Upscale Park Model Resort on California Coast
Editor's Note: The following is taken from an offering statement from the developers of the Marina Dunes Beach Resort, a park model project featuring Silvercrest homes near Monterey, Calif.
The Marina Dunes Beach Resort project is the repositioning of an oceanfront recreational vehicle resort into an ocean dunes beach cottage destination. Located on the California coast just steps from a dune preserve in Marina, Calif., about 10 minutes north of Monterey. The existing lots and new cottage units will be sold to the first 62 buyers.
Our target buyer is seeking beach properties for sale in a popular destination with prime beach real estate. They are a young or retired couple, two couples desiring to share the unit, or a family that seeks an oceanfront cottage that sleeps up to four comfortably, looking for a way to enjoy all that the Monterey Peninsula offers, at an affordable price. The price of the lot and home will range between $299,000 and $399,000, depending on the size of the lot selected. Therefore, the "all-in" cost of the lot and home will range between $299,000 and $399,000.
Ownership Structure: The property's location, which is west of Highway 1, is within a highly controlled, environmentally sensitive, and extremely valuable strip of irreplaceable land. The property is subject to a conditional use permit (CUP) described herein. As a result, the existing property cannot be sub-divided and, therefore, lot ownership is being offered in the form of a membership share in the non-for-profit mutual benefit corporation that will own the land. That is, lot ownership will be transferred by issuing you a “membership” (a stock certificate essentially) in Marina Dunes Beach Resort Inc.
As a member of the corporation that owns the land (via your membership interest), the buyer will have exclusive use and occupancy rights with respect to the lot. As well, the home purchased at the time membership is purchased (lot) will be exclusively for the owner's use as well. This is not a timeshare – the buyer will be the sole owner of the lot and home. The owner's exclusive rights of lot occupancy cannot be taken away unless there is a breach and certain covenanants are not cured as outlined in the bylaws and CC&R's for the community (i.e. – non-payment of monthly association dues on a continual basis can cause membership to be sold to a replacement member and the right to occupy the lot would terminate). The legal structure of ownership is simply a result of the property's unique location and entitlements that run with the land, which do not allow for the land to be subdivided.
Length of Stay: The project is available to those seeking an affordable and yet extremely well located home that offers immediate access to the world's freshest seafood, soft sandy beaches, pebble beach/ spyglass and other world class golf courses, cool breezes, the blue pacific ocean, breathtaking sunsets, and all that the Monterey Peninsula offers — as well as easy driving proximity to the urban excitement of San Francisco.
A maximum stay of 29 consecutive days is allowed pursuant to the conditional use permit (CUP) that the property is subject to. If a home owner wishes to stay more than 29 consecutive days then they must leave for one night and can return for another consecutive 29 days The sponsorship of the project does not see this as a material issue as most second homeowners use their second homes for one to four weeks at a time, go home or to another vacation destination, and then return at another time for a similar duration. In other words, the owner can enjoy this "cottage by the sea" for 350 of the 365 days a year despite the CUP.
Rental Pool: Owners that wish to offset their annual cost of ownership will be able to place their home into a rental pool. This will give owners the opportunity to rent their home when they are not using it in order to generate revenue and thereby offset the annual cost of ownership. Those that elect to put their homes in the community rental program will be handled by a professional management company to create the best guest experience program. As well, guests will be required to adhere to all rules and regulations of the property thereby insuring all those in the community of an enjoyable stay and a safe, quite, and secure environment.
Additional Documentation/Information: Of course, as with any condominium or cooperative community there are a set of bylaws, CC&Rs, operating budgets (reviewed and approved by the California Department of Corporations), a membership information report and other ownership documentation.
Products & Services
This is not a timeshare. Ownership of a lot, through your ownership of your membership interest, is exclusive to the owner. Common area amenities will include a clubhouse with game room, billiards, flat screen TV, fireplace, exercise room & kitchen facilities. We will also have great large outdoor patio/bbq spaces, a playground, fire pit, bocci ball, putting green & jacuzzi/spa! Prices which include the lot and the home will range between $299,000 to $399,000. Model home and sales staff are on-site ready to visit and reserve lots every day from 10 a.m. to 5 p.m.
For more information, the frequently asked questions page on the website can be referenced or potential buyers my call Ron Fried at (83) 384-8114 or e-mail MarinaDunes@cox.net.