Fractional ownership: buy into a willow retreat: enjoy the benefits of owning a part of an Alaska-getaway cabin.

• Author: Martin, Gary L.

To break the shackles of daily toils, frustrations and hustle-bustle lifestyles, people are always in search of a great escape. Pursuing that fantasy has spawned individuals many ways to find rest--and relaxation; they purchase recreational vehicles and join the RV set. They also backpack through Alaska's mountain ranges, take romantic tours to Europe and chase sunsets at sea aboard luxury liners.

Now there is another option--fractional ownership.

It's like owning a piece of the pie. While the concept of fractional ownership has been around for awhile, most of the time it has been associated with partial ownership of an airplane or a yacht.

In the United States, fractional ownership of a luxury residence, an idea that developed in the mid- 1990s, is possibly the fastest growing segment of the resort real estate market, according to an article published in October 2003 by the International Herald Tribune. From the surfer's paradise of Hawaii, to the ski resorts nestled in the winter-wonderland hideaways in Colorado, people are investing in partial ownership of vacation homes.

And, what is good for the rest of the world is good enough for the Last Frontier. Alaska Vacation Homes in Willow is now offering secluded cabins on a fractional ownership basis. For $28,000, people can enjoy 10 percent ownership of a completely managed and maintained vacation cabin that is completely furnished. That price also includes five weeks of annual residence, two during prime weeks and three during non-prime weeks.

There is a second package for $20,000 that is exactly the same except that the five weeks of usage time is during non-prime periods. Prime weeks are during summer...