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Originally Posted by grbflyer
(Post 23792840)
it only lasts for so long. its not a permanent purchase, at some point your "residence" runs out.
there are even leasehold residences in US, including in NYC and hawaii there are actually condos in hawaii where ground lease (per month) is divided amongst units |
How is the ship doing in 2016 and are the residences appreciating in value? Also, any info on how the concept is doing as a whole, as the residents are concerned?
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no big problems because residence owners made it like a COOP?
and the residence owners got rid of the rental program as well there are some Exclusive Resorts members on flyertalk, and at least one poster on cruisecritic has done trips in the Exclusive Resorts residences onboard not sure any other ships will get built forgot about crystal announcing new ships with 1000 passengers and 48 residences from 600ft2 to 4000ft2 |
I was wondering, on how the value of the units are holding up and what the current maintenance/other fees are now?
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Good question. The owners actually own for 50 years, the expected lifetime of the ship so as years go by the resell price will go down. Exclusive Resorts bought 4 units early on and I suppose the other owners tolerate that. Several ER members have gone on to purchase apartments onboard. It is a nice quiet experience. I have sailed The World several times with Exclusive Resorts. It is so nice to have a full kitchen stocked with everything you need. The apartments are a marvel and beautifully outfitted. There is very little entertainment onboard but nice amenities. There are usually only about 100 pax average except during peak times. I liked spending multiple nights in major ports. The other owners are friendly enough, I don’t think anyone lives aboard exclusively and most have multiple homes besides the ship. |
50 years ending 2052, would be interesting to see what resale prices do over time
aforementioned hawaii condos next to kahala hotel have land lease ending 2027 also re lease, amanusa residences lost access to resort after 5.5 years because of it crystal dropped proposed residences on their upcoming ships re ER members buying on the world, i recall DCs giving stat of average $10>15m net worth |
I’ve never heard anything about ER members net worth. You never know from appearances so I wouldn’t speculate. I think I read something about a required $10 million net worth related to ResidenSea owners. That sounds low to me when they have at least one other home, many have more than that and after plunking down an average of $2 - 3 million for a unit on The World you’re on the hook for approx $100K annually for maintenence and expences. It’s an extra big hole in the water to pour money into! |
residensea originally quoted $5m, since it became coop like some NYC buildings (and jumby island)
but must be based on size of residence as you note, up to $750K per year, plus refurb expenses? etc i dont remember for sure if ER made public comment about net worth, i definitely remember quintess doing so, with $10-15m, i was surprised it was that high considering nightly rates, but at the time i wasnt aware of averages (spending averages) and how unusual FT is |
I know Quintess members and I can guarantee $10-15 mil net worth is not accurate. Quintess has no way of knowing anyone’s net worth except by survey and let’s face it, people either exaggerate or under report because they don’t think it’s anyone’s business to know the exact range. As for ResidenSea, ER just remodeled all their units onboard and there have been some other updates within the ship. It seems to be very well maintained. |
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