$36 Million Real Estate Development Advances

From: articulon
Published: Wed Sep 30 2009

Richard Stockett, residential developer of more than 24 sites, announces today that Southern Star Communities has begun pre-sales of the 48-townhome development called MainSail of Beaufort (www.mainsailofbeaufort.com). Fractional-ownership shares start below $60,000, saving consumers up to $15,000 at this pre-sale phase. The sales center opened earlier this month.

The $36 million, 7.94-acre development is located within walking distance of Beaufort's Front Street restaurants, shopping district and the Town Creek Marina. Near the intersection of West Beaufort Road and Turner Street, MainSail of Beaufort replaces the previous motel building and several mobile homes.

"As a developer and Beaufort homeowner, I have long had a vision of this property being redeveloped and improve the look of the area," says Stockett. "When it became available in 2006, I couldn't pass up the opportunity."

The economic shift is a challenge to vacation destination development projects. To keep the project in motion and meet the market, Stockett looks to fractional ownership as a way to make second homes affordable. Popular in Europe for decades and successful in other vacation hot spots including Hilton Head, South Carolina, the concept is relatively new in North Carolina with only five other like developments.

Co-ownership, coined by Stockett, is MainSail's version of fractional ownership. MainSail limits owners to 10 per unit. This guarantees each deed holder a minimum of five weeks of use, 25 percent more usage on average than other like properties in North Carolina. Consumers can finance the property through multiple means and receive a general warranty deed that can be sold, mortgaged or willed to heirs, independent of other owners. In addition, the property value follows local real estate price changes.

"The real estate market is tight and the vacation home market has taken a hit," says Stockett. "Co-ownership makes second home ownership of a high-end property affordable."

Construction of the townhomes is planned for late 2009 to allow for occupation by May 2010. The new on-site sales office features a view from the rooftop terrace so prospective buyers can get a feel for the vistas and privacy each unit offers. Bluewater-GMAC Real Estate serves as the on-site agent and can be reached by calling Eleanor Copeland at (252) 504-3334 or visiting www.mainsailofbeaufort.com. In addition, preferred agents are being identified across the state and will be trained on the unique advantages of co-ownership.

About MainSail of Beaufort:
MainSail of Beaufort is a Southern Star Community located in Beaufort, North Carolina. MainSail townhomes offer buyers an outstanding vacation experience and lifestyle in a manner that cannot be found elsewhere in coastal North Carolina. MainSail is conveniently located within walking distance of Beaufort's Front Street restaurants, shopping district and the Town Creek Marina. The new development's charm and amenities combined with the hassle-free and affordable co-ownership structure make MainSail a unique, one-time opportunity. Visit www.mainsailofbeaufort.com for more information.
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Company: articulon
Contact Name: Articulon
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