Offering a 2 month share as an alternative to a wholly-owned vacation home:
17 Palms Kauai is situated in a wonderful, accessible location providing easy access to many surrounding amenities in the Waipouli, Wailua and Kapaa area.
Located adjacent to the newly developing coastal pedestrian/bike path on the east shore of Kauai
Hale Iki Cottage, one bedroom home or Meli Meli Cottage, two bedroom home each with full house amenities.
Only 3 shares are being sold in each cottage home at this time.
Each cottage home is being offered on a first-come, first-served basis.
Fee simple, deeded ownership (not a leasehold and not a timeshare), in a residential, detached, home and the related common areas of the property.
You can resell your fractional share just like you can sell a wholly-owned vacation home.
You can bequeath your fractional share through a will/estate plan.
Offers vacation home benefits at a fraction of the cost of a wholly-owned property.
Buyers pay a one-time purchase price, based on the cottage and dates selected, plus yearly assessments.
Owners enjoy use of their share "maintenance free" as all operating and maintenance functions are performed by the management company.
Owners may have the management company offer for rent any/all of their fractional share.
Owners may have the management company facilitate "home exchange" opportunities, allowing the owner to trade time in their share with others around the world.
Current developer/owner plans to retain a one-half ownership interest in 17 Palms Kauai, providing for continuity in property rental, management, maintenance and controlling operating costs for all owners.
The Five W's of Fractional Ownership
WHAT? Fractional ownership is a percentage of ownership in real property. The state of Hawaii requires that a fractional unit be no less than sixty (60) consecutive days. The size of the fraction a person owns corresponds to the amount of time he/she is entitled to use the property. 17 Palms Kauai is being offered in fractional shares of 2 months, with calendar dates being split from the 15 th of a month to the 14 th of the second month following. This allows the same, dedicated period of time every year for each fractional unit.
WHO? Anyone can purchase a fractional interest, which is a modern version of the 2 nd home.
WHEN? People have been purchasing real property in fractional shares for many, many years. Only more recently has the legal separation of shares of ownership been developed so as to protect the rights of all owners. Along with this separation may come the ability to mortgage an individual fractional share purchase (check with your financial institution).
WHERE? Fractional sales are commonly located in popular vacation destinations all over the world. Kauai is a desirable vacation destination and includes a lifestyle attraction to oceans and beaches, mountains, water activities, and a warm, tropical climate year-round. Forbes publication selected Kauai as "the best Hawaiian island" and Barron's magazine just ranked Kauai, Martha's Vineyard and the Hamptons as the three best places in America to buy a second home in 2012.
WHY? A fractional purchase will allow the buyer to share in the joys and burdens of home ownership, but which corresponds only to their chosen time of usage. Second home buyers want to be in a desired location, but may not necessarily be able to justify the financial risk of a whole home. Fractional ownership allows for a great value in a relaxed setting (the management company takes care of the property needs).
Fractional Unit Pricing