Fractional Ownership at Breezy Point

Breezy Cabin on Lake Superior

Buying a vacation home outright is a risky proposition. Besides the large price tag, there are two questions. One is “is it worth it to buy a whole cabin that we’ll only use a few weeks a year?” and the other is “how much maintenance are we going to have to do?”

Purchasing a fractional share at Breezy Point Cabins on Lake Superior is a way to completely own a cabin for just part of the year. It gives you a front row seat to Lake Superior and a chance to make some money too.

“We have all our cabins for sale and they are quarter shares,” said Jackie Goedken at Breezy Point. “Four people will actually own the cabin when all is said and done.”

Under the fractional ownership model, you pay with a mortgage or cash and get a deed just like with a regular home. The difference is that you split this ownership with other owners (you can also buy all the shares and own the home entirely if you’d like). Each year, you get certain weeks that you have access to the property.

“Each person gets to use it one week out of the month,” said Jackie. “When they go to purchase they get a calendar that shows what weeks they get in the next 20 or 30 years. So, they know every week when they are going to have it for the next 20 years.”

If you need more time in a row, you can negotiate to swap some weeks with other owners. But the thorny question of who does the yardwork is not really a problem. Breezy Point handles upkeep and furnishings, while the owners are mostly responsible to enjoy themselves.

“They pay an association fee and then the association fee takes care of maintenance,” said Jackie.

There are owners that Jackie has never met, since they rarely stay at their cabin. But unlike with most vacation homes, they are reaping the benefits. They are using their share as an investment while receiving money like a landlord, while Breezy Point handles the whole part about filling vacancies and collecting rent.

“They will get a calendar and put in all of the weeks that they want,” said Jackie. “If they don’t fill up the reservations, I make the reservations. If someone calls in, and the owner doesn’t have a reservation, I will put a reservation in there.”

Whether you visit on your weeks or not, you still win. Breezy Point works to keep these cabins filled. Fifty percent of the rental revenue goes to Breezy Point and the other half to the owner. Like a house or condo, the shares can be sold. By the way, fractional ownership is available at some of the other Odyssey properties. Contact Odyssey for more information on opportunities at each location.

Breezy Point is also working on building small storage compartments. This would make slipping away to the cabin even easier than it already is, by making sure a few key items are there waiting for the owner. This would further reduce the little bit the owners have to remember when they come to stay. The owners already have access to the lake at a fraction of the cost and worries traditional lake home ownership normally involves.