Beautifully nestled in the heart of Thurston Groves
Enjoy Shared Ownership of this Luxury Vacation Home
What is Limited Partnership?
The Limited Partnership (LP) is a property ownership model dating back to Roman times. Consisting of two types of parties, Limited Partnerships have; a general partner who assumes full liability and limited partners who are liable only up to the amount they contribute. The LP structure allows a group of similarly minded individuals to invest and to own an entity or asset while protecting their other assets. The General Partner provides the “catalyst glue” and ongoing management of the asset, in this case, the Thurston Groves vacation home. Limited Partnerships are often used in investment real estate, but are also found in private aviation, and shipping. We bring all the joys of owning a second vacation home without single ownership of financial commitment and the worrisome maintenance burden.
Technology, Security and Safety
The security and operation of Thurston Groves is supported with security technology. Trustworthy smart home technology such as video surveillance, fire & security monitoring alarm system, exterior lighting ensure the well-being of your home at all times. During your visit, digital thermostats, pool controls, Sonos, and keyless entry for seamless arrival and departure.
The home has been retrofitted with personal and security storage compartments to help you travel light. Simply store your personal belongings in your designated storage compartments while you’re away and access your belongings when you return. All storage units are located inside the home or garage to protect your items of weather damage and are large enough for you to store even large items such as bicycles, golf clubs and more safely indoors. Additional lockable pantries will store your smaller, more delicate belongings while you’re away. Rest assured knowing your belongings are safely secured at the Thurston Groves and will be ready for you upon your return.
Professional property maintenance is provided by Keefer Shared Ownership Inc. to manage; the pool, and the grounds for an effortlessly landscaped property during all year. A portion of the monthly fee paid by each unit owner will be designated for capital repairs and furnishing replacements that will be required due to natural wear and tear. The property's homeowner agreement outline’s the cleaning responsibilities of each partner following a visit so that all owners can equally enjoy the space. At the preference of the unit holder, local cleaning services can be contracted. The home maintains a detailed operational guide.
Our Limited Partnership is shared between just 7 unit holders. Keefer Shared Ownership Inc. is purchasing one Limited Partnership unit representing a 19.24% interest leaving 6 other Limited Partnership units remaining at 13.46% interest per unit. A maximum of two units can be purchased by any one entity. Each unit allows the holder to stay at the residence for 7 weeks (49 days) per year for a fraction of the cost of sole ownership. Your time at Thurston Groves Resort Home will be spread equally over four seasons, in one-week blocks. Weeks change over subsequent years on a predictable basis ensuring all owners share in peak demand weeks. The schedule of use periods will be known for the next 12 years. Weeks can be traded amongst owners, or offered to friends or family for use. Owners are responsible for all conduct and use of the home during their usage periods. Thurston Groves is not available for rental.
Why is A Limited Partnership superior to a timeshare?
While both models offer shared use of a property, there are fundamental differences.
Timeshares offer you the right to use a property for certain weeks over a defined number of years. You don’t own any real property interest and you have nothing to really sell at the end of your term. The timeshare industry itself is fraught with high pressure sales tactics and elaborate restrictions, and monthly fees giving you virtually no control. The unit itself is not separable from the larger resort, and is entirely dependent upon larger resort facilities. Often timeshares are in functioning hotels offering very little privacy or storage. There is no investment aspect to a timeshare and there is no exit strategy. Unfortunately most people regret the purchase made typically during a family holiday. There is no fair resale market for a timeshare certificate. Most private timeshare resales occur at a fraction of the value originally paid.
A Limited Partnership investment at Thurston Groves is almost the complete opposite of a timeshare. With our LP, you are buying titled real estate allowing for tangible ownership. Any potential appreciation of the property is shared between unit owners. Our model gives you the freedom to resell your shares at anytime, with a guaranteed exit strategy at year 12. All accounting is completely transparent.
If at the end of the 12 year horizon, owners that wish to continue can’t make fair arrangements with those that may wish to stay, the house is simply put up for sale, and proceeds distributed accordingly. In simple terms, your investment is in a beautiful home, within an established real estate market. The value of the home is easily determined, and with an MLS listing a fair value at exit can be determined. The property is not subject to a mortgage, and all unit holders are required to make a complete equity investment
Our Limited Partnership model is perfect for the periodic use owner seeking the benefits of owning a vacation home. Low cost direct flights to two servicing airports make sessional travel a reality for many. With over 20% of Pinellas County residential units owned by Canadians and out of state owners, we believe we have identified a real and growing market for a financially responsible homeownership model that affords sessional use of an outstanding property.
Invest in your renewal, join us at Thurston Groves.
4 Bedroom, 5 Bath Residence
Special Offer Pricing $200,000 USD
Excellent Location - Breathtaking Pool
High Quality Finishes & Furnishings - Elevator