Received after Agenda Printed
September 13, 2022
Item No. SS2
From: Rieff, Kim
Sent: September 12, 2022 7:55 AM
To: Mulvey, Jennifer
Subject: FW: Public Comments : September 13 Study Session Fractional Ownership -----Original Message -----
From: Kathleen Pace
Sent: September 11, 2022 10:30 AM
To: Dept - City Council
Subject: Public Comments : September 13 Study Session Fractional Ownership [EXTERNAL EMAIL] DO NOT CLICK links or attachments unless you recognize the sender and know the content is safe.
Sent from my Wad
Received after Agenda Printed
September 13, 2022
Item No. SS2
From: Rieff, Kim
Sent: September 12, 2022 7:45 AM
To: Mulvey, Jennifer
Subject: FW: Public Comments : September 13 Study Session Fractional Ownership -----Original Message -----
From: Richard Wackerbarth
Sent: September 10, 2022 5:39 PM
To: Dept - City Council
Subject: Public Comments : September 13 Study Session Fractional Ownership [EXTERNAL EMAIL] DO NOT CLICK links or attachments unless you recognize the sender and know the content is safe.
Please protect our neighborhood and outlaw fractional ownership.
Thank you,
Rick Wackerbarth
215 Fernleaf Ave
Corona Del Mar
Sent from my Whone
Received after Agenda Printed
September 13, 2022
Item No. SS2
From: Rieff, Kim
Sent: September 12, 2022 7:45 AM
To: Mulvey, Jennifer
Subject: FW: Public Comments : September 13 Study Session Fractional Ownership From: Jill Schriber
Sent: September 10, 2022 5:10 PM
To: Dept - City Council
Subject: Public Comments : September 13 Study Session Fractional Ownership [EXTERNAL EMAIL] DO NOT CLICK links or attachments unless you recognize the sender and know the content is safe.
Hello,
My husband and I strongly discourage Fractional Ownership and encourage the city to not allow it in our communities.
thank you,
Tom and Jill Schriber
Received after Agenda Printed
September 13, 2022
Item No. SS2
From: Rieff, Kim
Sent: September 12, 2022 7:45 AM
To: Mulvey, Jennifer
Subject: FW: Public Comments : September 13 Study Session Fractional Ownership -----Original Message -----
From: Jon Prun
Sent: September 10, 2022 4:50 PM
To: Dept - City Council
Subject: Public Comments : September 13 Study Session Fractional Ownership [EXTERNAL EMAIL] DO NOT CLICK links or attachments unless you recognize the sender and know the content is safe.
Please ban fractional ownership in Newport Beach.
Thanks.
Jon Prun
Received after Agenda Printed
September 13, 2022
Item No. SS2
From: Rieff, Kim
Sent: September 12, 2022 7:44 AM
To: Mulvey, Jennifer
Subject: FW: Public Comments : September 13 Study Session Fractional Ownership -----Original Message -----
From: Larry Kaplan
Sent: September 10, 2022 4:37 PM
To: Dept - City Council
Subject: Public Comments : September 13 Study Session Fractional Ownership [EXTERNAL EMAIL] DO NOT CLICK links or attachments unless you recognize the sender and know the content is safe.
I am strongly opposed to allowing fractional ownership arrangements in CDM.
Sent from my iPhone
Received after Agenda Printed
September 13, 2022
Item No. SS2
From: Rieff, Kim
Sent: September 12, 2022 7:39 AM
To: Mulvey, Jennifer
Subject: FW: Public Comments : September 13 Study Session Fractional Ownership -----Original Message -----
From: Jennifer Keller
Sent: September 10, 2022 4:19 PM
To: Dept - City Council
Subject: Public Comments : September 13 Study Session Fractional Ownership [EXTERNAL EMAIL] DO NOT CLICK links or attachments unless you recognize the sender and know the content is safe.
As a longtime resident of Corona Del Mar, I'm writing to address the issue of fractional home ownership in Newport Beach. I hope the Council bans it, as has been done in other popular cities throughout California.
Fractional ownership is inconsistent with maintaining the residential character of our City. It tends to create the same problems as are found with short-term rentals, including a continuous party atmosphere, overcrowding, excess noise, and a general lack of interest in the community beyond the brief time spent here. As neighbors, we wouldn't even know the property's owners or to whom to complain when nuisances inevitably arose — other than perhaps a distant manager with no stake in our city.
I can't imagine wanting to purchase a home next to one of these, and I suspect that anyone listing a property for sale would have to disclose the fact that a fractionally owned property sits next door or nearby. This cannot help but affect property values in a negative way.
Please help us maintain the wonderful neighborhood I've enjoyed since moving here in 1983.
Best —
Jennifer L. Keller
Keller/Anderle LLP
18300 Von Karman Ave Ste 930
Irvine, CA 92612
(949) 476-8700
https:Hkel leranderle.com
Received after Agenda Printed
September 13, 2022
Item No. SS2
From: Rieff, Kim
Sent: September 12, 2022 7:39 AM
To: Mulvey, Jennifer
Subject: FW: Public Comments : September 13 Study Session Fractional Ownership -----Original Message -----
From: Linda Oeth
Sent: September 10, 2022 2:52 PM
To: Dept - City Council
Subject: Public Comments : September 13 Study Session Fractional Ownership [EXTERNAL EMAIL] DO NOT CLICK links or attachments unless you recognize the sender and know the content is safe.
I am against Fractional Owership, as with short term rentals, it is disruptive to for the neighbors and neighborhood, Thank you, Linda Oeth 420 Mendoza, Corona del Mar
Received after Agenda Printed
September 13, 2022
Item No. SS2
From: Rieff, Kim
Sent: September 12, 2022 7:38 AM
To: Mulvey, Jennifer
Subject: FW: Public Comments : September 13 Study Session Fractional Ownership From: bobnmel2
Sent: September 10, 2022 2:07 PM
To: Dept - City Council
Subject: Public Comments : September 13 Study Session Fractional Ownership [EXTERNAL EMAIL] DO NOT CLICK links or attachments unless you recognize the sender and know the content is safe.
Dear City Council Members:
I am a longtime residental owner and I vote. I am not interested in fractional ownership for CDM and would ask that you vote no on any matters regarding that subject.
Thank you,
Melinda Keeler
Point del Mar
Sent from my Verizon, Samsung Galaxy smartphone
Received after Agenda Printed
September 13, 2022
Item No. SS2
From: Rieff, Kim
Sent: September 12, 2022 7:38 AM
To: Mulvey, Jennifer
Subject: FW: Public Comments : September 13 Study Session Fractional Ownership From: Tom Callister
Sent: September 10, 2022 1:52 PM
To: Dept - City Council
Subject: Public Comments : September 13 Study Session Fractional Ownership [EXTERNAL EMAIL] DO NOT CLICK links or attachments unless you recognize the sender and know the content is safe.
As of this time, I have no objection to fractional ownership in Newport Beach. Given the significant monetary investment required to purchase a share in a fractional ownership property and the required operational and management costs, it is no more likely that such a property will decline in value or have a negative impact on the value of the surrounding homes than a single owner home where the owner fails to maintain their property. Regulations are already in place to manage excessive noise and other disturbances.
What's next? Are we going to start requiring individual owners to spend a minimum amount of money on annual maintenance and regulate other ways they choose to use and enjoy their property? I hope not.
Adoption of rules prohibiting fractional ownership sounds like a sophisticated way of saying "NIMBY" by those who already own a home in Newport.
Tom Callister
Received after Agenda Printed
September 13, 2022
Item No. SS2
From: Rieff, Kim
Sent: September 12, 2022 7:38 AM
To: Mulvey, Jennifer
Subject: FW: Public Comments : September 13 Study Session Fractional Ownership From: Dennis Baker
Sent: September 10, 2022 1:50 PM
To: Dept - City Council
Cc: Joy Brenner
Subject: Public Comments : September 13 Study Session Fractional Ownership [EXTERNAL EMAIL] DO NOT CLICK links or attachments unless you recognize the sender and know the content is safe.
More "Whack a Mole". Please consider strongest possible regulation of the fractional ownership properties. Please investigate possible zoning changes. 6�(N
949.274.3226
Received after Agenda Printed
September 13, 2022
Item No. SS2
From: Rieff, Kim
Sent: September 12, 2022 7:37 AM
To: Mulvey, Jennifer
Subject: FW: Fractional Home Ownership
From: Carol Bledsoe
Sent: September 10, 2022 11:02 AM
To: Dept - City Council
Subject: Fractional Home Ownership
[EXTERNAL EMAIL] DO NOT CLICK links or attachments unless you recognize the sender and know the content is safe.
Dear Members of the City Council,
I am unable to attend the council meeting on September 13th. I understand that you will be taking under advisement the issue of Fractional Home Ownership. I would like to voice my opposition to Fractional Home Ownership. Our community is made up of long time residents, families and people who enjoy that lifestyle.
There are already restrictions on things like VRBO, Air BNB, etc. Fractional Home Ownership isn't much different than those, other than the fact that eight families rotate in and out of the home. It is like an ownership timeshare and I don't think that fits in with the zoning in our area either.
Other communities in California, such as Sonoma, have allowed these in the past and have now banned them. Let's learn from their mistakes and stop it now before it becomes harder to stop.
Please put a stop to Fractional Home Ownership in our communities.
Sincerely,
Carol A Bledsoe
308 L Street
Newport Beach
Received after Agenda Printed
September 13, 2022
Item No. SS2
From: Rieff, Kim
Sent: September 12, 2022 11:11 AM
To: Mulvey, Jennifer
Subject: FW: Public Comments : September 13 Study Session Fractional Ownership -----Original Message -----
From: Amos G
Sent: September 12, 2022 11:09 AM
To: Dept - City Council
Cc: T. J Fuentes Jr. ; Paula Carrigan ; Howard
Ahmanson ; Matthew Holder ; Kirk Stone
Subject: Public Comments : September 13 Study Session Fractional Ownership [EXTERNAL EMAIL] DO NOT CLICK links or attachments unless you recognize the sender and know the content is safe.
Gentlemen:
I consider myself a YIMBY. Not only that, a Market Urbanist, which is the right wing of YIMBY, so to speak. But my views about "more housing' apply to housing where people live permanently, and where they moved out of someplace else to move into. If the place they moved out of was not their parents' basement, they have freed up a place for someone else to move into. This is called "filtering" in the trade. We do it with cars all the time. That's why we don't hear complaints that the auto industry doesn't build enough "affordable " cars for people of moderate to low incomes.
If housing is being set aside for a pied a terre, or a multiple ownership and sharing, or an AirBnB, it does not advance filtering or do anything to solve the housing problem. So I am not going to say anything against regulating THAT kind of housing.
Sincerely,
Howard Ahmanson
Sent from my iPad
Received after Agenda Printed
September 13, 2022
Item No. SS2
From: Rieff, Kim
Sent: September 12, 2022 8:42 AM
To: Mulvey, Jennifer
Subject: FW: Opposition to Fractional Home Ownership
From: Lauren Seaver
Sent: September 12, 2022 8:41 AM
To: Dept - City Council
Cc: Nick Seaver
Subject: Opposition to Fractional Home Ownership
[EXTERNAL EMAIL] DO NOT CLICK links or attachments unless you recognize the sender and know the content is safe.
Hello Mayor Dixon and Councilmembers,
Thank you very much for your leadership of our City. I am writing on behalf of myself and my husband Nick Seaver. We are residents at 423 Belvue Ln, Newport Beach. We understand that the council is studying the issue of fractional home ownership.
We are strongly opposed to this model of home ownership in our city for the following reasons:
- Takes housing stock away from families at a time when housing supply is at an all time low. - Artificially inflates home pricing, further pushing families out of the housing market. - Concerns about long-term maintenance and care of these homes that are operated by startup enterprises and with unrelated owners. These homes are unlikely to receive long-term upgrades and maintenance necessary to maintain the quality in the community.
We strongly urge you to outlaw fractional home ownership.
Thank you,
Lauren Seaver and Nick Seaver
423 Belvue Ln., Newport Beach
310-699-8404
Received after Agenda Printed
September 13, 2022
Item No. SS2
From: Rieff, Kim
To: Mulvey, Jennifer
Subject: FW: Public Comments : September 13 Study Session Fractional Ownership Date: September 12, 2022 12:44:08 PM
-----Original Message -----
From: Mary Roosevelt
Sent: September 12, 2022 12:42 PM
To: Dept - City Council
Subject: Public Comments : September 13 Study Session Fractional Ownership [EXTERNAL EMAIL] DO NOT CLICK links or attachments unless you recognize the sender and know the content is safe.
I would like to express my opinion that Fractional Ownership is not good for our village of Corona Del Mar. We have had problems with the management of air b'nb's, and this is really no different. It destroys the nature of continuous home ownership, which create do great friendships and community spirit, with compatible neighbors, making life in the village so wonderful.
We welcome our beach visitors, but on going strangers in the homes which surround us could be a problem.
Mary Roosevelt
Sent from my iPhone
Received after Agenda Printed
September 13, 2022
Item No. SS2
From: Rieff, Kim
To: Mulvey, Jennifer
Subject: FW: Public Comments : September 13 Study Session Fractional Ownership Date: September 12, 2022 2:47:29 PM
From: Jay Myers
Sent: September 12, 2022 2:46 PM
To: Dept - City Council
Subject: Public Comments : September 13 Study Session Fractional Ownership [EXTERNAL EMAIL] DO NOT CLICK links or attachments unless you recognize the sender and know the content is safe.
Dear Members of Newport Beach's City Council:
I am concerned about the changes to the character our neighborhoods cased by both AirBnB style short term residential rentals, and the new fractional ownership model (aka: Picasso) that work to achieve the same "vacation" use model.
The intended land use of our residential neighborhoods was never envisioned to accommodate short-term rentals. Please do what can be done to limit this latest twist on the vacation use model.
Our residential neighborhoods were never intended to serve as hotels.
Sincerely yours,
Jay Myers
512 Carnation Ave.
Corona del Mar, CA 92625-2024
Cell (714) 313-1122
iayP icmyers.com
Received after Agenda Printed
September 13, 2022
Item No. SS2
From:
Rieff, Kim
To:
Mulvey, Jennifer
Subject:
FW: City Council Mtg 2022-09-13 - SS2 Fractional Home Ownership Update Date:
September 12, 2022 4:16:15 PM
Attachments:
Pacaso 307 Goldenrod Av Advertisingpno
Pacaso 1703 Plaza Del Sur Advertisingpno
Pacaso Homeowner Scheduling FAOs.odf
Ember Fractional Shares Scheduling Stays.pno
Elite Destination Homes Fractional Ownership Long
Elite Destination Homes Fractional Ownership 2.pnng
Elite Destination Homes Fractional Ownership 3.ong
Elite Destination Homes Fractional Ownership 4.pnng
Luxury Fractional Guide Reselling of Fractional Ownership l.)ng Luxury Fractional Guide Reselling of Fractional Ownership 2.pnng VacatiaPlus FAQs Fractional Owners Exchange Program.mci ReMax Premier Timeshare Resale Reselling Fractional Ownership.pna ReMax Premier Timeshare Resale Reselling Fractional Ownership.pnq Forerunner Funds Arrived Homes.pdf
Arrived Homes Shatters Funding Record With 6 Rental Properties Fully Funded In 8 Minutes.pdf From: Carmen Rawson
Sent: September 12, 2022 4:15 PM
To: Dept - City Council
Cc: Leung, Grace
Subject: City Council Mtg 2022-09-13 - SS2 Fractional Home Ownership Update [EXTERNAL EMAIL] DO NOT CLICK links or attachments unless you recognize the sender and know the content is safe.
City Council members,
Regarding the comprehensive Fractional Homeownership report, prepared by Sagecrest and submitted by City staff for the subject meeting, please note the following additional information:
1. In addition to the Newport Beach property addresses listed in the Table, on page 5 of the report, please note that as of today Pacaso is also advertising the sale of fractional ownership for the property located at 307 Goldenrod Av (see attached file). Also, note that 1703 Plaza Del Sur is advertised by Pacaso (in addition to Compass, see attached file).
2. Pacaso FAQs (see attached file) state the fractional owner stay can be as short as 2 nights and as long as 14 nights, with each owner having a total of 44 nights (based on 1/8 ownership). The FAQs also state each owner can have "up to six general stays at a time". I am not sure what "at a time" means in that sentence. However, if each owner can have 6 stays in a 12 months period then that could translate into a total of 48 separate stays in a 12 month period. From an operation stand point this is very similar to the operation of a a Short -Term Lodging Unit (STL Unit).
3. Ember Homes (Ember) has a similar scheduling practice (see attached file). Note that for a 1/12 ownership each fractional owner gets a total of 30 nights and the stay can only be a maximum of 10 nights. However, the total number of stays in a 12 months period would still be 48 separate stays.
4. Besides Pacaso and Ember there are other companies advertising Fractional Ownership deals in the internet. Although these companies may not been operating in Newport Beach today they may be planning to bring their business to our city in the near future. So action must be taken now to stop the fractional ownership tsunami.
5. Elite Destination Homes (Elite) is an international company already expanding their business in the USA. They have fractional ownership listings as well as rental listings in La Jolla - California, Wisconsin, North Carolina, Wyoming, etc.
6. Note Elite offers a "Home Exchange" program where you can exchange a stay at the property you (fractionally) own with a stay at another property. So how is this different than a "time share"? Also, Elite offers to rent out the property you (fractionally) own and get you rental income if you do not want to use all your days/stays. So how is this different than a STL Unit? See attached 4 files covering this information.
7. Another company offering Fractional Ownership is Luxury Fractional Guide (see attached 2 files).
8. Note that VacatiaPlus (see attached file) offers a Fractional Owners Exchange program (as does Elite).
9. Companies selling the Fractional Ownership concept firmly state that fractional ownership is not the same than having a time share. It is interesting to see that Re/Max Premier Timeshare Resale is reselling Fractional Ownership (see attached file).
10. For your information I have attached 2 articles about Arrived Homes (Arrived). Arrived is funded by Forerunner Ventures and backed up by Jeff Bezos. They say someone could buy a Fractional Ownership of a (vacation) property for as little as a $100 investment. So forget the 1/8 or 1/12 Fractional Ownership scheme. How about the 1/100 Fractional Ownership case?
11. Lastly, Fractional Ownership controlled/administered by Pacaso and/or Ember may be decently managed as they claim they will not allow Fractional Owners to rent out the property and apparently they do not have (so far) an Exchange Program. But how about the Fractional Ownership properties that may be managed by the individual Fractional Owners without rules among themselves about renting and/or exchanging the property? Without City established regulations we may get chaos.
It is my understanding that the current City of Newport Beach Municipal Code does not allow "time shares" in the city. And as we all know the STL units are regulated in our city (business license and STL permit required, operators must pay TOT and comply with the enacted Ordinances, maximum number of STL units allowed in the city, etc).
I urge you to take action and approve/adopt a Moratorium on Fractional Ownership properties in Newport Beach right away. That would provide additional time for City staff and our City Attorney to further research the options the City has to stop/contain/regulate Fractional Ownership in our community.
Please take all the information provided herein into consideration during the subject meeting.
Sincerely,
Carmen Rawson
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Homeowner Scheduling FAQs I Pacaso
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We're here to help
X HOW MUCH TIME WILL I HAVE IN MY HOME EACH YEAR?
Your access depends on the number of shares you own. Each share gives owners up to 44 stay nights, and they are tracked on a 365-day basis. For example, if your ownership anniversary date is October 18, 2021, we'd count the total number of stayed nights between October 19, 2021, and October 19, 2022.
X WHAT IF I WANT TO ENJOY MORE STAYS IN MY HOME?
As a benefit to owners, you are able to book time beyond your maximum annual stay night threshold of 44 nights, pending home availability. A modest nightly operating fee is assessed to cover operating and ownership costs. The fee is used to offset costs for other owners, and there is no markup added. Owners will fi nd rates to be dramatically less than booking a similar, non-Pacaso home.
X HOW DO SHORT -NOTICE STAYS WORK?
Short -notice stays give owners more fiexibilityto booktime intheir homes without having to plan far in advance. Open dates in the Pacaso app can be booked as short -notice stays 2-30 days ahead of your arrival date. Short -notice stays do not count toward an owner's general stay count (6 general stays per share of ownership), but they do contribute to your total annual stay nights. (Note: For homes with unsold shares, the short -notice booking window is 2-7 days ahead of the arrival date.)
X HOW DOES THE SCHEDULING APP WORK?
The Pacaso app is powered by our SmartStayTM scheduling system. It's easy to use and equitable for owners based on their number of shares owned. The app displays real-time availability and supports two tvnes of owner stays: genera I and sho rt-notice.
Our website uses cookies to help us improve your browsing and shopping experience.
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1JUI IGI QI JLQY LI IQL IQIIJ VI IQJi..JGUIQ I UQLU IUUGI QII IV IIUQYJ VI L.JUY UIQI IVUQI UVUI ILJf. https://www.pacaso.com/faq/scheduling 2/7
4/12/22, 10:51 AM
Homeowner Scheduling FAQs I Pacaso
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Over time, the SmartStay system will learn each owner's stay preferences and make X DO OWNERS HAVE A PRIORITY RANK ORDER FOR SCHEDULING?
No, owners schedule their stays based on real-time availability; there is no set ranking order to select dates. This gives all owners equal access to dates important to them, regardless of when they purchased their home.
X HOW MANY GENERAL STAYS CAN I SCHEDULE?
Owners may hold up to six general stays at a time per 1/8 share owned. Stays must be for a minimum of two nights. A stay with a duration of 2-7 nights counts as one general stay, while a stay with a duration of 8-14 nights counts as 2 general stays.
X HOW LONG ARE OWNER STAYS?
The maximum length of a stay is based on shares owned. Owners of one share can enjoy a stay anywhere from 2 to 14 nights. A stay with a duration of 2-7 nights counts as one general stay, while a stay with a duration of 8-14 nights counts as 2 general stays. Owners of two shares have the option to book stays up to 28 nights. In off-season periods, owners also have the option to extend the length of their stay.
X CAN I BOOK BACK-TO-BACK STAYS?
No. To ensure ongoing access for all owners, the period between your arrival date and your prior departure must be equal to or greater than the number of nights of your last stay.
X WHAT IS A SPECIAL DATE?
Special dates include select U.S. federal holidays as well as popular local events. They vary for each region, but they are clearly marked with a blue dot in the scheduling calendar in the Pacaso Our website uses cookies to help us improve your browsing and shopping experience.
By continuing, you agree to our use of cookies. Accept
HOW MANY
DATES CAN AN OWNER
https://www.pacaso.com/faq/scheduling 3/7
4/12/22, 10:51 AM
Homeowner Scheduling FAQs I Pacaso
$ USD
X WHAT IF I DON'T GET THE SPECIAL DATE I WANT?
SmartStay is designed to be equitable, and each owner is guaranteed one special date per share. We recognize you may not always secure your fi rst choice of a special date in a given year (e.g., Christmas), but our 24-month stay calendar gives you the opportunityto request the date in the future.
+ HOW FAR AHEAD CAN I BOOK A STAY?
X WHAT IF I NEED TO CANCEL A STAY THAT I'VE BOOKED?
Owners can cancel with no penalty 60 or more days before arrival. Cancellations will trigger a notification to other owners, alerting them of the newly available dates. For cancellations made within 59 days of arrival, there is no penalty for the cancelling owner if the dates are rebooked by another owner. If the dates are not rebooked, the dates count toward the cancelling owner's annual stay night cycle for the year.
X ARE ALL STAY REQUESTS ACCEPTED? HOW AM I NOTIFIED OF THE STATUS OF MY REQUEST?
If a date is shown as available in the calendar, you can instantly secure the stay, and you will see your booked stay dates listed in the Upco m1ng tab under Stays in the Pacaso app.
X WHAT TIME IS ARRIVAL AND DEPARTURE FOR OWNERS?
Standard arrival and departure is noon, but owners can request earlier arrivals and later departures. All efforts will be made to accommodate your requests if the calendar and cleaning schedules permit. You will be notified if this is possible 48 hours prior to your arrival and/or departure.
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Every region has a dedicated Home Manager who supports owners with scheduling, home https://www.pacaso.com/faq/scheduling 4/7
From: Rieff, Kim
To: Mulvey, Jennifer
Subject: FW: MORE INFO: City Council Mtg 2022-09-13 - SS2 Fractional Home Ownership Update Date: September 12, 2022 4:53:13 PM
Attachments: Nelson Family Estates 310 Fernando St Advertisingpna From: Carmen Rawson
Sent: September 12, 2022 4:51 PM
To: Dept - City Council
Cc: Leung, Grace
Subject: MORE INFO: City Council Mtg 2022-09-13 - SS2 Fractional Home Ownership Update [EXTERNAL EMAIL] DO NOT CLICK links or attachments unless you recognize the sender and know the content is safe.
City Council members,
Regarding the subject I just found another Fractional Ownership property in Newport Beach. Please refer to the attached file showing Nelson Family Estates offering fractional ownership at 310 Fernando St (all fractional shares already sold).
This tells me we are just discovering the tip of the iceberg as it relates to the intrusion of fractional ownership in our community. As part of the path forward I suggest to further research the other (so far unknown) companies offering/reselling fractional ownership.
Sincerely,
Carmen Rawson
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Balboa Peninsula
The smart way to buy and own a second home
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Newport Beach, CA 92661
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Received after Agenda Printed
September 13, 2022
Item No. SS2
From: Rieff, Kim
To: Mulvey. Jennifer
Subject: FW: Public Comments : September 13 Study Session Fractional Ownership Date: September 13, 2022 7:30:48 AM
From: Charles Marohn
Sent: September 12, 2022 9:35 PM
To: Amos G
Cc: Dept - City Council ; T. J Fuentes Jr.
; Paula Carrigan ; Matthew Holder
; Kirk Stone
Subject: Re: Public Comments : September 13 Study Session Fractional Ownership [EXTERNAL EMAIL] DO NOT CLICK links or attachments unless you recognize the sender and know the content is safe.
Sadly, I've found the Market Urbanists will disavow you if you don't express fidelity to the end of all housing regulation.
I am with you on regulations regarding what is in effect hot money flows into local housing markets, although I'll point out that hot money flows both in and out — I suspect that, if we continue to flirt with inflation levels where they are, we will see this particular investment model become unprofitable, from higher interest rates / carrying costs, stagflation, or both.
Hope all is well, Howard.
-Chuck
From:
Rieff, Kim
To:
Mulvey, Jennifer
Subject:
FW: 3803 Marcus Pacaso rental
Date:
September 13, 2022 4:45:32 PM
Attachments:
IMG 9693.PNG
IMG 9694.PNG
From: Mark Markos
Sent: September 13, 2022 4:41 PM
To: Dept - City Council
Subject: 3803 Marcus Pacaso rental
[EXTERNAL EMAIL] DO NOT CLICK links or attachments unless you recognize the sender and know the content is safe. 4:381
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1 Newport Beach, CA 92663
Vilest Newport Beach
C 2 Weeks Ago
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Aleut Me About Listings
Br Baths Avg Sq Ft
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= #.I Apartments.Com-
Newport Beach, CA 92663
Vilest Newport Beach
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C 2 Weeks Aga
Check for Upcoming Availability
Alert Me About Listings
Br Baths Avg Sq Ft
3 Br S Ba 2,978 Sq Ft
About This Property
Available for one month, December 27th to January 27th. A contemporary waterfront escape situated in the coveted
enclave of Newport Island_ Commanding aPpx. 29' of view frontage, the three -bedroom, five -bathroom modern
farmhouse exudes warmth and embrace by its bespoke
finishes that include paneled ceilings, wide -plank wood flooring, custom coverings, designer pendant lighting, and built-in features. Upon entry through Dutch doors, the main level offers sweeping blue water vistas and is comprised of a
luxurious dining area, chef's kitchen with a waterfall edge island and walk-in pantry, and fireplace -warmed great room opening to a private dock beyond slide -away glass doors.
Three spacious en suite bedrooms grace the second level including the sumptuous master suite with deck ❑ccess, high vaulted ceilings, fireplace, and a sliding barn door leading to Mark Markos