# opinions of Coral Garden Fractional Purchase



## steve b (Apr 1, 2006)

We own many timeshares already, but love The Turk and Caicos Islands.  Would like to spend multiple weeks down there once we retire in about 8 years.  Whole ownership condos prices seem to be skyrocketing in the Turks and are far out of our price range. The Coral Gardens Condos in their last phase of construction is offering a 4 week package 65000 for a 620 sq ft studio and 85000 for an approx 1000sq ft 1 bedroom.  Maint fees are 1800 for 4 weeks in the studio and 2600 for the 1 bedroom.  The resort is on one of the best sections of Grace Bay but all these units are Garden view.  What do you think.  The units float but the Developer will guarantee Christmas and New Years week to offset some of the cost during the first year.  The program is floating 2 weeks summer and 2 weeks winter and you can rent at perferred rates of 150.00 for any extra developer inventory as an owner.


----------



## caribbeansun (Apr 2, 2006)

If all you want is 4 weeks wouldn't it be far cheaper to purchase resale TS weeks instead?

I'm not a fan of developer sold fractionals.  I considered buying a fractional on Grand Cayman at the Reef Resort but found that the value wasn't there and participation in the real estate appreciation would be very difficult to unlock down the road when it came time to sell.  We purchased a full ownership condo in the Reef's Castaway's Cove project instead.

For the record under The Reef Resort's fractional sale contract you rec'd a quarter share for around $130k and this was for a 2BR unit.  You would get 13 weeks and the weeks were used under a set schedule - it would move forward a week (or more) per year so that each of the 4 owners was assured of getting XMAS or New Years once every 4 years.  You would get 2 blocks of 4 weeks in a row and a third of 5 weeks if I remember correctly.  These units could be locked-off so you can rent out the studio side if you aren't using it and there's a rental pool that you can deposit any unused weeks into.

$85k for 4 weeks in a 1BR = $21.25k/week
$130k for 13 weeks in a 2BR = $10k/week

Doesn't seem like such a good deal to me.

The floating week piece would really concern me.  If I put down $85k I'd bloody well want to go when I wanted to go not when someone tells me I can go.  I'd be willing to bet that you'll be competing with people that will try to reserve the top weeks in order to rent them out.


----------



## Blondie (Apr 2, 2006)

Can't you just rent something from an owner? That sounds like a lot and- well- lots can happen in 8 years...


----------

