Island OceanFront Properties, LLC
Palm Island Fractional Ownership Program
Beachfront Estate Homes
Located in
Placida, south of Sarasota and north of
Naples near the entrance to Charlotte Harbor, Palm Island is quiet and remote, but the surrounding area is rapidly changing. With Sarasota pushing south, Naples pushing north, affluent Boca Grande one island away and 1,500 condos under construction between Placida and Boca Grande, island property values are increasing steadily. However, Palm Island land is still a bargain compared to the price of similar beachfront in Naples, Sanibel, Captiva, Boca Grande, Sarasota, Panama City or Destin.
Pre-construction ownership may be obtained for as little as $500,000. Post-completion pricing is planned at $600,000.
An owner may own one or more 1/6 interests in the property. Initially, each ownership interest will participate in a 4 round lottery and select two weeks in each round. Subsequent to the lottery, owners may trade weeks. Owners may make reservations and use the property at any time subject to the reservation policies. Weeks not reserved for use by the owners may be rented. Net proceeds will accrue to the owners holding those weeks.
Each owner will be a member of the owner's association for their property.
Each property will be managed and maintained through the owner's
association. Prior to purchase, each prospective owner will be furnished
with a complete set of owner's association documents. The amenities
provided through the owner's association are expected to include a
four-wheel drive vehicle such as a Toyota Highlander complete with an
annual ferry pass, corporate golf membership, four or six passenger island
club car, tennis and pool membership privileges and boat club membership.
Ownership Program
- 1/6 Fee Simple Deeded Interest in Entirety
- Pricing Option A
- Pre-Construction $500,000 (until later of ground break or legal and marketing doc completion)
- Foundation/Piers $525,000
- Framing $550,000
- Certificate of Occupancy ready $575,000
- Furnished, Professionally Decorated and Landscaped $600,000
- Pricing Option B
- 1/6 of Total Actual Cost plus 20%
- Payment Plan A
- $200,000 at contract
- $10% of balance at Foundation/Pier Completion
- Balance at Close
- Payment Plan B
- 5% at contract
- 5% at ground breaking
- Balance according to project percent of completion schedule
- $50,000 added to price for carrying costs
- Attractive financing is available
Why Fractional Interests?
- Designed for affluent buyer of a second home with limited time for use and maintenance
- Opportunity for both appreciation and income
- Fraction of cost of full ownership with no reduction in benefits
- Avoids marketing depreciation and regulatory overhead of time-shares
- Unlike most vacation club and residence club programs, fee simple title, secured by real estate.
- Professional management
Realtors
