Michelle Higgins of the New York Times put it best: “The Caribbean is on sale.” Struggling real estate markets and consumer caution are hitting the luxury travel sector hard, even in the peak travel season of late winter. But wary consumers are exactly the crowd that Bobby Gibson’s company SandCastles is looking to attract.
An off-shoot of the 20 year-old Villas Caribe upscale villa rental network,SandCastles appeals to would-be owners looking for an equity interest in a luxury villa. A considerable amount of time goes unoccupied in Villas Caribe’s 3000-home network throughout the Caribbean and Mexico. Gibson rhetorically asked us, “how can we address an ownership option for the empty periods in some of these homes? Fractional ownership really stuck out based on the usage patterns of a lot of our clients.”
What’s for Sale
Three residences with 1/10th (or about 5 weeks) fractional ownership interests are available through SandCastles. The clear deal of the three, called Villa Paradise, costs $298,000 for 6-bedrooms, 4000 sq. ft., four patios (including one on the rooftop), a private pool, and lots more. It’s beachside in Playa Paraiso, Riviera Maya, and includes a jet ski.
The Las Pergolas home is the next most-economical at $430,000, but consider what you get: 5 bedrooms, 6 bathrooms, and 11,993 sq. ft. overlooking the Bay of Banderas in Puerto Vallarta. Las Pergolas is also appointed with an SUV and an infinity pool.
SandCastles premium offering is the Dulce Suenos home, with a 1/10th ownership priced at $599,000. The 4-bedroom, 4.5-bathroom home sits on 100’ of oceanfront property in Isla Navidad, Costa Alegre. Some generous amenities for this specific home include a full staff, a Grady White Marlin 30’ yacht, a Land Rover LSE, infinity pool, and list really goes on.
What You Get
All of SandCastles’ homes include full concierge and private chef services in addition to the residence-specific amenities. Ownership also gets you discounted rates at about 80 homes within the Villas Caribe network. Trades are not available, per-se, however Gibson told us that SandcCastles’ can facilitate trades if there is a mutual interest.
The Halogen Guides Take
SandCastles has an additional appeal for current owners stuck with a multi-million dollar villa; they can fractionalize unused time at the home. This means they can build a new ownership structure that lets you keep your ideal usage period and not have to pay for the rest of the time that the home sits unused.
The discounted rates from Villas Caribe is a nice touch, too. While there are only 80 homes for fractional owners to choose from, it’s a worthwhile competitive edge. Competing destination clubs have extensive locations within the Cairibbean as well, so be sure to compare your options.