Letter to the editor: Timeshares will create the same problems as short-term rentals | SummitDaily.com

Letter to the editor: Timeshares will create the same problems as short-term rentals

Leanne Migalski

Is it a coincidence that Pacaso took out a full-page ad in Wednesday’s Summit Daily after Breckenridge placed a cap on short-term rentals? Pacaso is going to take advantage of the cap. Fractional home ownership in Breckenridge and Summit County will soar. Licenses won’t become available for years to come. Is Breckenridge the next Napa Valley?

Timeshares in your neighborhood have arrived. Imagine having a neighbor that is an LLC, and you never know who is going to show up. Fractional ownership is one-eighth of a share in an LLC that owns the home. One-eighth owners can gift or trade their weeks to friends and family. Who will monitor the gifting?

Fractional ownership brings all the same problems as short-term rentals, and as the neighbor you will have to deal with all the difficulties on your own. Fractional ownership circumvents all the short-term rental regulations, licensing and lodging/sales tax collections. Maybe the town will have to set up another hotline.

Luxury homeowners will sell to companies like Pacaso rather than the typical market because they can make millions.

The one-eighth fractional ownership homes will be difficult to regulate. The town has put in place regulations for short-term rentals that were never enforced. Instead, they decided to cap licenses and raise fees, penalizing the owners who might sell in the future. Fractional ownership has no regulations.

Future buyers won’t buy in the designated short-term rental areas because they can afford to buy into a luxury property as a fractional owner and not hold any responsibility because the “company” will take care of everything. Write the Town Council, and tell them to repeal the cap on short-term rental licenses and take the time to get to the correct solution rather than having unintended consequences!

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