represent an excellent opportunity to purchase new product at pre-market prices ! Buyers are attracted to preconstruction sales for several reasons:
* A minimal deposit ( typically 20 % ) controls the given asset until completion
* No carrying costs during construction: no insurance, no taxes, no mortgage payments, etc.
* The developer needs to sell a certain percentage of the units to obtain project financing
* Appreciation occuring during the construction time-line can be substantial
* Typical construction ranges from one year to 3 years
Captiva Villas at the Pink Shell Beach Resort _ Spa
The Captiva Villas is the final phase of the Pink Shell Resort. This Gulf front direct beach view building will consist of 43 fully furnished one bedroom units. All units are 656 s.f. plus oversized screened lanais. Corner units also have a second lanai, with whirlpool, overlooking the Bay. A fine dining restaurant, fitness center, atrium and conference room are included. Ownership in this building includes access to all Pink Shell amenities.
Good news: On Thursday, Nov 15 several pieces of construction equipment arrived on-site to begin the " Test Pyling " phase. A flat bed truck delivered earth moving equipment, rebar and related materials. A large crane augered down 65 ft and pumped concrete into the resulting shaft. Rebar was then put in place to further strengthen the pylings. Contrary to popular belief the augered hole does not extend down to bed rock or a coral base. The pylings are required to withstand 100 tons of pressure. After curing for 7 days they will be tested and are expected to " fail " somewhere in the 200-300 ton range ! This rigorous engineering process is well proven and meets the stringent building codes for this area. Many of these pylings will be the support for the Captiva Villas building. This is the same process used for the larger White Sand Villas just to the south. I will post further updates as they occur. Please call me with any questions about this or other properties here in paradise.
Jan 5,2006 Crews began augering approx 245 holes ( pylings ) as the base of support for the Captiva Villas and pool !
Feb 6, 2006 The pylings are all in ! Yea ! Crews finished the augering and are now preparing the site for pouring the foundation. The (Kraft Construction ) superintendant tells me things are going very well and expects to finish the project Feb of 2007. Also, for those owning in this building, by now you should have received a letter requesting the second deposit.
June 26, 2006 The building is coming along extremely well. The 4th floor has been poured and architectural details are starting to emerge. We were able to take a guided tour today and it was a blast ! The layout of the units and the views from both the Gulf side and also of the bay are gorgeous. The 5th floor is scheduled to be poured July 10. More pictures coming.
This is a Condo/Hotel :
" Condo " : meaning you actually own the unit, this is not a " Time Share ".
" Hotel " meaning it is zoned for nightly rentals.
The nightly rental feature allows the owner to capture rental income for those guests staying for shorter periods. As the owner you are gauranteed 2 weeks during season, 2 weeks out of season and additional usage on a " space available " basis. Plus, the owner gets 42.5 % of the rental income !
Rates at the Captiva Villas are scheduled to be $400 - 425 / night during season for interior units, $450 - 475 per night during season for corner units. Construction is slated to begin around Dec 15, 2005 and should finish in 12 - 15 months. Owner financing should be in place when construction is completed.
Why a Condo/Hotel ?
Most buyers do not want full time occupancy ( for those that want more time we have several buildings well suited for this ) . Two weeks during and two weeks out of season are more than adaquate. Making the unit available for rental helps defray cost of ownership while building " owner equity ".
Units available at the Captiva Villas:
Unit # 602: Sixth floor interior unit: Sold Unit # 107: First floor corner unit, north corner: Sold
Unit # 303 : Third floor interior unit, stack # 3: Sold Unit # 207: Second floor corner unit, north corner: Sold
Unit # 501 Fifth floor, corner unit, doubles as suite $ 635 k
Unit # 703 Seventh floor, interior unit: $635 k
Note: Effective Oct 12, 2006 Last 4 units are now developer " Close out" units. Prices effective 10/12/06.
Unit # 402: Fourth Floor interior unit, south side: N/a
Unit # 403: Fourth Floor unit, south side : N/a
Unit # 406: Fourth Floor, north side : N/a
Unit # 603: Sixth Floor, south side $ 585 k
Unit # 607: Sixth floor, north corner unit, fabulous view: $ 625 k
For additional details and terms please call me direct: ( 239 ) 699-7128