Fun with Fractionals

Resorts are rebuilding with luxury time shares to attract second-home buyers

In the gilded bubble otherwise known as Aspen, Colo., the local pecking order isn't kind to outsiders. At the top are the natives, then the Johnny-come-latelies, followed by the tourists--who are vermin in most resort towns. But in Aspen, the bottom slot goes to guys like David Massarano, a prosperous real estate attorney from Houston who recently dropped $470,000 for three slices of a one-bedroom condo in the six-week-old Hyatt Grand Aspen, 157 steps from the gondola at the base of Aspen Mountain.

Doesn't seem hospitable to label a Texan of some standing a sucker in a small western town--a small...

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