas confondre avec le partage de temps, les investissements en parts partielles confèrent une part, définie par un acte notarié, dans une propriété et un investissement partiel par lequel le propriétaire bénéficie de la croissance d’un capital à long terme, avec une mise de fonds réduite.
Les résidents de Borgo di Vagli peuvent jouir à l’infini d’une maison à une ou deux chambres, sur base d’une part représentant un dixième du capital, les prix démarrant à €60 000. L’accès est flexible, et les frais annuels couvrent la maintenance, la rénovation, les coûts utiles, les taxes et le maintien des zones communales.
Dominant 4 200 acres des vastes plaines de la campagne toscane, à seulement 35kms à l’ouest de Sienne, on comprend que les acheteurs soient tombés sous le charme de Castello di Casole. La reconversion de ce lieu est née de l’imagination de l’entrepreneur basé au Colorado, Timbers Resorts, qui offre aux propriétaires l’équivalent du service d’un hôtel cinq étoiles, dans le confort de leur propre maison. Au total, 40 villas seront disponibles, avec des dixièmes de parts, à partir de €345 000.
Pendant ce temps-là, un autre bâtiment donne sa propre version de la vie huppée à Florence : le Palazzo Tornabuoni. Situé à quelques minutes du Duomo, l’ancienne résidence du Pape Léon XI, de la famille des Médicis, a été transformée en 36 appartements; la participation privée est ouverte à seulement 288 actionnaires. Les agréments incluent une bibliothèque, une pièce pour fumeurs de cigares, un centre de fitness et une cave à vins. Les prix commencent à €210 000. La grande vie à l’italienne prend son envol…
NL Aandeel in de zon
Frances Mayes, schrijfster van Under the Tuscan Sun, is vol lof over de restauratie van een 14de-eeuws gehucht op een heuveltop in Toscane. De Italiaanse architect Fulvio Di Rosa, die haar 13de-eeuwse schrijverswoning restaureerde, verrichte ook nu weer wonderen. Borgo di Vagli is nauwgezet gerestaureerd tot een kleine gemeenschap van vakantiehuisjes met één en twee slaapkamers. Bijzonder aan het project is de eigendomsregeling, gebaseerd op een ‘fractionele’ of gedeelde investering.
De fractionele vastgoedverkoop richt zich tot de groeiende groep investeerders met “veel geld, maar weinig tijd” en biedt een oplossing voor de hoge kosten van een tweede woning. In tegenstelling tot timesharing voorzien “fractionals” een aandeel in de eigendomsakte en een investeringscomponent. Daarbij profiteert de eigenaar van een kapitaalaangroei op lange termijn voor een lagere initiële investering.
De inwoners van Borgo di Vagli genieten levenslang van een huisje, op basis van één tiende deeleigendom. De prijzen beginnen vanaf € 60.000. Het gebruik is flexibel, terwijl de jaarlijkse beheerkosten, het onderhoud, herstellingen, nutsvoorzieningen, belastingen en de gemeenschappelijke ruimten dekken.
Wie het uitzicht op 1700 ha golvend Toscaans landschap zo’n 35 km ten westen van Sienna ziet, begrijpt meteen waarom kopers voor Castello di Casole vallen. De conversie van het landgoed is het geesteskind van de in Colorado gevestigde projectontwikkelaar Timers Resorts, dat eigenaars de service van een vijfsterrenhotel biedt in het comfort van hun eigen huis. In totaal zullen zo’n 40 villa’s beschikbaar zijn. Prijzen voor een 1/10-aandeel vanaf € 345.000.
Het Palazzo Tornabuoni serveert dan weer wat Florentijnse luxe. Deze voormalige residentie van Medicipaus Leo XI op enkele minuten van de Duomo is omgevormd tot 36 appartementen.
Privélidmaatschap is beschikbaar voor slechts
288 aandeelhouders. Tot de gemeenschappelijke voorzieningen horen een bibliotheek, een rookkamer, een fitnesszaal en een wijnkelder. Prijzen vanaf € 210.000. Tijd voor een Italiaans luxeleventje?
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