A Primer on Common Interest Communities and Interval Ownership: A Panacea or an Inevitable Trap?

Abstract

Consider this scenario. Gert, Helen, and Irene are sisters. Gert and Irene have never been married and live independently, but in their deceased parents’ home in Bayonne, New Jersey. Helen lives in a small one-bedroom apartment in Harrison, New Jersey, very near to her Parish Church in a neighborhood that has greatly changed over the past twenty or so years. Gert and Irene are contemplating moving out of their family home which has appreciated considerably in value and are looking for alternative opportunities. Gert is interested in purchasing a two bedroom condominium in the St. Petersburg, Florida area. Helen has heard about a co-op building on Long Island where she could be near her daughter and her family. Irene will probably move in with one of her sisters, but insists that the three also purchase together a timeshare somewhere in the Caribbean where “all three can get together once a year at the New Year for at least two weeks.” She has heard that Aruba is nice and, as a plus, they have gambling there.