Raleigh, North Carolina (PressExposure) October 14, 2009 -- Team Arleen Realtors, a Greensboro-based Keller Williams Realty affiliate (www.teamarleen.com), has been named a preferred broker for MainSail of Beaufort (www.mainsailofbeaufort.com). The townhomes are being sold in one-tenth co-ownership shares, better known as fractional ownership. Pre-sale pricing starts below $60,000, saving consumers up to $15,000 from the average price. High Point Bank is financing the $36 million, 7.94-acre coastal project.
MainSail is the newest Southern Star Community. Originally planned as single-owner $500,000+ luxury townhomes, the shift to co-ownership has made the project even more viable, given the price point. Richard Stockett, developer of more than two dozen residential communities, made the switch after vacation home sales dropped 31 percent from 2007 to 2008.
The way the property is sold has changed, but the design and floor plans have not. Each unit is three stories with three bedrooms and baths, an open floor plan living/dining area and storage lockers in the garage for each owner. The townhomes also feature two porches, two decks, a private elevator, a large two-car garage and a roof-top terrace with great water views over Town Creek and the Newport River.
âThe co-ownership structure opens up MainSail to a much larger pool of potential buyers,â says Arleen McGinn, REALTORÂ® and president of Team Arleen. âThe average person can do the same as the wealthiest Americans, investing their vacation dollars into ownership that creates real property equity, in addition to enjoying a luxurious vacation experience.â
Popular in Europe for decades and successful at ski resorts out west, co-ownership is relatively new in North Carolina with less than a dozen like developments. In co-ownership, the buyer purchases one or more shares of the property and is allotted an appropriate amount of usage. This spreads the financial burden of purchasing and maintaining the property over several owners. MainSail limits the number of owners to 10 per unit. Each one-tenth share entitles owners to at least five weeks of use.
Differing from timeshare, a contract for usage over a set time period, co-owners receive a general warranty deed. Timeshares generally loses value annually holding zero value at the end of the contact. On the other hand, MainSail deeds are for real property which maintains its value subject to real estate market fluctuations. Timeshare accommodations are often nothing more than hotel rooms, where at MainSail the buyer is a partial owner of a 1,925 square-foot private townhome. Additionally MainSail owners are able to rent out their unused time, as well as sell, mortgage and will their deeded interest independent of the other owners.
The units come fully furnished for the $59,900 pre-sale price. HOA fees estimated at $282 per month cover all subdivision and townhome expenses including: taxes, utilities, insurance, grounds keeping, maintenance, repairs, hurricane preparations and maid services. This means that instead of spending vacation time mowing the lawn and re-staining the deck, owners can relax and enjoy the view from the rooftop terrace, go boating and fishing, or enjoy the shops on Front Street. The addition of on-site management, spa facilities and concierge services provide a true resort-style vacation experience.
Plans call for construction of the townhomes to begin in November 2009 to allow for occupancy by May 2010. The new on-site sales office features a view from the rooftop terrace so prospective buyers can get a feel for the vistas and privacy each unit offers. Team Arleen can be reached by calling (336) 885-6500 or visiting http://www.teamarleen.com.