Several people have asked me what one actually purchases at Cheeca: You purchase a condo; fee simple! The units for sale at Cheeca are not timeshares; you have a deed to your property.
This is how it works: When you purchase a unit at Cheeca you agree to let Cheeca continue to rent the property. Cheeca receives 55% of the rental income; you 45% (10% of the 55% are actually credit card and travel agency fees). You have the right to use the property 28 days out of the year. These days can be consecutive days or split up however it suits you. If you decide to occupy the unit for more than 28 days, you may do so and pay the 55% rental fee to Cheeca.Because Cheecas occupancy rate is 80% and and it is a luxury hotel with all the ammenities (Visit www.Cheeca.com) Cheecas generates a higher rental income than most other rental properties. Condotels are a relatively newer product in the Real Estate Market place and definitely something to consider!
These properties have come on the market since my last post:
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these properties have gone under contract:
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Please contact me if you would like additional information.