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SHELLY

SoWal Insider
Jun 13, 2005
5,770
802
Hey, Ya'll. I'm not saying the Wateround offering is a good deal, but it's not a time share, which yes, you should generally run away from with great haste.
Sounds like what they're offering is a fractional ownership, whereby the owner will have title to 1/8 interest in the property, not just a right to lease the property, as in a time share. Some fractional ownerships can be a good idea, some not, but you do have ownership. Generally, the corporate offerings of fractional ownerships carry very substantial monthly fees. Fractional ownerships that represent good value are bought and sold all the time.

So you're saying this offering by JOE is a bunch of crap as fractionals go.


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SHELLY

SoWal Insider
Jun 13, 2005
5,770
802
The WaterSound Beach Private Residence Club is a collection of 21 three-bedroom,three-and-a-half bath, fully furnished luxury residences. Owners receive a deeded 1/8 fee simple interest in a residence that entitles the Owner to a minimum of five weeks stay in the Private Residence Club each year.

:dunno: Hey....wait a minute...wouldn't a 1/8th share entitle the owners to a minimum 6 weeks stay? (6x8 = 48 weeks)

Does JOE get the extra weeks to rent out? Is that why they called it "timeshare" in the e-mail? Or are only the "Fees and Assessments that MAY APPLY" going to be split 8 ways. Enquiring minds would like to know.

(I'm pleased to know that the units do sport granite countertops...thanks Kurt for clearing that up. Top Ramen doesn't nearly taste as good on Corian?)
 
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spinDrAtl

Beach Fanatic
Jul 11, 2005
367
2
:dunno: Hey....wait a minute...wouldn't a 1/8th share entitle the owners to a minimum 6 weeks stay? (6x8 = 48 weeks)

Does JOE get the extra weeks to rent out? Is that why they called it "timeshare" in the e-mail? Or are only the "Fees and Assessments that MAY APPLY" going to be split 8 ways. Enquiring minds would like to know.

(I'm pleased to know that the units do sport granite countertops...thanks Kurt for clearing that up. Top Ramen doesn't nearly taste as good on Corian?)

In a true fractional ownership, the most likely scenario is that the extra 4 weeks would rotate through the owners year to year, so some years an owner would get 7 and other years 6. The owners would own all weeks and the developer or seller would not have any interest after all fractions are sold. Any scenario where a 1/8 owner only got 5 weeks in a year is most definitely a rip off of some sort.

Each owner would be responsible for 1/8 of the RE taxes and 1/8 of the HOA dues. After the developer is out of it, fees and assessments come only from the HOA.
 

SHELLY

SoWal Insider
Jun 13, 2005
5,770
802
Gee, ya think Beav? (I was agreeing with you, obviously).

I know......


beaver.jpg
 
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