FAQ

WHAT IS HARBORVIEW PLACE?

Harborview place is a new, secluded, waterfront enclave ideally located two blocks from Main Street and Straight Wharf. This charming compound comprises 10 meticulously resorted cottages framing expansive lawns and a soft, sandy beach. This in- town oasis affords stunning views of Nantucket Harbor and picturesque Monomoy. The 10 residences are uniquely designed in Nantucket’s tradition of simple elegance and range from a classic fisherman’s cottage by the water to a historic, fully renovated barn. Harborview Place boasts an impressive array of private club services and amenities from a personal concierge to owners lounge and private beach services. A highly professional team that includes an award- winning architect with extensive Nantucket experience, a luxury boutique hotelier, and the creators of the equity residence club concept, is creating this exquisite new development.

WHAT ARE MY OWNERSHIP OPTIONS AT HARBORVIEW PLACE?

There are three ways to own real estate and enjoy the charming residences, superb location, pampering services and private amenities. These are:

Equity Residence Club Ownership
Equity Residence Club Ownership is the fastest growing segment of the luxury vacation home industry. This innovative concept provides the ultimate vacation experience and the benefits of real estate ownership while dramatically reducing the responsibilities and financial burdens associated with traditional ownership. Owners of the Residence Club Harborview Place receive 1/8th-deeded interests in a Harborview Place residence and have private boat privileges. The Residence club is owned and operated much like a prestigious equity golf country club and there is no limit on use. If some owners use their club less, other owners can use it more.

Bundled Fractional
Ownership of an entire Harborview Place residence is also available as whole ownership in the form of eight 1/8th ownership interests (“Bundled Fractional”). In addition to the rewards of traditional whole ownership, Bundle owners have the benefit of being able to sell one or more 1/8th interests in their residence, subject to the terms and conditions of the purchase agreement and club documents. Owners of intact Bundles can elect to have
Club services and can make their residence available for rental; through Harborview Place’s exclusive rental agency. Harborview Place will strictly manage the rental process to ensure an impeccable guest experience for renters and meticulous protection and maintenance of the residence for the owner.

Traditional Whole Ownership
Harborview Place residences are available for sale as traditional whole-ownership homes.
Purchasers will enjoy private amenities, can elect to have club services, can invite guest to enjoy their vacation home, and can make their residences available for rental through the property’s exclusive rental agency.

IF I PURCHASE A RESIDENCE CLUB OWNERSHIP DO I OWN REAL ESTATE?

Yes. Ownership is evidenced by a real estate deed, which is recorded and guaranteed by a title insurance policy. Each owner is conveyed a 1/8th undivided, deeded interest in one of the fully furnished residences, and has flexible access to all residences within their ownership category (one-, two- or three-bedroom). Like other real estate, your Residence Club Ownership may be sold, willed, transferred or placed in a trust at any time.

HOW MANY RESIDENCE CLUB OWNERSHIPS WILL BE SOLD?

The Residence Club at Harborview Place will offer eight ownerships for each Club residence. The total number of Club ownerships will depend on how many residences are purchased as residence club, bundled fractional, and traditional whole ownership. With limit of eight owners per Club residence, Club ownerships affords frequent, flexible and totally relaxing Nantucket vacations, regardless of the number of Club residences.

CAN A COMPANY OR CORPORATION PURCHASE A RESIDENCE CLUB OWNERSHIP?

Yes. An ownership can be held in a corporate name.

CAN MORE THAN ONE FAMILY OR INDIVIDUAL SHARE A SINGLE RESIDENCE CLUB OWNERSHIP?

Yes. Owners can form partnerships to control an ownership.

WHAT ARE THE ADVANTAGES OF EACH TYPE OF OWNERSHIP?

Equity Residence Club ownership is designed to provide generous and flexible vacation home enjoyment. It removes the responsibilities and greatly reduces the financial burden typically associated with Nantucket vacation-home and boat ownership. The Residence Club at Harborview Place has been created for those whose desire a worry-free Nantucket beachfront home with private boat privileges and hotel services.

Bundled Fractional ownership provides the same benefits as Traditional Whole Ownership as long as the bundle is intact. However, this form of ownership also provides the ability to sell all or a portion of the residence in 1/8th deeded interests, subject to terms and conditions of the purchase agreement and club documents.

Traditional Whole Ownership provides a familiar and easily understood form of real estate ownership that has been in place for many decades. Owners receive a deed to a specific Harborview Place residence and have exclusive use and enjoyment of that residence. The owner can host invited guests and offer his residence for rental. Owners may also opt for Club services for a fee.

HAVE EQUITY RESIDENCE CLUB COMMUNITIES BEEN DEVELOPED AT OTHER PRESTIGIOUS RESORTS?

Yes. This innovative ownership concept has been enthusiastically embraced by affluent
buyers at premier destinations such as Aspen, Vail, Telluride and Steamboat Springs,
Colorado, Deer Valley, Utah, Napa Valley, Lake Tahoe and La Quinta, California, Jackson Hole, Wyoming, Florence, Italy and Bermuda. There also is a luxurious residence club in Manhattan. Each of these residence clubs is owned and operated much like The Residence Club at Harborview Place. New Residence clubs are in development in a variety of other prestigious beach, golf, mountain and urban destinations worldwide.
The creators of the equity residence club concept are part of the Harborview Place development team.

AS A RESIDENCE CLUB OWNER, HOW OFTEN CAN I VACATION AT HARBORVIEW PACE?

As often as you wish, subject only to Club reservation procedures. As an owner, you have the flexibility of reserving vacations well in advance, as well as booking short-notice vacations whenever available. There is no limit to the amount of vacations you can enjoy at your club. If some owners visit their club less often, other owners can visit more.

IS THE RESIDENCE CLUB AT HARBORVIEW PLACE A TYPICAL TIMESHARE DEVELOPMENT?

No. The Residence Club at Harborview Place is owned and enjoyed much like a private equity golf country club. Timesharing typically provides right to use only a specific week and lodging is limited to a specific unit. Club owners have access to all Club residences of their ownership category (one-, two- or three-bedroom) with unlimited usage, subject to the reservation procedures and availability.

HOW DO RESIDENCE CLUB OWNERS RESERVE LODGING?

The Club’s reservation privileges enable owners to reserve vacations well in advance, while also accommodating more spontaneous visits. Each February, owners reserve their most important vacation dates for the coming year. Additional Club vacations may be reserved throughout the year. A detailed explanation of Club reservation procedures is provided in the Owner’s Information Booklet.

WHAT IF THE NUMBER OF RESIDENCE CLUB OWNERS WISHING TO LODGE IN CLUB RESIDENCES EXCEEDS THE NUMBER OF RESIDENCES AVAILABLE?

The Residence Club at Harborview Place is designed to equitably allocate peak-period vacations when demand for lodging may exceed supply. A Rotating Priority System ensures that all owners will have equal access to high demand periods over the years. This system has provided fair and equitable for more than 15years at other residence clubs.

WILL RESIDENCE CLUB OWNERS ALWAYS STAY IN THE SAME RESIDENCE?

Not necessarily. To provide greater flexibility and availability, owners have equal access to all club residences of their ownership category (one, two or three bedroom). Requests for specific residences will be granted when possible

CAN RESIDENCE CLUB OWNERS RESERVE MORE THAN ONE RESIDENCE DURING THE SAME TIME PERIOD?

Yes. Because club owners are not restricted to a particular residence they can reserve more than residence at any given time, if sufficient residences are available. This unique benefit of equity residence club ownership enables owners to host family, friends and colleagues while ensuring they enjoy their own private retreat.

DO RESIDENCE CLUB OWNERS HAVE GUEST PRIVILEGES?

Yes. Owners may invite guests to say with them during their vacations and they may also invite unaccompanied guests to enjoy any of their confirmed planned vacations without guest fee.

DO RESIDENCE CLUB OWNERS PAY ANNUAL FEES?

Yes. Club owners pay annual fees for the professional management operation and maintenance of all club residences and facilities. These fees are significantly lower and are more comprehensive than those of a wholly owned vacation home. Included in these annual fees are funds for property taxes insurance utilities administrative salaries supplies maintenance window washing trash removal legal/accounting and reserves for the replacement and/ or refurbishing of club facilities. Please request a financial information sheet for current estimated annual fees.

WHO ESTABLISHES THE DUES AND CONTROLS THE AFFAIRS OF THE RESIDENCE CLUB?

An owner elected board establishes budgets and fees on an annual basis.

WILL THE RESIDENCE CLUB AT HARBORVIEW PLACE BE OPEN TO THE PUBLIC?

When fully subscribed, the club residences will be operated for the exclusive use and benefit of residence club owners and their guests. Prior to full subscription limited public use may be permitted for marketing purposes. This type of use will not diminish lodging availability for owners.

DO RESIDENCE CLUB OWNERS PAY ANY LODGING CHARGES WHEN THEY STAY AT THEIR CLUB?

No. Owners do not pay for use of club residences. They do pay for housekeeping any additional requested services.

Reblog this post [with Zemanta]