It's a popular new concept and something different than a condotel (see my last post). Fractional ownership is just what it says: You own a Fraction of a whole! There is a new development in Key Largo (Fishermans Cove), anticipated to be completed December '07 : There are 6 residences and each residence is sold by 1/8th. The first six buyers will be able to purchase such fractional ownership for 295K (After that prices will be between 350K to 450K) with a refundable reservation fee of 5K!Here some general info: 6 well appointed residences • Fee-Simple deeded real estate • 1/8ownership3 BR/3BA fully furnished • 2300 sq ft. living space • 450 sq ft.private balcony Waterfront luxury residences, overlooking a tropical lagoon pool,and the pristine Gulf of MexicoWith NO maintenance or hassles…all at a fraction of the cost ofwhole ownership!Amenities & hospitality services you would expect from a 5-starresort Roof top owners’ retreat plunge pool The Big Chill Restaurant and Bar (with room service)Usage of 2008 fully maintained Club Boats & Dockage (Provisioned, fuel; stocked with bait, food, beverages, deliveredto your dock)Private cabanas with flat screens & butler service Membership to The Marina Club adjacent to propertyConcierge ServicesPre-arrival grocery shoppingPersonalized storage lockersHD TV/DVD in LR & all bedrooms with DVD library Fitness Center, Spa treatment room & servicesDaily HousekeepingAll utilities included: (cable, phones, Wi-Fi, electrical, gas, water & sewer, PLUS allreal estate taxes & insurance)A truly carefree vacation ownership with NO hassles ormaintenance! HOA monthly dues $824.00!No lodging or initiation fees!
Not too bad for 295K!
There is no restriction in the amount of time you can use the property; there are rules to reservation procedures etc. that ensure fair use for all owners.
If this sounds interesting to you or if you know of anybody who would like some further info; please give me a call: 305-393-0923! Makes sense to me!
Here are the new properties that have come on the market since my last blog:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20071018180247228916000000&s=6&id=1">Click
Properties that have gone under contract:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20071018180422177471000000&s=6&id=1">Click
Price changes since my last post:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20071018180540855194000000&s=6&id=1">Click
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