What is for sale?The Salt Springs Spa Resort is selling all 13 units on a 199-year automatically renewing lease starting from $329,000. What do you mean by a 199-year lease?It's like buying a condo or home with all the services and amenities of a health spa & resort. The leasing arrangement offers you the flexibility of registering your chalet at the land titles office without the regulatory hassle associated with fractional and full ownership agreements. It means you do not share the chalet(s) you purchase with multiple owners as you would in a timeshare or quarter ownership investment. You will own your unit and will be entitled to the use of your chalet as set out in your rental agreement while accruing revenue. At any time you are free to sell, trade, or bequeath your unit.How does Salt Springs Spa Resort ownership work?Over the years we’ve had many guests interested in purchasing their own chalet at the Resort. Now this is finally possible! Resort ownership means that not only are you purchasing a piece of valuable and rare commercial oceanfront real estate, but we’re taking care of your vacation home and paying you while you’re away. It’s a hassle-free smart investment! Can I rent out my unit?The Resort will continue to be managed by the Salt Springs Spa Resort. With impressive year-round occupancy, the Salt Springs Spa Resort will rent your unit throughout the year and ensure the highest level of guest satisfaction. How is rental income disbursed?Rental income is paid-out quarterly. When can we begin negotiations?We will be accepting interested buyers for Open House dates beginning mid-September 2008. Buyer's who pre-register will receive priority appointments to visit the Resort and select their preferred chalet. Call 1-800-665-0039 or click here to make your appointment today! Are there Zoning Restrictions?The Resort is zoned CA2, Commercial Accommodation 2 with the chief purpose of providing short term commercial guest accommodation. The concept of ‘short term’ rentals, under this zoning, requires that rental occupancy by an individual cannot exceed 45 days in any calendar year, not more than 30 of which may be consecutive. Accordingly, the units are for commercial guest accommodation and are not for purchasers to reside in. The main goal for a purchaser who acquires a unit should be the utilization of the unit as commercial guest accommodation. However, there is no positive obligation on purchasers to rent out their unit other than to provide the owner with a revenue stream. How much is paid in rental management fees?The Rental Management Agreement and associated fees will cover expenses such as water, sewage, hydro, garbage, insurance, grounds, accounting & legal, advertising & promotions, banking, guest supplies, office supplies, telephone, travel, vehicle expenses, propane, wages and miscellaneous expenses incurred by the Rental Manager. Rental Management fees will be equal to 60% of the gross unit rental revenue and will be payable on a monthly basis to the Rental Manager. The Developer also offers the incentive of a $5,000 contingency reserve fund which can be replenished annually or as necessary for furniture, fixtures, equipment, repairs to the unit and property taxes which will not be covered by the initial Rental Management Agreement.
or call 1-800-665-0039 to speak with a member of our sales team. |
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