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megram - Index

megram - 55JulOttawa - Index

be 100 co-owners of the property.
They would appoint a board of directors
to oversee the operation to run it
in the same way that a condominium
corporation is operated.
For instance, this is how
Frontenac Shores at Land O’Lakes will
be run, says developer Dave Storms.
“My wife and I are the developers
and we currently own the
resort, but as the five-week increments
sell, it will be owned by the
people who buy fractions,” he says.
“They will set up a not-for-profit
organization run by a board of directors
made up of the owners.
Basically, this is a vacation condo.”
Just as the initial price of the fraction
of the property varies, so the
annual maintenance fee will change,
according to the will of the directors
and requirements on the property.
“We are setting the maintenance
fee at $2,400 a year for each five-week
increment, for now,” says Dave. “That
includes everything — taxes, all utili-
VACATION COTTAGE RENTAL
OR
PURCHASE 50% OF A COTTAGE
“... offers wilderness elegance in a Group of
Seven setting.”
Marc Atchison, THE TORONTO STAR
THE LODGE
AT PINE COVE
& COTTAGES
For more information contact Alex or Janine Strachan
Tel: 705-898-2500 • email: info@frenchriver.com
www.frenchriver.com
Websites
Bluewater www.bluewater-ad.com
Corbett Cove www.corbettcove.ca
Frontenac Shores www.frontenacshores.com
The Lodge at Pine Cove www.frenchriver.com
Touchstone on Lake Muskoka www.touchstononlakemuskoka.com
Wolfe Springs Resort www.wolfespringsresort.com
ties, high-speed Internet, remattressing,
reroofing, linens and so on.”
Wolfe Springs Resort near
Westport will run its townhouse-style
villas in a similar way. Sandra Hinton,
the company’s director of sales and
marketing and its fractional ownership
specialist. explains:
“Wolfe Springs Resort is built in
one of the most sought-after locations,
on a lake and a golf course. And fractional
ownership gives you everything
you would ever dream of wanting at a
cottage at a fraction of the cost and
without having to lift a finger to maintain
it.”
July/August 2008 • 28 • Fifty-Five Plus Magazine
Property rules in fractional ownership
resorts, particularly with regard
to smoking and pets,also vary and can
change in accordance with directors’
decisions.
Fractional ownership is popular
because it offers an easy route to owning
upscale vacation property without
total responsibility for the cost of
maintenance or any of the associated
work. Fractional ownership offers luxurious
vacation property at a fraction
of the cost, a fraction of the responsibility
and a fraction of the control of
total ownership.
NELSON
INVESTMENT
GROUP LTD.
• 1 to 5 yr term
• Fixed rate
• Paid monthly
• Min. $10,000
12%per annum
Sophisticated and Accredited Investors
www.nelsongroup.ca is a related issuer of NIGL
1-877-509-8108