Tucker’s Point Club has dropped the price of its fractional ownership villas at the Harbour Court Residence Club by more than $100,000.The exclusive resort launched the limited time offer for its three and two-bedroom villas less than two weeks ago and already hopes to close on the sale of another seven homes.Meanwhile The Reefs has sold 40 of its factional units during two weeks in June to 37 new members and three exisiting owners. Prices for a one-tenth deeded interest in one of the 19 two or three-bedroom properties start at $179,500 and $229,000 respectively and are set to increase this month.The fractional ownership system works by several owners all buying into and sharing one property.According to director of Tucker’s Point Real Estate Kevin Cross, who took over from former president Ed Trippe following his retirement two weeks ago, the villas are now 60 to 62 percent fully occupied and it is expected to be completely subscribed by next year.The two-bedroom villas, which were on offer for $355,000, are now at $199,500, while the three-bedroom villas, previously $415,000, are $299,500, representing a 44 percent reduction in price. Currently there are about 28 two-bedroom and 29 three-bedroom homes available, with the offer set to be extended to the general public soon.“We’re obviously seeing quite a bit more of an uptick in activity significantly from when we offered the price reductions,” said Mr Cross.“Really we are trying to measure that activity to see whether we have set the right price point to make our homes more competitive both in Bermuda and worldwide.”Mr Cross said that the price reductions were due to the fallout from the financial crisis in September 2008 and a drop off in sales following the success of the first Golf Villas residence club.“We felt we needed to do something a little bit more specific to entice people to look at it,” he said.Admitting that some of the existing owners who had bought in at a higher rate were not exactly happy with the lower offering, Mr Cross said that most appreciated the big shift in the market in September 2008 and that it was in their interests to have like-minded owners sharing their properties than those more transient individuals who had been renting them in the short-term.“Some are not totally happy but some have come to us and said ‘We understand that you have to be able to move on homes as quickly as anyone would like,” he said.Interestingly there has been a bigger uptake of two than three-bedroom villas since the offer was launched, but Mr Cross is hopeful that all of them would be sold by sometime next year.The deeded fractional ownerships, which guarantee frequent and flexible use throughout the year, include full membership of the Rosewood Tucker’s Point Golf, Beach & Tennis Club.Peter Kempf, president and CEO of Peter Kempf International, The Reefs Club’s sales and marketing consultant, said: “Having completed construction of The Reefs Club in the midst of the recent economic recession, we are thrilled and encouraged at the recent sales success.“It is a testament to the strengthening of the private residence club market and the peerless nature of The Reefs Club product.”David Dodwell, owner of The Reefs, said: “We are very pleased with the success of our recent sales drive and would like to welcome the new owners to what we earnestly believe to be the best vacation home value proposition in the world.”For more information about the Harbour Court Residence Club villas contact Tom Sleeter at 298-6902.