I don’t usually get into talking about individual developments and what they have to offer, but it was brought up a few posts ago that Grupo Real del Mar had a new program that was allowing people to get into a new condo for a fraction of the cost by buying in together. I was recently forward the information regarding the program by the developer and here it is.
I received some more information about the “partnership” program that Real del Mar is currently offering. This was taken from a forwarded presentation:
¿What does it mean, buying a property in Partnership?
It means that two or more people get together to buy a property. They distribute the obligations and rights that correspond to each of the partner in accordance of the percentage of the property invested.
The Proposal is usually for four investors with each of them a 25% owner of the condominium.
How are the expenses and income shared?
The expenses and income are divided in accordance of the percentage of the investment of each partner.
For Example; if there are four partners and the expenses of furnishing and deed were a total of $ 40,000 usd, each partner have to pay $10,000 usd. In the same way any monthly fees and operation costs would be divided.
What happens if you want to sell your condo?
The property can be sold completely to a new buyer, each partner getting the percentage they invest. Or each partner can sell its percentage.
How you divide the use of the property ?
When there are 4 partners, each one has the right to use the condo 12 weeks a year, leaving 4 weeks free or for maintenance. Entering on Mondays and Leaving on Sundays. There would be four weeks of high season, rotated every year. There are: Holy week, Easter week, Christmas and New Years.
Can I rent to somebody else the weeks that correspond to me?
Yes, you can rent, to your friends and family or through a In-house Rental Program.
Prices ranges from $230,000 to $250,000 USD for the condominium, which is then split for ways. 25% is due a a down payment with the remainder at closing. This allows four investors to get a three-month fractional ownership for around $50,000 each. Not a bad price.
The project is La Jolla, in La Cruz de Huanacaxtle a Grupo Real del Mar project. You can get more information about it at firstname.lastname@example.org.