(WATERCOLOR, FL – March 16, 2017) — Berkshire Hathaway HomeServices Beach Properties of Florida and Lifestyle Asset Group of Fort Collins, Colorado announced today a joint venture designed to offer both buyers and sellers of beach properties in WaterColor, Florida with a game-changing alternative to traditional vacation home ownership.
Lifestyle Asset Group, a recognized pioneer since 2012 in collective asset ownership of vacation real estate, has joined forces with Berkshire Hathaway HomeServices Beach Properties of Florida to provide the option for buyers to acquire one of eight limited partnerships in a luxury property in a coastal community along renowned Scenic Highway 30A. This limited offering features a newly constructed residence at 110 Flatwood Street in WaterColor, just steps from the beach, priced at $2,600,000.
The 130 agents of Berkshire Hathaway HomeServices Beach Properties of Florida will promote the eight partnership shares available in the 110 Flatwood Street property. The brokerage produced more than $450,000,000 in sales in 2016 and was recently recognized as one of the top 50 Berkshire Hathaway HomeServices affiliates in the nation. Partnership shares in the current offering are priced at $348,500 with annual costs per partner of $14,500. Each member of the limited partnership will enjoy approximately five to six weeks per year with family and friends for years to come.
John David Sullivan, co owner of Berkshire Hathaway HomeServices Beach Properties of Florida states, “The limited partnership share is a smart, sensible and affordable way for devotees of the 30A area and WaterColor community to fulfill their dream of owning a great home at the beach. Many people would love to own their dream beach home here on 30A, but decide against it because of their limited time to enjoy it. With Lifestyle Asset Group’s innovative limited real estate partnership product, we can help more buyers achieve their dream of a luxury home ownership along the exquisite Gulf of Mexico. We worked with Lifestyle Asset Group on their debut offering in WaterColor last year and the partnership interests in that stunning $2.725M property sold out in just eight weeks. We know the strength of this partnership.”
The joint venture is expected to appeal to current owners of vacation homes along 30A who cannot get to the beach often enough to justify the economics. Karla Jones, senior partner for Lifestyle Asset Group comments, “In some of our partnership offerings, the property owner has retained us to sell seven partnership interests while keeping one for themselves in order to continue to enjoy their beloved vacation home. This enables them to receive 87.5% of the value of the home, freeing up equity and retiring debt while reducing annual costs by the same 87.5%. Best of all, they continue to enjoy their home for four to five weeks per year.”