In a region filled with condo rentals and lavish second home communities, a new development, the Club at Solaris, in the heart of Vail, Colo. is putting a different spin on the shared ownership model.

The property, from the developer Epiphany Clubs & Resorts, calls itself a non-equity fractional. In other words, there isn’t any actual real estate ownership involved. More of a single home destination club rather than a traditional private residence club, the Club at Solaris is selling unlimited access to its homes, so “owners” can use the properties whenever they want.

What’s For Sale

Three and four bedroom homes averaging 2,800 square feet, for a membership fee of $1.9 million and $42,000 in annual dues. The development’s 19 residences will open in time for the 2009/2010 ski season.

What You Get

Homes have stone fireplaces and expansive heated decks with views of the ski runs. Solaris is in the heart of the pedestrian friendly new Vail Village, which is across from the slopes and has family amenities like an ice rink and movie theater. Membership secures unlimited access to the home and owners simply need to call at least 30 days in advance of their trip. In holiday crunch times, when availability may be squeezed, the development plans to rent homes for members with the promise that they will be larger and even more lavish than the properties at Solaris. The buy-in price includes perks like annual ski passes, ski storage, housekeeping and a membership to Cordillera, a club with several golf courses (including one Tom Fazio-designed course), a spa, and fly fishing access.

The Helium Report Take

We were initially struck by the nearly $2 million dollar price tag for a second home that, well, doesn’t include any deeded real estate ownership. Epiphany President Tom Fulton explains that the decision to go with a membership model over a deeded structure was in part to maintain the resale value at the club. He said he has seen resale values of some fractional developments dip even in markets where the overall value of real estate has continued to rise. Upon resignation members effectively seel their membership back to the club and get a 100 percent refund and 60 percent of any appreciation on the value of that membership.

Of course the Club at Solaris isn’t the only alternative to a traditional vacation home in Vail. Several destination clubs, including Exclusive Resorts, Ultimate Resort, One Key and Quintess have homes in the Vail area, and membership costs are in some cases a fraction of the entry cost to the Club at Solaris. But destination clubs, of course come with their own usage restrictions that limit the number of days, and even holidays you may be able to book a home.

Also worth noting: a million or two bucks doesn’t go as far as it used to in Vail. In fact, the sky rocketing real estate market has made Vail the home of the $2 million 1970s-era condo. Epiphany has another project in Telluride called the Club at Tristant, where the first members have just began using their homes, and while Fulton said that there will be some reciprocity between the clubs on a space available basis, Epiphany’s model is really for the buyer looking for a home in a single location. “They can use it exactly as they would a vacation home,” he said.