The Tamarach Club in Ellicottville, New York, reports that it is 80% sold out, after starting sales 2 years ago.

The four star slopeside development offers one-fifth share fractional ownership, in one and two bedroom units. Four star amenities include underground parking, ski and golf club storage, a heated indoor/outdoor year 'round pool, two outdoor hot tubs, spa, fitness center, conference rooms, wifi, and restaurant.

The sales campaign started on December 1, 2007 and construction was completed in December 2009. Buyers were offered financing through two local banks, Cattaraugus County Bank or Five Star Bank, and these buyers are mainly within driving distance of Tamarack Club.

The units, each with a gas fireplace, full kitchen and high-end finishes, range in size from 465 square feet to 1,800 square feet. Prices start in the $65,000 range. The local newspaper, the Olean Times Herald reports "economic impact includes 160 full- and part-time employees, as well as an estimated $270,000 in sales tax and bed tax revenues for the county each year, as well as $398,000 annually in county, town and school taxes."

This really shows that fractional projects can still sell, even in the current economy. Having financing available to buyers is a key part of this, since many sources of financing have dried up at the moment. Congratulations to the folks at Tamarack Club and Holiday Valley.