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Q: What do I
actually own as part of my condominium at Jacaranda Beach Villas?
A: Your ownership
includes the condominium space within your specific unit and an undivided
interest in the building’s common elements. TradeWinds will continue to
own the ground floor of the building and use it for hotel operations
purposes. The legal term used to describe such an arrangement is an
“airspace condominium”, a concept which is common in mixed-use
development.
Q: Do I own a fee simple condominium
interest in my Jacaranda Beach Villa?
A: Yes, you own 100% of your Jacaranda Beach
Villas unit and appurtenances thereto with rights and privileges provided
under the condominium documents and local zoning.
Q: Can I rent my Jacaranda Beach
Villa condominium unit?
A: Yes, in fact the local zoning ordinance
requires that your unit must be offered for rent. Currently, all 288 units
are participants in the TradeWinds Rental Program. This is a long term
rental agreement between each Villa owner and the TradeWinds Resorts.
Under this rental agreement owner’s personal use is limited to 28 nights a
year, subject to certain restrictions. The TradeWinds Rental administrator
can provide details of this agreement to you.
Q: Can I resell my Jacaranda Beach Villa
unit when I wish without any restrictions?
A: Yes, like any other fee simple condominium
ownership, your unit can be offered for resale at your sole discretion,
subject only to contractual restrictions you might have agreed to. It is
intended that an onsite real estate office will be located at TradeWinds
to serve you. You are also free to choose any other real estate broker.
Q: What other rights do I have as
part of my purchase of a Jacaranda Beach Villas condominium?
A: Under the Amenities
and Facilities Access Easement Agreement, you have certain rights to use
of parking, main pool and decks and beach access as well as other rights
under the agreement. Certain rights can never be taken away, although the
actual amenities will be owned by the owner of the TradeWinds Island Grand
Resort and shared with resort guests.
Q: Are there other costs associated with
ownership?
A: Yes, to maintain the condominium, payment
of a condominium association fee is required. This fee is based on the
size of each unit and covers all costs of operating and maintaining the
condominium association. Separately, property taxes, and contents and
general liability insurance on individual units will be the responsibility
of the unit owner.
In the event you remove your unit from the
TradeWinds Rental Program at some point in the future, you will be
required to pay an annual amenity access and easement agreement fee. As
long as you are part of the TradeWinds Rental Program, this fee is paid by
the TradeWinds.
Q: What financing options will be
available?
A: Conventional Fannie Mae financing is no
longer available for condo-hotels. Private financing can be found at
higher interest rates and typically balloon (become due) in 5 to 10 years.
Since the mortgage world has gone a little crazy with lots of changes,
upon request from you, we'll explore options available at that time.
Q: Are the units fully equipped and
ready for occupancy?
A: All units are sold
fully furnished and equipped so that the buyer can begin enjoying
TradeWinds vacations experiences immediately upon closing. There will be
no need for the owner to have to deal with furnishing, decorating and
equipping the unit.
Q: Are there other similar programs
like this available?
A: The Jacaranda Beach Villas offer a rare
opportunity to own real estate in the heart of a world class twenty acre
AAA Four Diamond resort directly on the beach. While others have attempted
to copy our blueprint, they do not have the level of services and
amenities that the TradeWinds Island Grand offers, nor the history of
experience that Mariner brought to the property as developer.
Q: How can I learn more about this
opportunity?
A: Please feel free to
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