El Corazon de Santa Fe, now in its third year, offers fractional ownerships as well as whole-ownership condominiums. Either way, the units are well-designed and attractively outfitted.

The Montaña, which is the larger of two floor plans available to owners in the Residence Club at El Corazon, boasts walls with American Clay finishes, floors of slate tile, viga ceilings, a step-down living room with gas fireplace, and wood Venetian blinds on all windows. The adjacent dining room opens onto the kitchen, which can be closed off by means of pocket doors. The kitchen is equipped with Jenn-Air appliances and black-granite countertops.

The bedrooms upstairs are fully carpeted. The master includes a fireplace and, in the comfortable bathroom, a tiled spa tub, glass shower, and double basins in black granite.

The Montaña units are 1,500-1,800 square feet; one-eighth shares start at $175,000. The single-story Terra units are a little over 1,150 square feet and start at $130,000.

The El Corazon project, designed by Jeff Seres and built by Klinger Constructors, includes 43 whole-ownership condos, 15 fractional-ownership condos, and 14 "affordable" residences that were first offered to residents of the El Seville Apartments demolished to create El Corazon.

In early January, there were four whole-ownership condos available. They ranged from 1,700 to 1,800 square feet, with prices starting at $829,000.

The Equity Residence Club concept was born at Deer Valley Resort in Park City, Utah, in 1991. El Corazon de Santa Fe is the only DCP International project in New Mexico. Twenty-five others are located in California, Colorado, Florida, Idaho, New Jersey, New York, North Carolina, Utah, and Wyoming; and in Bermuda, Italy, and Mexico.

Owners in the Residence Club at El Corazon de Santa Fe receive a deed conveying a one-eighth undivided interest in the residence, as well as in the clubhouse and common areas. The ownership can be sold, willed, deeded, or placed in a trust, just like any other form of real estate.

It's not like traditional time-share projects, where owners typically have a specific unit and may only use it in a specific time period each year. "The key thing is we do not sell time," said Deborah Olson, broker and membership-sales director at the Santa Fe project. "The owner has unlimited usage and the Club is also open to your guests, with proper notice. You can only reserve so much time at once, but there is no limit on times during the year."

Each year, owners may reserve up to 21 days of planned vacations in advance, then may book additional short-notice stays. Subject to availabilities during low-demand periods, an owner may simultaneously reserve multiple Club residences for the same days.

DCP International senior vice president Reed Anderson said the fractional alternative represents a green advantage. "We're providing something to families that otherwise might be building homes in Santa Fe that they would only use a few months a year," he said.

El Corazon has a water-harvesting system designed by Earthwrights Designs. Buried cisterns are designed hold nearly 113,000 gallons of water that is used to irrigate landscaping.