What is a Residence Club?
A Residence Club is an exclusive, member-owned condominium association with very high quality residences in a unique setting with highly specialized services and amenities, resulting in a care-free leisure lifestyle experience.
What are the advantages of such ownership?
A Residence Club has been designed to provide considerably more convenience, services and amenities than a conventional vacation home. The Edgartown Residence Club (ERC) provides you with a unique experience in one of the most exclusive areas of Martha's Vineyard, year round or only for the time periods that you are most likely to use it. It comes without the hassles of traditional home ownership, at a significantly lesser financial commitment than single home ownership would require.
How often can owners use the Edgartown Residence Club?
Virtually as often as you wish, subject to the ERC policies and procedures. Owners have the flexibility of reserving ERC vacations well in advance, and also coming on a short notice, space-available basis. With ERC fractional ownership, Club owners reserve 28 days of planned vacations per year. Additional vacations can be taken on a space-available basis. In practice, there is no limit to the amount of use. Some owners will use their ERC less often and others more, depending upon their personal schedules for that specific year. Why purchase more than you would actually use?
How is ownership evidenced?
Each ERC owner receives a deeded real estate interest in a specific condominium unit which includes use of the owner clubroom, common facilities, and an automobile. Fractional ownership is not a new idea. People have been sharing ownership in second homes as long as there have been vacation homes available. We have simply structured and organized those whom you share ownership with, and created the rules that govern the association so there is never a misunderstanding. Each owner receives a separate deed, eliminating the problems and entanglements of more than one family on a deed. Owners don't have to find partners to share the ownership and the project is professionally managed to eliminate the worry and problems of maintenance and operations.
How many ownerships will be sold?
The Edgartown Residence Club is an exclusive offering with only six residences, for a total of no more than 72 owner families.
Can an Ownership be sold?
Yes. Like all other forms of real estate ownership, ERC ownerships can be sold or transferred by the owner, subject to the ERC documents and local real estate laws.
Benefits
What is the difference between owning an ERC Residence from a home in Edgartown?
ERC owners will experience the convenience and energy of living in the historic district of Edgartown without the normal home-ownership issues. Your ERC ownership comes with a car for your use while in residence and shuttle pick up service from the airport or Steamship Authority……there will be no logistical hassles on getting to and around the island. There will be no anxiety about ongoing maintenance, storm protection, leasing, or bill paying. Further, your vacation will not be encumbered with the time normally spent grocery shopping and making reservations for tee times, theatre, and restaurants…all of that will be handled for you before you arrive or during your stay.
What are the benefits and amenities that an ERC residence owner has over a hotel guest?
In addition to the impeccable standards of the facility, fixtures and furnishings, Edgartown Residence Club members will enjoy exclusive use of an automobile, enjoy the benefits of a dedicated concierge for all your vacation needs such as dinner reservations, pre-arrival shopping, personal storage items placed in your residence and Ferry and Airport Shuttle service
How is the Edgartown Residence Club different than a time share development?
Timeshare is strictly a vacation product where people pre-purchase one or two weeks of vacation at their home resort and have the ability to exchange their vacation through an exchange company. The Edgartown Residence Club is a commitment to a leisure lifestyle in a location where owners desire to return periodically throughout the year. It is a different product than timeshare, designed for a second home buyer, used in a different manner and sold differently as well. It combines all of the benefits of owning a second home with the services and amenities of a fine hotel, without the responsibility, worry or hassle of owning a second home. The ERC is a luxury club catering to second homeowners who seek an exceptional vacation experience and leisure lifestyle.
Pricing
What about pricing?
Pricing, when compared to alternative second home ownership in Edgartown, is one of the most compelling reasons for purchasing at The Edgartown Residence Club. A survey of available properties reveals prices that are 10-20 times the investment in the Edgartown Residence Club.
Pricing at the Residence Club is determined by three factors- location, size of the residence and time of year. The residences are one and two bedrooms and are located on the second, third and fourth floor of what has formerly been called the “porch wing” of the Colonial Inn. Investment in the Edgartown Residence Club starts for as little as $90,000.
One of our experienced Ownership Representatives can recommend a residence that is best suited for your needs, in the right location, at an affordable investment.
What are the on going costs of the Edgartown Residence Club?
Actual maintenance and operational expenses of the ERC, including insurance, real estate taxes, and a reserve fund, will be scheduled and allocated to the property on a pro-rata basis. These expenses will be controlled largely by the Condominium Association, which is controlled by a vote of the association members. Only actual costs associated with the operation of the Edgartown Residence Club are passed through to ownership, similar to any costs associated with the upkeep of a vacation home, but split by the 72 owners of the Edgartown Residence Club to ensure very reasonable annual cost.