THEY'RE BAA-AACK.

It's the return of the Kool-Aid drinkers. The starry eyed marketeers. Yes, the fractionals.

Never mind that Mammoth has been a graveyard for every "fractional" ownership development since, well, forever.  Tyvek paper flaps in the breeze on unfinished fractional homes at Talus on the 10th fairway at Sierra Star. Tanavista, 45 units at The Village pared into "value priced" quarter share fractionals, is still nothing but dirt. It's sales team, once armed with high priced brochures, architectural renderings, and reservation instruments quietly scurried out of town after but a few month's in 2007. Altis, visioned as 24 exclusive slopeside townhomes—fractionalized into 1/7th's priced from the mid $500's—parachuted marketing hot shots in (from where, Tahoe?) just as real estate was poised for it's black diamond plunge. Proud Altis has been reduced to a pair of wholly owned duplexes. And now 80/50, near the Village Gondola, which has been operating on the thin vapor of 54 sold fractions--out of 224--since it first rolled out to much hoopla in 2006, is back.

I know it's back because iStar Financial, the new owner, treated me to lunch. Matt Toomey, the highly regarded chef at the highly regarded Whoa Nellie Deli in Lee Vining, served local agents ceviche, fish tacos, sliders and ceasar salad in one of 80/50's 3 bedroom "residences". Reminded me of the old days. Back when the Ritz team tried to convince us over lamb chops and potatoes lyonnaise that despite tumbling real estate values the Ritz was a different product—uncompromised quality—with a different clientele—rich folk willing to pay the $1400/s.f. tariff. Indeed, the Ritz team was freshly returned from a Southern California blitz where they'd collected another 30 reservations! Reservations from aristocrats begging to be unburdened of their surfeit of cash. The Ritz property was foreclosed on two years later. Pass the chops.

Despite the familiar treats, the 80/50 presentation felt different. It was a somewhat staid affair. Katie Morris representing, iStar Financial, was pregnant and resolute. She and her "dream team" of managers and sales staff would persevere to the end. iStar had the financial clout—38 million square feet of commercial real estate, $12 billion in assets—to see this through. It was a far cry from the Amway-like cheerleading at the original launch where glassy eyed salesfolk got so pumped up on Kool-Aid and testimonials they were ready to jump off the roof supported by nothing but talking points (some did and spent time in veritable traction).

After lunch Elizabeth McGuire, 80/50's sales team leader, gave us a tour. The sun shone brilliantly on the three steamy roof top spas. The March air was crisp and clear. Below us a private sky bridge spanned to the Village Gondola. Inside chromed exercise equipment stood idle, poised for guests. Later the valet smiled and waved as we drove off with our packets of marketing tools.

Back at my office I practiced batting away objections from hypothetical buyers and realized that no one at the luncheon had discussed financials. Try as I would one number kept returning like a meat bee to a bar-be-que, HOA dues. The 3 bedroom fractions are priced at $299,000, the dues run $12,400 per year. An owner is guaranteed 4 weeks annually. That's over $3000 per week in dues. Jeez. Even when you factor in the ability to exchange unused weeks for stays at other Elite Alliance properties (for a $250 fee) it seems impossible to rationalize.

But maybe that's just me. One bedroom fractions are priced at $125,000; 2 bedrooms, at $175,000. For more information give me a call. I've got your Kool-Aid. Grape. Lot's of sugar.