Shared Unit Ownership May Change Time Share Concept

CAPE MAY — Ocean House, Cape May Resorts’ newest addition to its group of luxury properties, is set to open in the summer of 2009 with 40 units owned by 320 individuals.
Those units will sell for about $250,000 for two-bedrooms up to $320,000 for three bedrooms.
According to a release the project is, “An innovative concept that combines the advantages of real estate ownership with the services and amenities of a five-star hotel, Ocean House is a luxury member-owned equity beach club – the first of its kind in New Jersey.”
Owners will have all the benefits of ownership of a beachfront home, with views of the Atlantic Ocean, direct beach-access and “luxury hotel-style pampering, while paying only a fraction of the price of whole ownership,” the release stated.
“Our goal is to open doors to visitors wanting to return to Cape May again and again — like a second home, where traditions and memories can be born,” says Curtis Bashaw, co-managing partner, Cape Advisors, Inc.
“We are revolutionizing the Jersey Shore real- estate market with a concept that has already proven to be a great success throughout the country – where people, without having to spend a fortune, can enjoy what Cape May has to offer whenever they please,” he stated.
Different from timeshares, ownership at Ocean House will be titled and deeded. As such, it and can be sold, willed or placed in trust.
Additionally, there is virtually no limit to how often owners can use the property. They will be able to occupy any residence available in their category (determined by the number of bedrooms), making for a flexible schedule throughout the year.
Friends and family may benefit as well since owners are allowed to reserve more than one residence at the same time (depending on availability) and can invite guests, either to join them during their stay or to visit on their own.
“We have been working with developers of member-owned residence clubs for 17 years in more than 30 prestigious locations. Fractional ownership is a great option for those looking to own multiple homes who want the benefits of owning a vacation home, but that don’t want to deal with the time and stress that traditionally accompany whole ownership,” says Steve Dering, founder of DCP International, pioneer of the residence club concept.
Ocean House features and amenities will include:
• Direct beach access
• Spacious accommodations of up to three bedrooms – all with fireplaces
• Three-tiered private pool
• Health center
• Private member’s lounge
• Five-star dining
• Optional pre-stocked kitchen
• Imported hand-pressed all cotton linens
• I-pod docking stations and data port connections
• Environmentally friendly landscaping and architecture (LEED-Certified)
The Ocean House Sales Showroom is located in the retail arcade at Congress Hall hotel, and is offering a special early ownership package for purchases before September 2007.
Cape May Resorts is a family of properties, ranging from small inns to classic hotels, cottages and modern condominiums, all set here.
Though properties vary in style and size, “all share a sense of contemporary comfort, personalized service and state-of-the-art accommodations – bringing a sense of sophisticated elegance to the Jersey Shore,” the release concluded.