Real estate, which used to be the economic engine of Arizona, became the torpedo that sank the Valley’s economy. It has yet to recover. The real estate debacle has been an equal opportunity disaster, leaving billionaires and blue-collar workers alike with properties worth a fraction of what people paid for them. But a new Scottsdale business—Ownermatch—seeks to address at least part of the problem by providing real estate agents a new option for wealthy clients.
On average, high-end vacation homes are only used 50 days each year or 14% of the time. Meanwhile, the recession has devalued these expensive homes and made them nearly impossible to sell. Ownermatch finds partners with similar recreational interests who will buy half of the vacation home, providing as President Dudley Merkel says, “ One hundred percent of the experience for 50% of the cost.”
Merkel is a long-time Valley resident, who played golf for ASU, worked in the computer industry for Sperry, and worked with a national leasing company for 20 years. As with so many Phoenicians, the economic downturn left him looking for a new vocation and dream. Five months ago, he was introduced to Wayne Wilkins, a Vancouver entrepreneur, who brought his own personal solution (finding a partner for a ski property he used to use only six weeks a year) and company (which has completed 90 such deals in Canada) to his favorite wintering spot--Arizona.
Merkel and Wilkins thought Scottsdale would be an ideal location for beautiful and available winter homes, for wealthy people looking for partners and/or other places to recreate, and experienced, exclusive realtors to handle these unique transactions. The company also provides all realtors in Arizona with a new option to offer select clients and more income.
Ownermatch Southwest is providing “a new way to own.” Partners share the mortgage, taxes and other expenses, as well as the enjoyment of fabulous property they may not have been able to own or maintain any longer on their own. Unlike leasing a vacation home, a customer actually has equity, with a variety of legal protections and safeguards built into the contract.
Ownermatch Southwest is an example of how international partnerships can benefit business in the State and an example of Arizona using one of its major assets—great weather—to help expand the scope of one of its troubled industries—real estate.
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