[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.