Kona Home ShareIf you'd like a vacation home in Hawaii, here's an opportunity to get in on the ground floor as one of the original investors. A new concept called fractional ownership gives you a deed for one-sixth of a home and gives you exclusive use of that home for two months a year.
Currently, there are a few opportunities to buy a one-sixth share in condos and homes, but they’re being offered at twice their true value. I’m looking for five other investors who want a Hawaiian vacation home in Kailua Kona for a fraction (one-sixth) of the cost. For approximately $100,000 each, we could purchase a fairly new home, furnishings, and a car to use when we’re in Kona. Choosing a home over a condo has some benefits such as more square footage and a garage, but no $500+ monthly exterior maintenance fees or the excessive insurance charged to ocean front properties.
As retirement approaches, my one week timeshare in Kona just won’t be enough. I’m looking to purchase a home in Kona with other investors, so I can enjoy Hawaii during the months of January and February. The remaining fractions are available for $99,500 for March-April, May-June, and September-October, and $110,000 for the holiday season and summer vacation fractions. Because you'd be an original investor, prices are lower than anything else on the market. Yes, there will be monthly maintenance fees to cover the costs of taxes, home insurance, major appliance replacement, yard care, house cleaning, and car insurance, maintenance and repair, etc. Upon agreement of the majority of investors, we could include in the monthly costs a fund to purchase an additional amenity such as a hot tub, pool, or outdoor barbecue center. The goal would be to keep the monthly costs at or below $1,000 per month. Since each owner owns two months, the yearly maintenance cost for each owner is approximately $2,000.
These pictures are just examples of homes that are currently on the market in the $500,000 to $600,000 range. They have three bedrooms and two baths, are built within the last ten years, and provide square footage between 1146 to 1360 square feet. Focusing our selection on newer homes should minimize the immediate need for repairs, appliance replacement, and upgrades. Conditions:
Shared ownership of a vacation home by several parties is a fairly new concept. It is sometimes called "fractional co-ownership." If you're interested in learning more about how this type of ownership works, the most detailed explanation I've found is one provided by Sirkin Paul Associates in San Francisco: www.andysirkin.com. If you would like to explore shared ownership of a Kona home,
please contact me, Rex Bloomfield, at
rex |
and eighth
graders and have spent over 30 years in California public schools. I hope to
retire in 2010 and am looking for a place to stay in Hawaii during the winter
months. My passion is golf, and my wife, Sherri, is an avid equestrian. We're
looking for additional investors like ourselves who can share costs while
enjoying Kona for two full months every year.
konahomeshare.com