The first luxury fractional properties appeared in 1992 in Park City, Utah where founders of the Deer Valley Club coined the phrase "Private Residence Club." The Rocky Mountain ski areas held the first concentration of fractional ownership but quickly spread to golf and beach resorts and many destinations including California, Florida, the Caribbean and many other parts of the world. In 2003 this "shared ownership" concept boomed from $510 million in sales on 150 projects to a recent study identifying a total of 254 projects with a total of 2.1 billion in sales. Fractional ownership remains one of the hottest trends in the real estate industry today.
