Many tourists in Santa Fe opt to rent out a home for a week or long weekend in lieu of staying in a hotel, but recent rules passed by the town’s City Council may put a damper on that market. New rules limit the number of short-term rentals in residential areas to 350 units and require owners to pay a $1,000 short-term rental permit fee. While it’s unclear if the crackdown will drastically reduce the number of short-term rentals available, or simply push those owners underground, the new regulations may prompt regular visitors to consider other vacation ownership options in Santa Fe.

Visitors flock to Santa Fe for the town’s dramatic desert landscapes, thriving culinary scene and art shows like the Indian Market held each August, but the area’s reputation as a sophisticated vacation destination hasn’t attracted destination clubs. None of the five largest clubs have a home in Santa Fe, though the lack of club properties may have more to do with Santa Fe’s short-term rental rules which have been in the works for years.

There is currently one fractional real estate option, the Residence Club at El Corazon de Santa Fe, which opened in 2005 in the heart of downtown. The property offers two different residence types including a two-story. two-bedroom home and a single-level, two-bedroom residence. Prices start at $130,000 and include three weeks of use a year. All residences have Kiva-style fireplaces in the master bedroom and Santa Fe-inspired finishes. El Corazon also has a limited number of whole ownership condominiums, which range between 1,700 and 1,800 square feet starting at $829,000.

The town’s other shared ownership option, a two-bedroom house that is part of the fractional real estate company the Weybridge Collection, is currently being sold for whole ownership and is no longer being offer for fractional ownership.

There may be another luxury real estate option in the works, however. Next month luxury resort operator Auberge Resorts will open its Encantado hotel in Tesuque, N.M., just outside of Santa Fe. The resort will have 65 adobe casitas, a spa, an art gallery and a real estate offering is apparently also in the works. While the resort has not released any details on Encantado’s potential residences, Auberge Resorts does have fractional residences at two of its hotels: Calistoga Ranch in Napa Valley and Esperanza in Cabo San Lucas. If the Encantado opts for whole ownership instead, it will join the likes of other private luxury communities like Las Campanas which has a collection of custom homes along with villas that start at $584,000.