Hi everyone. I'm new to this sight but love Sowal. 😀 My family visits 5-6 times a year. We usually stay in Seaside. We have recently decided to start looking to purchase a home in Watercolor, but have decided that we'd like to have a partnership where we'd own 1/3 or 1/4 in a home. We have 1 partner already and possibly another (not definite on that one). We know that it is a buyer's market and we've got time to sit and watch until something comes along that the partnership can agree upon. We already have certain parameters that we've set. We don't want to spend more than $350,000 per partner whether it be a 3 or 4 person partnership. We'd like to be around Camp Watercolor as we have small children. We don't want to rent the house, but have not ruled out that possibility. We will likely set up the partnership as an LLC for liability purposes. We actually went and met with a couple that was having a house built in WC already and it was a beautiful home, but it was just not the right location for us. If there is anyone out there who would be interested or would like more information please respond. Or if any of you real estate professionals have any advice to give, or know of anyone who might be interested we'd appreciate the help and remember that this could result in a sale for you!
Replies
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Beach Fanatic
We have a fractional partnership (we still call it fractional even though we only have one deed and we each have shares in the LLC). So far so good. We love that our house is not on a rental program -- it's furnished nicer than a rental and it's better taken care of. All of our partners had to pay cash and no one can leverage the house. I think it's a great way to have a vacation house. . . .but I'd be careful to select good partners!
Beach ComberAuthor
We have a fractional partnership (we still call it fractional even though we only have one deed and we each have shares in the LLC). So far so good. We love that our house is not on a rental program -- it's furnished nicer than a rental and it's better taken care of. All of our partners had to pay cash and no one can leverage the house. I think it's a great way to have a vacation house. . . .but I'd be careful to select good partners!For the most part that's what I've been hearing. Sounds like you have come up with a great way of running your partnership and that's what we're trying to do.
Edited
Beach Crab
We have been putting partial ownership groups (5) together since 1982. It's a great way to have your OWN place at the beach. We have one in Blue Mountain and one in Orange beach. We are putting one more together in OB and also one in Blue Mountain(if you are interested). We have also discovered over the years it can be a good investment, if you do it right. As your friends discover what you have, some will become very interested in joining your group if a share becomes available as they will from time to time. Good luck.
Beach ComberAuthor
A quick question for anyone with expereience or point-of-view, how do agents in the SoWal area view the "partnership" proposition in terms of an opportunity for an earned commision?
I ask b/c we have had mix results (not in the SoWal area) in the past with agents regarding parternships.
We see the partnership option as a win-win situation for agents. First, we will use an agent to to purchase the home. Now we may not have our partnership complete when we make the purchase so we may list additional partnership shares through an agent.
To us this seems like a win now and win later situation for an agent.
Thoughts?
I ask b/c we have had mix results (not in the SoWal area) in the past with agents regarding parternships.
We see the partnership option as a win-win situation for agents. First, we will use an agent to to purchase the home. Now we may not have our partnership complete when we make the purchase so we may list additional partnership shares through an agent.
To us this seems like a win now and win later situation for an agent.
Thoughts?
Beach Fanatic
There were 3 homes purchased (or attempted purchase) back in March or April by the Private Escapes company mentioned above. These are probably the same 3 you're talking about Franny. For whatever reason, JOE has issues with their business model. I'm assuming that JOE knows more about them than we do and has a valid reason for stopping it.
But with regards to a few individuals buying a house together, there are already many small partnerships in WaterColor where several families have purchased a vacation home together.
I believe that JOE makes a distinction between the two.
Thanks,
Wayne
True and it is comforting to know St Joe/Watercolor is protecting their properties which in turn protects owners investments.
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