Whole ownership condominium residences and fractional (1/12th) ownership units are now available.
There are currently 5 units actively listed, 6 pending sale, and 2 closings since January 2014.
With two whole ownership units closed, we are now starting to see listings of the fractional (1/12th) ownership units. At this time there are 8 active listings ranging from $350,000-$415,000. The fractional units are comprised of two and three bedroom floor plans.
Ownership: Each owner buys a fixed three weeks per year with the option of a fourth week (see usage). They own a specific three weeks in a specific unit and will have a deed/title in their name. The properties were originally sold with two fixed weeks and one floating week or three fixed weeks, so listings will vary in terms of structure.
Fourth Week Usage: The fourth week is on a per diem where the owner actually pays a nightly rate. This is not covered in their annual maintenance fees. The per diem week is reserved for the shoulder season and can be booked 12 months out for up to a week. This is offered to Owner, Spouse and immediate family only.
Owners pay maintenance fees on an annual basis, and do not pay a nightly rate while staying in their 3 weeks. However, there is a state mandated Transient Accommodation Tax that must be collected. Annual maintenance fees for 2014 varied from approximately $16-18,000 depending on the size of the unit.