Own in Watersound for $275,000

Discussion in 'Real Estate' started by drivingtheview, Feb 15, 2007.

  1. drivingtheview

    drivingtheview Beach Lover

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    Give St. Joe credit. The following is an e-mail I received today, including the subject line (as I'm sure many of you also received). I normally delete these w/out opening. But the subject line got me for a split second. What a deal. Did not mean to get you too. That being said, this bargain does not include fees & assessments, but use of a beach cart is included.


    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.


    Situated behind the great dunes of WaterSound Beach, the Private Residence Club captures dramatic panoramic views. Gracious exterior porches and balconies give each residence a distinct and charming character. The interior of each residence offers a light, airy, handcrafted feel, easily maintained-ideal for today?s active lifestyles along the coast.
    Private Residence Club Amenities
    Private Residence Club Features
    Use of the Private WaterSound Beach Club
    Private Residence Club Room for owners only, that includes media room, game room, great room, and large private balcony with views of the Gulf.
    Boardwalk access to the beach
    Use of a beach cart during your stay.
    Private, outdoor BBQ cooking area
    Owner storage lockers
    Housekeeping service
    Viking cooktop, oven, microwave and dishwasher
    Sub-zero refrigerator
    GE Washer/Dryer
    Stone flooring in bathrooms, foyer, and laundry
    Wide-plank flooring in living, dining, and kitchen areas
    LCD TV with Bose surround-sound system

    This advertising material is being used for the purpose of soliciting sales of a timeshare interest plan.
    *Fees and assessments may apply.
     
  2. SHELLY

    SHELLY SoWal Insider

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    Credit for what?...timeshares have been around since the Nixon-era :dunno:

    Gotta admit, the e-mail does lack the thrill and drama of the "in your face" sales interrogation of other timeshare come-ons....but the looking over the list of amenities begs the question, "Do these units have granite countertops??":confused:
     
  3. Kurt Lischka

    Kurt Lischka Admin Staff Member

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  4. nmosley

    nmosley Beach Comber

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    Kut -
    Your work is excellent as usual! Thanks for sharing!
     
  5. drivingtheview

    drivingtheview Beach Lover

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    Making me curious enough to open the e-mail! (by contemplating that something in Watersound could be bought for $275K). Alas, only to read about the dreaded time-share :bang:
     
  6. fisher

    fisher Beach Fanatic

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    Actually these TS units are an outright lousy deal for a buyer. You can own a whole 2 bed, 2 bath in Watersound for $999k (list price and can probably be had for less) or a 3/3.5 for $1.3 million. The 1/8 timeshare at $275k equates to a price of about $2.2 million for the entire 2/2 unit. The only good deal on these units would be for Joe who would make a killing off the units.

    If you want a timeshare, there are resales for $200k in Watercolor and a 1/6 timeshare for $200k in Rosemary. If I wanted a timeshare (which I don't), I wouldn't touch them unless they were under $90k (equates to $720k for a 1/8 share of a 2/2 in WC or WS and $540k in RM).
     
  7. bdc63

    bdc63 Beach Fanatic

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    Md for now, but dreaming of SoWal
    It will be interesting to watch this one over the next 12 months or so and see where the price goes ...
     
  8. drivingtheview

    drivingtheview Beach Lover

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    Yes, I am with you.
     
  9. GVM

    GVM Beach Lover

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    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.
     
  10. SHELLY

    SHELLY SoWal Insider

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    I'd toss these on the heap along with JOE's attempt to push the $20,000 (for a limited time!) Watersound Beach Club memberships.

    .
     
  11. SHELLY

    SHELLY SoWal Insider

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


    .
     
  12. SHELLY

    SHELLY SoWal Insider

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    :confused: 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?)
     
    Last edited: Feb 17, 2007
  13. spinDrAtl

    spinDrAtl Beach Fanatic

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    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.
     
  14. SHELLY

    SHELLY SoWal Insider

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    Gee, Beaver...ya think??



    .
     
  15. spinDrAtl

    spinDrAtl Beach Fanatic

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    Gee, ya think Beav? (I was agreeing with you, obviously).
     
  16. SHELLY

    SHELLY SoWal Insider

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    I know......


    [​IMG]
     

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