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NANTUCKET 1/12 OWNERSHIP
Your Nantucket Houseboat Luxury
Beach Home
1/12 th Fractional Ownership Opportunity | HOUSEBOAT NAME
AND LOCATION: | NANTUCKET I, WILMINGTON, NC |
OWNER # | OWNER | CITY, STATE, COUNTRY | SHARE DEPOSIT (1) | SIGNED CONTRACT
(2) | A | OKIE FAMILY | RALEIGH, NC, USA | RECEIVED | OPEN | B | OKIE FAMILY | RALEIGH, NC, USA | RECEIVED | OPEN | C | AVAILABLE | | | | D | AVAILABLE | | | | E | AVAILABLE | | | | F | AVAILABLE | | | | G | AVAILABLE | | | | H | AVAILABLE | | | | I
(3) | AVAILABLE | | | | J | AVAILABLE | | | | K | AVAILABLE | | | | L | AVAILABLE | | | |
| NOTES: (1) SHARE DEPOSIT IS A $500.00 DEPOSIT MADE TO RESERVE
A 1/12 OWNERSHIP PURCHASE POSITION. THIS DEPOSIT IS 100% APPLIABLE TOWARD FINAL BALANCE PAYMENT OF 1/12 OWNERSHIP PURCHASE,
OTHERWISE NON-REFUNDABLE. (2) CONTRACT SIGNED WITH 50% OF THE 1/12 OWNERSHIP PURCHASE PRICE RECEIVED WITH BALANCE
DUE AT LAUNCH OF HOUSEBOAT. (3) ALL RESERVED 1/12 OWNERSHIP PURCHASE DEPOSITERS REQUIRED TO EXECUTE SIGNED CONTRACT
AT POINT OF 9TH SHARE DEPOSIT RECEIVED. HOUSEBOAT CONSTRUCTION WILL BEGIN AT POINT OF 9TH OWNERSHIP CONTRACT SIGNED. |
Would you like to own a luxury beach
home for a fraction of the cost and the responsibility? The Nantucket 20' x 50' is completely furnished and accessorized allowing
you to walk in the first night bringing only your personal belongings. You need only to relax and enjoy. The work is done
for you!
These days it’s difficult to rationalize purchasing 100% of a $1 - $3 million luxury beach home
that you may only use a few weeks every year. With the Nantucket 20' x 50' Fractional Ownership, you can purchase an
ownership interest in a gorgeous, completely-equipped beach home for a fraction of the price you would pay for a full-time
second home of similar quality.
The Nantucket 20' x 50' Fractional Ownership is convenient and designed to minimize your property ownership
worries. Comprehensive professional management allows you to associate your beach residence solely with a carefree vacation
from the demands of your everyday life: all of the maintenance and upkeep is provided for you.
Fractional Ownership
is becoming more prevalent each year, mostly because the price, value and convenience make so much sense. In the Coastal areas
of North Carolina, there is a big demand for waterfront real estate ownership that is PRICE proportionate to actual use.
For the reasonable price of a Nantucket 20' x 50' Fractional Ownership
owners can enjoy the benefits of this spectacular luxury beach home. Also, you get advantages similar to condo ownership (where
an association and its rules govern the use and care of the property) making your ownership experience less troublesome and
more enjoyable.
There are 12 equal Ownership Shares. Each Shareowner is entitled to four weeks’ residence on
the Nantucket 20' x 50' every year, one in each season - Summer, Fall, Winter, and Spring. As each year passes, your
exclusive vacation weeks roll forward by one week… introducing you to all the many things to experience along
the coast of North Carolina, as each new season unfolds.
Over time, every owner gets to visit every week of the year—including popular holidays, like July 4th week.
Here's an example of how all 12 Ownership Shares rotate by one week each year: In the first year, Owner A enjoys the Nantucket 20' x 50' for Interval number 1 – the first week
of each quarter. In the second year, Owner A occupies Nantucket 20' x 50' for Interval number 2, the second week
of each quarter. In the third year, Owner A resides at the beach during Interval 3, the third week of each quarter.
For each Owner, their interval of residence shifts by one week each year. Thus every owner ultimately gets to enjoy every
week of every season aboard the Nantucket 20' x 50'!
Some Owners decide to purchase two or more shares (usually
contiguous) so they can settle in for two or more weeks at a time. Note: Weeks run from Saturday to Saturday.
See
the Residence Calendar for an overview of how the distribution of residence works. It allocates the weeks in a clear and equitable
manner - and it is possible to look ahead to future years in order to make plans. Owners can agree among themselves to swap
designated usages.
Weeks begin on Saturday afternoons at 4 pm or later. This allows the cleaning service to prepare
for your arrival. You should plan on leaving by 10 am the following Saturday.
Owners may rent out their unused
weeks, by arrangement with the Property Management Company. Owners wishing additional weeks may choose to rent them at a special,
reduced rate. Some Owners choose to buy another Fraction so they can enjoy longer stays at the Nantucket 20' x 50'.
Your Nantucket 20' x 50' Fractional Ownership beach home will have comprehensive property documents that address all
the issues of fractional ownership, reservation management and home maintenance. The Nantucket 20' x 50' Owners’ Association
bylaws explain how all management and maintenance duties are to be handled by the Property Management Company.
This
is NOT a timeshare! Your Nantucket 20' x 50' Fractional Ownership is deeded to you. You may, if you choose, sell your share
– offering it for sale yourself or by listing it with a Realtor. While the value of your fractional interest may increase
with the value of the property, there is no guarantee that appreciation will occur. In an effort to protect all of the owners
and the fractional value, we reserve the right to re-purchase your fractional interest for one year only, in the event you
decide to sell at a reduced price. Also, we will have an ongoing right-of-first refusal should you seek to sell your interest.
Title for your Fractional Share is conveyed with a warranty deed as a fee simple undivided interest in the home equal
to the fraction you purchased. Your legal and equitable interest in the property is protected by your warranty deed. Any action
against another owner would only affect that owner’s interest in the home, not yours.
Quarterly assessments
cover virtually every expense at the Nanatucket 20' x 50', including maintenance, furnishing replacement, taxes, insurance,
utilities, cleaning, reserves, and management. View the 2008 Operation and Maintenance Budget for an idea of these costs.
Contact us with any further questions you may have about this exciting new way to affordably own your own luxury beach
home - The Nantucket 20' x 50'!
Purchase and Financing Cost to Purchase
1/12 Ownership Shares in the Nantuck 20' x
50' begin at $41,667.00. Financing is available for your purchase – see below. Most Owners will however, either pay
all cash, or opt to pay for their share with equity from their primary residence, using a line of credit. Financing
For approved buyers, we will finance the purchase
of your 1/12 Fractional Share of the Nantucket 20' x 50'! We require a minimum of 20% down. Terms are as follows:
$41,667.00 purchase price
$8,334.00 down payment (20%)
$33,333.00 to finance
$33,333.00
@ 10% 10 year term - 120 monthly payments of $440.50
More favorable terms may be arranged with
a larger down payment.
Quarterly Assessments Quarterly assessments cover virtually every expense at the Nantucket 20'
x 50' including maintenance, furnishing replacement, taxes, insurance, utilities, cleaning, reserves, and management. The
Owners’ Association with the help of the Property Management Company will set the budget and assessments each year.
At closing the first quarter of the annual assessment is collected to fund the budget and quarterly assessments will
be billed thereafter.
See the Operation and Maintenance Budget below for an estimate of quarterly assessments. The Nantucket 20' x 50'
Operation & Maintenance
Budget (Estimated) Description | Annual Cost | 1.
Management Fee | $4,800.00 | 2. Accounting/Bookkeeping Fee | $4,800.00 | 3. Clean-up (Annual) | $2,000.00 | 4.
Clean-up (Weekly) | $12,500.00 | 5. Electricity/Water/Gas | $6,000.00 | 6. General Maintenance | $2,000.00 | 7.
House Furniture / Equipment | $2,000.00 | 8. House Supplies | $1,000.00 | 9.
Miscellaneous | $2,000.00 | 10. Pest Control Contract | $1,000.00 | 11. Insurance | $12,500.00 | 12. Taxes | $10,000.00 | 13.
Replacement Reserve | $5,000.00 | 14. Dockage | $7,500.00 | 15.
| - | 16. | - | 17. | - | | | —————— | TOTAL Estimated Annual Expenses | $73,100.00 | Total Annual Assessment Per Ownership Share | $6,092.00 | Paid
Quarterly | $1,523.00 |
Residence Calendar Residence
at the Nantucket 20' x 50' is divided into 12 equal Shares. One deeded Share entitles you to four weeks of ownership
every year, one in each season - Summer, Fall, Winter, and Spring. As each year passes, your exclusive vacation weeks roll
forward by one week… introducing you to all the many things to experience on North Carolina's East Coast,
as each new season unfolds. Over
time, every owner gets to visit every week of the year—including popular holidays, like July 4th week. Here's
an example of how all 12 Ownership Shares rotate by one week each year: In the sample year below, Owner A enjoys the Nantucket 20' x 50' for Interval number 1 –
the first week of each quarter. In the second year, Owner A occupies the Nantucket 20' x 50' for Interval
number 2, the second week of each quarter. In the third year, Owner A resides at the beach during Interval 3, the
third week of each quarter. For each Owner, their interval of residence shifts by one week each year. Thus every
owner ultimately gets to enjoy every week of every season at the Nantucket 20' x 50'! Some Owners decide to purchase two or more shares (usually contiguous) so they can settle in for two or more weeks
at a time. Note: Weeks run from Saturday to Saturday.
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OWNER
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INTERVAL
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ARRIVE
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DEPART
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ARRIVE
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DEPART
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ARRIVE
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DEPART
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ARRIVE
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DEPART
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1
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1/2
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2
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3
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1/23
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4/10
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4/17
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7/3
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7/10
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9/25
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10/2
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4
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1/30
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4/17
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4/24
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7/10
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7/17
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10/2
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10/9
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5
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2/6
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4/24
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5/1
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7/17
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7/24
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10/9
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10/16
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6
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2/13
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5/1
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5/8
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7/24
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7/31
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10/16
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10/23
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7
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2/20
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5/8
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5/15
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7/31
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8/7
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10/23
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10/30
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2/27
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5/15
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5/22
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8/7
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8/14
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10/30
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11/6
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3/6
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5/22
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5/29
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8/14
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8/21
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11/6
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11/13
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3/13
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5/29
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6/5
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8/21
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8/28
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11/13
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11/20
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3/20
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6/5
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6/12
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8/28
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9/4
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11/20
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11/27
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3/27
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6/12
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6/19
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9/4
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9/11
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11/27
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12/4
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