Luxury Real Estate 101

It's the hottest trend in the high-end housing market today. But what are fractionals anyway, and how are they changing the way we buy property? Eric Levin explains.

In his career as a pilot and an airline accident investigator, Billy Minkoff, 55, has logged more than 13 million miles flying all over the world, from Moscow to Tokyo. But for years he and his wife, Elizabeth, 52, a lawyer for a Nashville health care company, found themselves returning to one place—the venerable Greenbrier resort in White Sulphur Springs, West Virginia. Forget Paris or Barcelona: Like every American president since Woodrow Wilson (the resort has long been a weekend getaway for the residents of 1600 Pennsylvania Avenue), the Minkoffs fell hard for The Greenbrier's 6,500-acre stream-fed valley, its stunning variety of oaks, maples, and hickories, its view of the surrounding Allegheny Mountains, and its three meticulous golf courses. "I've stayed in all the leading hotels in the world, and this place is way up there," Minkoff says.

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