Fractional Ownership Program ... From their website
How does fractional ownership differ from timeshare?
While there is nothing wrong with timeshare, there are several differences between the two.
A typical timeshare has 52 owners per unit usually in very large complexes of 300 units or more, and they certainly are not of the same luxury and quality as those at WatermarK.
Fractional ownership has a significantly lower number of owners per unit. In addition, a fractional ownership interest at WatermarK will be conveyed by shares in a Corporation which will provide all the benefits of ownership, such as property appreciation.
How is ownership of my residence evidenced?
The title and deed are held by a corporation called a CO-OP, or Co-Operative Housing Project. The corporation owns the real estate. You are buying shares in a Co-Operative Housing Corporation.
As a member in the Co-Operative, you have an exclusive right to live in a specific unit (this is established through an occupancy agreement or proprietary lease) as long as you remain a shareholder. As part of your membership, you also have a vote in the affairs of the corporation.
Thousands of Americans have invested millions of dollars in Co-Operative Housing Projects, or CO-OPs, and this is one of the most common forms of real estate ownership in Cities like New York and Miami.
Why was the fractional concept created?
Fractional real estate ownership is one of the fastest growing segments in the Real Estate industry today. It provides the opportunities and benefits of owning a second home (for only the amount of time you will use it) without the hassles typically associated with this kind of purchase.
Designer furnishings, housekeeing services, pre-arrival arrangements and a complete selection of personalized services are just some of the amenities that WatermarK owners can enjoy at a fraction of the cost of whole ownership and with none of the hastles.
Are there other shared ownership projects around the world?
Absolutely. Fractional ownership exists in virtually every luxury resort community around the world!
Places like Aspen, Lake Tahoe, Hawaii, Miami, Vail, Puerto Vallarta, Mexico, the Caribbean, and many others have become well known for their fractional programs. Even the leading luxury hotel brands such as St. Regis, Ritz Carlton and Four Seasons have fractional products.
WatermarK is the only shared ownership of this type currently being offered in Kite Beach, Cabarete.
Can I exchange my time at WatermarK to go to other resorts?
Absolutely! As a WatermarK owner, you will be automatically affiliated with Interval International Inc. As an Interval International member you will have the opportunity to take a ski vacation in locations such as Vail, Park City, Kellogg, Idaho and Lake Tahoe, or other sun and fun destinations such as Hawaii, Cabo San Lucas, and Puerto Vallarta.
Interval International has the most affluent worldwide member base of any vacation exchange company and has resorts in more than 75 countries on six continents, in the most sought-after destinations.
All of the affiliated projects are inspected to insure they meet the highest standards of luxury and quality. Recognizing its long standing reputation for excellence, the hospitality industry?s most respected names, including Hyatt Vacation Club, Marriott Vacation Club International, and Starwood Vacation Ownership, have chosen to affiliate with Interval International.
How often can I use my residence?
Each fraction is made up of 4 non-consecutive weeks that span the entire calendar year. As the sole owner of these weeks, you are always guaranteed use of your time.
You may trade one or several weeks with other WatermarK owners or with other Interval International members anywhere in the world. You may also rent your unit and receive income through WatermarK?s Hotel Rental Program or a family member can use it to stay.
How many Fractional Shares will be sold?
There are eight residences available with thirteen fractional owners of each residence. When fully subscribed, there will only be 104 fractional owners. With only eight residences available, this program truly is limited
Are there ownership fees?
Yes, as is typical in any condominium ownership. Owners pay annual assessments to cover maintenance, professional management, utilities, property taxes, owner services, and reserves for replacement of furnishings, etc.
This ensures that your residence will always be fully furnished and well maintained to the standards you would expect. However, unlike a typical condominium, these fees are shared with all the other owners of your unit so you only pay a fraction of the cost while enjoying all the benefits.
Who establishes the assessments and controls the affairs of the owners?
An owner elected board of trustees will establish the budget and assessments on an annual basis.
Do I pay Real Estate Taxes?
Taxes are assessed on the cooperative corporation, as owner of the property. Your monthly payments to the co-op are, in part, used by the co-op to pay the real estate taxes.
