Frequently Asked Questions
What will a 1/7th fraction or share cost?
The independent appraisal is $3.5 million, which will be shared by seven owners. Depending on which seasonal weeks are purchased, the price ranges from $399,000 to $599,000.
Is Financing Available?
Yes. The Developer has arranged a loan commitment from a major international lender to loan up to 80% of the sale price, payable over a 20-year amortization, at a competitive interest rate.
Will there be a Management/Concierge team in place?
Yes. Every detail for superb property management and 24/7 white-glove concierge five-star services have been arranged for the owners. The concierge service will include advance menu of services forwarded to owners prior to visit to arrange full stocking of the home, prearranged event tickets and fulfillment of additional personal requests.
Will owners have the same weeks, year after year?
Yes. Depending on the season, each owner will have four consecutive weeks ranging from high to shoulder to low season as priced. Additionally, each owner will have one week owned in each of the three remaining seasons. Each week is numbered one through fifty-two with each starting on Saturday. Therefore, the deeded weeks purchased will be by week number.
Can we exchange with other owners?
Yes. In fact, each owner will have secured access to a website with all other owners. Throughout the fractional industry, it has been proven that these owner websites are actively used by owners for trading and exchanging weeks amongst themselves.
Is there an exchange outside Key West Residences to other resorts?
Yes. The Developer has prearranged the first affiliation in the Keys with Resort2Resort, being an international exclusive fractional exchange company. This company currently has over forty luxurious resorts available throughout the world and available for exchange with Key West Residences weeks. The membership with this company has been prepaid for two years with only a small exchange fee when used. Key West Residences has been given the highest resort rating of all resorts in the system.
Is there an association fee paid to the Residences?
Yes. The annual budget includes establishment of a capital reserve for all furniture, fixtures, appliances, soft goods, roofing and painting. The operational expense budget includes full payment of insurance, maintenance, management, real estate taxes, utilities – every cost including a weekly turnover cleaning has been budgeted for the owners at a cost of $1,220 per month for each 1/7th share.
Do owners pay any charges for staying at their home?
No. Only for special request services.
Can family members or business associates of the owner use some of the owner's time?
Yes. However, the owner is responsible for the home during their stay.
Can an owner purchase a share with other family members or friends?
Yes. More than one family or individual may share an interest. However, it is the responsibility of the joint owners, at the time of purchase, to identify the individual who will be deemed owner and be the single point contact for the management company.
Can a company or a corporation buy a membership share?
Yes. You can purchase a share through a corporation and use it for business associates or clients.
Can my ownership share be sold?
Like all real estate, ownership shares can be sold, willed or transferred by the owner, subject to the original conditions of purchase and sale to the owner.
Is there any financing available?
Yes. Financing has been arranged for up to 80% of the purchase price amortized over a 20-year period.