According to a press release this week "Nearly 35 percent of the nineteen 1/12th fractional residences have been sold and interest remains strong thanks to the increasing popularity of fractional opportunities within the mountain real estate market."

“We’re thriving in a unique micro-climate,” said Jeff Meier, senior director of sales and marketing for Four Seasons Residence Club Vail. “Vail real estate buyers see the pace at which inventory is diminishing and are responding more quickly. We’re still experiencing strong demand, from both domestic and international marketplaces.”

Meier cited interest from the international market, including Mexico, Canada, and South America, as a recent buying trend for Vail, Colo. real estate, and for the property.

“About 19 percent of our buyers have come from outside the U.S. and inquiries from these areas are growing,” added Meier.

Meier added that interest in fractional and destination club opportunities in the mountain real estate industry is rising. “As baby boomers search for retirement opportunities, we’re seeing a greater interest in new, more flexible and lower maintenance vacation property.”

In this weeks press release:

Meier also cited the Four Seasons Residence Club Vail fractional use plan configuration. The plan features a guaranteed prime ski vacation, a prime summer vacation, and the ability to purchase consecutive calendar interests. This flexibility is ideal for extended families and friends that plan vacations together, and the number of buyers who purchase more than one interest is growing dramatically. It is also possible to exchange to other destinations within the Four Seasons Residence Clubs portfolio.

The New York Times had an article on the Four Seasons Vail saying its scheduled to open later this year. The 1/12 fractionals (or shared ownership) start at $406,000.

Here's what The Times says:
"Nineteen of the residences will be two- to four-bedroom, 1,835- to 3,500-square-foot furnished units that are sold in one-12th fractional shares. Fractional owners will be granted at least three weeks of use a year, including one week in winter and one in summer that will be assigned on a rotating schedule."

Amenities include a spa, pool, fitness center, whirlpools and restaurant.

The Four Seasons Vail was due to open for the 2009/2010 ski season, but after the lender took over the project and changed the General Contractor this summer, the project opening has now been pushed back to summer 2010.

The lender then had to work with several disappointed early buyers who were looking to stay there for this season. But the reports are that Four Seasons has been very supportive of these changes.

Development is making progress and the model home will be open early in the New Year.