fractional ownership. Each unit is divided into quarter shares and is deeded fee simple for each quarter share
owned. If you own one quarter share, owner usage is for a period of 13 weeks - - one week every month.
The quarter share of each and every unit is identified by the letter: A, B, C or D. For example, if you own
“101A” there is an owners’ calendar that designates which week is “A” week. Every “A” week on the calendar
is yours to either use or rent. You may decide to rent the unit on your own. If you do, the 15% leasing assessment
will be charged to the owner, based on the current rental rates.
There are two constant expenses: The monthly condo fee, and a leasing assessment. The monthly condo fee
is $235 per month, per quarter share. The monthly condo fee is the same for each of the 48 units, no matter
what the room type. The 15% leasing assessment deducted from any rental checks. Rental checks are
generated every 5 weeks. Depending on the budgetary needs of the Association, the condo fee and the
leasing assessment may change. At year end, each owner will receive Form 1099-Misc for income tax purposes.
All expenses are paid by the Association. They include, but are not limited to, flood, general and excess
liability insurance, sewer and water, county taxes, Beach tax, all State and local license fees, advertising,
utilities, general maintenance and upkeep which includes interior and exterior painting, carpet and
upholstery cleaning, furniture replacement, linens, etc.
Every unit is a one-room efficiency, and each unit has the same amenities: dorm-size refrigerator, two-burner
stove top, microwave, coffeemaker, toaster, dishes, pots and pans. There is a Murphy pull-down double
bed and a Queen sleeper sofa. The tiled sunroom has a dining table and a window seat. There are 24
direct Ocean Front Units (379 sq.ft.); 15
All rooms have a great view of the beach and ocean. There is also an outdoor pool, hot tub and sauna room,
coin-operated laundry, bar-b-que area and a luggage-only lift. Bicycles, beach chairs and beach
towels are provided for the owners (and guests), as is daily housekeeping.
Rental income varies. Off-season is historically slow, and weather is quite often a factor. The
reservation system for rentals is on a rotation basis; the “room type” with the lowest income will
be the next rental. Unit income also varies, depending on the amount of owner usage. The Surf Club
is open every day of the year.
Carol J. Smith, General Manager
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