[Key Largo, Florida] After just one month of sales, The Residence Club at Fisherman’s Cove is nearly 25 percent sold out, despite Florida’s struggling real estate market. The exclusive waterfront property on Florida Bay at Mile Marker 104 Bayside provides an ideal way to own luxurious vacation real estate in Key Largo at a fraction of the price. As Florida’s property tax and insurance costs have slowed down the real estate market, Fisherman’s Cove buyers have discovered the Equity Residence ClubSM concept to be an appealing alternative to whole ownership because several owners share those costs. As a result of strong sales, the property is now selling at $329,000, up from $295,000. Throughout the Keys during 2007, average sale prices have declined in the face of large inventory. While the number of sales was down 54 percent from 2005, Fisherman’s Cove is proving to be a more comfortable purchase for otherwise reluctant buyers. “We understand the public is hesitant about buying real estate at the moment, so we are therefore thrilled that the property is being so well received,” says Fort Lauderdale-based developer Bill Thies. “This pre-opening phase is still a great time to purchase before any further price increases.” In 2007 the average sale price for a waterfront home in the Upper Keys was $1.97 million. Not only are Fisherman’s Cove owners paying a fraction of that, but they also receive much more with their purchase. “Members enjoy the luxuries associated with a fine hotel,” Thies comments. “This largely explains why this type of second home ownership is becoming more popular. Owners enjoy services, amenities and conveniences that they simply would not have with a privately owned home. The property’s success can further be explained by trends sited in the 2007 National Leisure Travel Monitor. The survey found that visiting with friends and relatives is the most popular type of vacation for Americans, followed by beach/lake vacations. Florida also topped the list of destinations travelers would like to visit within the next two years. With its waterfront location and spacious residences, Fisherman’s Cove offers a convenient and affordable way to satisfy these latest vacation trends coupled with the services and amenities of a world-class hotel. New purchaser Michael Curry says, “Given the state of the market in Florida these days, I was initially hesitant about purchasing a vacation home. However, when I came upon Fisherman’s Cove, I found it to be the safest and most logical way own.” He adds, “Also appealing is the affordability of ownership without the need for owners to be preoccupied with maintenance and upkeep. Given Florida’s exorbitant property taxes and hurricane insurance, sharing these costs with the other owners is the most sensible way to have a luxurious waterfront getaway.” The Club’s staff oversees maintenance and security and offers full concierge service. Owners have use of Club-owned Hydra-Sports center console boats and private docks for their own boats. Additional amenities include a cabana-lined pool, rooftop terrace with plunge pool, state-of-the-art fitness center , on-site restaurant The Big Chill and a Tiki bar. The Club will store personal belongings on the premises and have them ready for owners upon arrival. For avid fishermen and boaters, a private concierge will be on hand to fuel boats and stock them with fishing bait, drinks and food to make for hassle-free excursions on the water. Fisherman’s Cove follows DCP International’s Equity Residence ClubSM model that was successfully launched 15 years ago. Owners enjoy generous and flexible usage. They can reserve planned, short notice, and space-available vacations, allowing for virtually unlimited access to their residence. These policies explain the success of private residence clubs in the U.S. and overseas. Industry consulting firm Ragatz Associates reports the luxury shared ownership concept has grown into a $2.1 billion industry. Although often confused with timeshares and destination clubs, private residence club owners actually purchase deeded real estate which can be sold, willed or placed in a trust just like any other form of real estate. The Residence Club at Fisherman’s Cove will be open for owner use in March, 2008, and The Big Chill will open to the public in mid-February, 2008.
Comment Facebook Somebody paid $4.5 million to have lunch with Warren Buffett — the cost of 15 shares in his company That kind of money would buy 15 Class A Berkshire Hathaway shares Jonathan Stempel June 3, 201910:23 AM EDT Filed under News FP Street Reuters Sponsored By: Twitter Reddit 0 Comments advertisement Share this storySomebody paid $4.5 million to have lunch with Warren Buffett — the cost of 15 shares in his company Tumblr Pinterest Google+ LinkedIn Email An anonymous bidder has agreed to pay a record US$4,567,888 at an annual charity auction to have a private lunch with Warren Buffett, the billionaire chairman of Berkshire Hathaway Inc.The winning bid, which was submitted during a five-day online auction on eBay that ended Friday night, was nearly one-third higher than the previous record US$3,456,789 bids in both the 2012 and 2016 auctions.Proceeds benefit the Glide Foundation, a charity in San Francisco’s Tenderloin district that serves the poor, homeless or those battling substance abuse.Buffett, 88, has raised about US$34.2 million for Glide in 20 annual auctions, which began in 2000 and moved to eBay in 2003.His first wife Susan, who died in 2004, introduced him to Glide after volunteering for the charity.“Mr. Buffett is thrilled. We just spoke with him,” Glide President Karen Hanrahan told Reuters after the auction ended.“Mr. Buffett is committed to continuing the auction as long as he’s able. He has been a thought partner in thinking through Glide’s future, and how to set it up for the next 50 years.”The winning bidder and up to seven friends can dine at the Smith & Wollensky steakhouse in Manhattan with Buffett, who says he will discuss anything apart from his next investments.This year’s auction drew 18 bids from five bidders.The top bid would also be enough to buy 15 Class A or 23,137 Class B shares of Omaha, Nebraska-based Berkshire, whose more than 90 businesses include auto insurer Geico and BNSF railroad.Past auction winners have included hedge fund manager David Einhorn of Greenlight Capital in 2003, and Ted Weschler, now one of Buffett’s portfolio managers at Berkshire, in 2010 and 2011.Glide’s budget goes toward providing roughly 2,000 free meals a day, shelter, HIV and Hepatitis C tests, job training, and children’s daycare and after-school programs.“What it means to us as an organization: It’s huge,” Hanrahan said, referring to the auction. “It’s going to help many many thousands of people in this city.”According to Glide, these bidders have won its auctions (all in U.S. dollars):2000: Pete Budlong, $25,0002001: Jim Halperin and Scott Tilson, $20,0002002: Jim Halperin and Scott Tilson, $25,0002003: David Einhorn, Greenlight Capital, $250,1002004: Jason Choo, Singapore, $202,1002005: Anonymous, $351,1002006: Yongping Duan, California, $620,1002007: Mohnish Pabrai, Guy Spier, Harina Kapoor, $650,1002008: Zhao Danyang, Pure Heart Asset Management, China,$2,110,1002009: Courtenay Wolfe, Salida Capital, Canada, $1,680,3002010: Ted Weschler, $2,626,3112011: Ted Weschler, $2,626,4112012: Anonymous, $3,456,7892013: Anonymous, $1,000,1002014: Andy Chua, Singapore, $2,166,7662015: Zhu Ye, Dalian Zeus Entertainment Co, China,$2,345,6782016: Anonymous, $3,456,7892017: Anonymous, $2,679,0012018: Anonymous, $3,300,1002019: Anonymous, $4,567,888 Join the conversation → Featured Stories What you need to know about passing the family cottage to the next generation Recommended For YouAmber Capital tells French utility Suez to rethink strategyStocks wobble on trade, earnings anxiety; US Treasury yields fallAnglo American’s Q2 output rises 2%, Minas Rio ramps upJapan shares suffer worst fall in 4 months on earnings fearsBritain’s easyJet hires Ryanair’s operations chief Warren Buffett, 88, has raised about US$34.2 million in 20 annual auctions for the Glide Foundation, a charity in San Francisco’s Tenderloin district that serves the poor, homeless or those battling substance abuse.Paul Morigi/Getty Images for Fortune/Time Inc More ← Previous Next →