Timbers Club first fractional to sell out
Aspen Times Staff Writer
The Timbers Club in Snowmass Village sold its remaining shares this month with the purchase of 64 memberships by Exclusive Resorts, a private club that offers luxury vacation digs around the world.
The Timbers, a private club with 36 members-only residences, has been open for a little more than a year and is the first among the new wave of fractional ownership-style developments in Aspen/Snowmass to sell out, according to David Burden, Timbers Co. founder and president.
A ski-in, ski-out property at the base of Assay Hill in Snowmass, the club offers a slightly different twist on the fractional-ownership arrangement. While members own a deeded interest in a particular residence, their one-eighth share gives them access to all of the condos.
“You may never stay in the one that you own,” Burden said.
Members also own a share of the club’s common elements, including the pool and the Club Lodge, which includes a fitness center, lounge, game room and other amenities.
The Timbers Club was the company’s first private-residence-club project. It is currently developing The Auberge Residence Club at Esperanza in Cabo San Lucas, Mexico and The Rocks at Pinnacle Peak in Scottsdale, Ariz.
The company specializes in small, exclusive “boutique” clubs, as opposed to the larger fractional-ownership projects typically associated with large hotel chains, Burden explained.
“We look for that right property ” develop that jewel, and that’s where people want to be,” he said. “The people who are purchasing at The Timbers Club want to be in Snowmass.”
The Exclusive Resorts’ purchase will give its members the exclusive use of eight residences ” 64 memberships ” in a separate building at The Timbers Club. It is currently under construction and should be finished this summer, Burden said.
He declined to reveal the price of the Exclusive Resorts’ deal, but said, “They bought at above-market price.”
The Timbers Club began selling its 288 memberships in 2000 at $279,000 per membership; the price has since risen to $410,000. Seventeen Timbers Club members purchased more than one membership; each membership guarantees at least six weeks’ stay per year.
Now, with the club sold out, there are 28 prospective buyers on a waiting list, according to Burden.
Unlike other fractional and timeshare projects, members are not offered a multitude of vacation opportunities with affiliated properties, though they may arrange a trade with members at other Timbers Co. developments. And, Timbers Club condos are never available for rent to the general public.
“I wanted it to be no rentals, no open exchange,” Burden said. “That was a real key, but I could have been wrong. I could have been dead wrong.”
Instead, it’s an arrangement that members apparently find attractive.
“They like some limited exchange, but they don’t want to be part of a network,” he said.
The pairing with Exclusive Resorts, which attracts a similar clientele to The Timbers Club membership, was a natural fit, according to Burden.
“If anyone else had come along and wanted to buy any part of The Timbers Club, we would have said ‘no,’ ” he said.
Exclusive Resorts and the Timbers Co. have formed a partnership that extends beyond Snowmass, the companies announced this week. They will develop a portfolio of new luxury residences in the United States, Mexico and the Caribbean. Denver-based S.V. Capital, an investment management firm focused on real-estate opportunities, is the third member in the venture.
Burden’s background in the private-club concept includes his role as a development partner in the Roaring Fork Club, a private golf and fishing club in Basalt. He was also a principal in the Melrose Co. of Hilton Head Island, where he was responsible for the marketing and development of Indigo Run, a 1,700-acre country-club community, according to a Timbers Co. press release.
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