A luxury resort development on Great Exuma in the Bahamas is planning to include fractional ownership units in a $40 million 23-unit condo expansion.
February Point Resort Estates already includes 50 developed lots, amenities and two marinas. Managing director Randy Hart said: “Confidence is coming back in real restate activity. We started it in 2007 in terms of developing plans. Then the world changed and we put it on pause. I’m very confident we will launch this expansion in 2012,” he added. “We feel the market could turn the corner and by launching something like this we are trying to be forward thinking, with a view of coming to market in about a year.”
Hart added that the fractitonal ownership concept is becoming increasingly popular, and that the 23 condo development should reignite the fractional ownership model, “allowing the market to determine the mix”.
February Point already offers one-eighth equity in multimillion-dollar villas on the beach. Ownership also comes with a SUV and a 26-foot boat.
“In fractional, the primary incentive is reducing the price point. You are accepting that you’re sharing the house,” said Hart. He called the approach a “practical and pragmatic” form of vacation ownership.
www.februarypoint.com
