The Reef, Atlantis, Paradise Island

[tlwmkw]

Anyone on Tug bought here or know anyone who has bought here? It is like a high end time share or hotel condo. The units are very nice and the resort is beautiful and very high end. You "buy" the unit and have the right to stay there for 90 days a year (they say this has to do with avoiding need for visas and Bahamas residency) and they rent it out for the rest of the year and split the proceeds with the owner. They claim that prices are 40% reduced at the moment (a 2 bed unit was $1.2 million) and they claim that you will make money hand over fist. The dues and fees are quite high so I wonder if this is really true. Would be curious if anyone knows if this has done well for others ir any thoughts or comments about owning there. My concern is that it is in a foreign country with different laws and protections, and who knows who will manage the resort in the future (has flirted with foreclosure and other financial problems), but it looks very busy there, with absolutely full occupancy recently. I searched Tug but couldn't find anything about this resort specifically.

Thanks for any info, tlwmkw

 

[esk444]

Condo hotels have mostly been total disaster for buyers. I don't think you'll find a lot of satisfied buyers if you do a google search.

In a month, Atlantis is going to be below 50% occupancy until Christmas and they will be steering what little business they have to the Royal Towers, but your fees will still be charged with little to no income coming in. Honestly, I don't see how you'd make a profit after they take their cut and you pay your fees and mortgage.

 

[bshmerlie]

With a $1.2 million dollar price tag I'm sure there are a lot of better opportunities that would be less risky.

 

[lobsterlover]

They just recently claimed bankruptcy. Google Atlantis bankruptcy.

 

[tschwa2]

http://www.reuters.com/article/2012/03/28/idUS19395+28-Mar-2012+PRN20120328 from march 2012

http://www.ownthereef.com/

For a preview trip: http://www.reefownerpreview.com/