The Woodwards were sold when they bought their fractional ownership of Timbers Kaua’i Resort because it is a physical asset that they can pass on to their children.
Courtesy of Timbers Kaua’i – Ocean Club & Residences
Joan and Ned Woodward felt they would enjoy their stay at Timbers Kaua’i, but little did they know the Hawaiian resort would become a permanent part of their lives.
The Washington, DC-based couple decided to vacation at the 450-acre resort last summer after receiving a rave review from their daughter, who has been there before and raved about the golf course and restaurant.
The couple booked a three-bedroom suite and took the family for what was said to be a short stay.
“On the third day, I spoke to the seller about the purchase,” Joan, an insurance executive, tells CNBC Make It. “My husband just said, ‘We live on the East Coast. Are you crazy?'”
However, Ned was sold after the couple attended an owners-only dinner and he was able to meet a famous hockey player, whose name she declined to give. “That was the icing on the cake, especially since we’re such big hockey fans,” says Joan.
In October 2022, Joan and Ned signed a fractional title deed for one-sixth interest in a three bedroom, three and a half bathroom oceanfront townhouse with 3,100 square feet of indoor space for $1.125 million.
The Woodwards acquired fractional ownership of a three bedroom, three and a half bathroom townhouse.
Courtesy of Timbers Kauai Ocean Club & Residences
For that price, the Woodwards get six weeks of planned vacation annually, plus the ability to take short-notice vacations if another fractional owner cancels at the last minute. The average daily rate for guests at the Kaiholo residences in Timbers starts at $2,025, a representative told CNBC Make It.
Don’t confuse the Woodward facility with a timeshare. With fractional ownership, buyers own a portion of the property rather than the time spent on the property. This means that if the value of the property goes up or down, the value of its 1/6 share will also go up.
“We have a deed and a physical asset that we can sell,” says Joan. “We can gift it to our kids when we retire, which is very different than a timeshare.”
Timbers Kaua’i – Ocean Club & Residences features 47 luxury condos and townhouses available for freehold or fractional ownership.
Courtesy of Timbers Kaua’i – Ocean Club & Residences
In addition to the seven amounts the Woodwards pay, they pay an annual dues of approximately $50,000, although the number may change from year to year.
When she first learned about fractional ownership, Joan was a little wary, but the turnkey nature of the property made the prospect too tempting to resist, she says. Joan estimates the couple can spend around ten weeks at the resort this year.
“What we particularly liked compared to some other properties we’ve looked at over the years is that it really feels like family,” she says.
Woodward’s family plans to take a 10-week vacation from their fractional ownership of Timbers Kaua’i Resort.
Courtesy of Timbers Kaua’i – Ocean Club & Residences
The perks at Timbers Kaua’i go beyond the 18-hole golf course and great food. Much like a traditional five-star hotel, the resort offers owners personal concierge service, a private lounge, pre-arrival grocery shopping and daily housekeeping. The facility can arrange private dinners, on-site chefs and cocktail parties.
Timbers Kaua’i staff even helped Woodward’s daughter plan her marriage proposal last December.
The Woodwards’ daughter told her parents about the resort. Over a year later, employees helped plan their engagement on the property.
Courtesy of Timbers Kaua’i – Ocean Club & Residences
For Joan, the decision to step onto the oceanfront property was a lifelong one.
“Life is too short. If you wait to retire to enjoy life or think you need to reach a certain level before doing things like that, you’re missing out,” she says. “I haven’t taken that extra week of vacation for 40 years and now I value it because you only have one life.”
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