#67546 - 10/23/07 07:13 AM
New "Ownership" Resort on Moorea to Open Nexy July
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BarbiJKM
Supreme Advisor
Registered: 02/14/07
Posts: 6150
Loc: Mesa, AZ
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This article below is today from Tahiti Presse. It incorrectly states the location as the "northeast coast" of Moorea, but it is located on the hillside above and across the street from the Moorea Intercontinental, on the northwest side of Moorea. Pretty pricey "ownership" -- 5 weeks a year for $580,000 - $700,000! It sounds like it will be available as a luxury rental as well for tourists.
..............
Legends Resort Moorea, new tourism/ownership concept to open next July
(Tahitipresse) - A new concept in tourism accommodation and residence ownership is due to open next July as Legends Resort Moorea, its 49 deluxe villas built in a unique location—the hillside on the northeast coast of the island.
Although the 49 private two- and three-bedroom contemporary styled villas are being sold individually and will be managed collectively as a residence resort, this is neither a time-sharing nor a condominium project.
Instead, it's what is known as a strata title project that was first introduced in 1961 in New South Wales, Australia, and has since been adopted in Canada, Singapore, South Africa, Indonesia, Malaysia, Fiji and the Philippines.
Legends Resort holidays will be promoted just like any hotel, using travel agents and tour operators worldwide along with an Internet Web site for direct sales.
Legends Resort has a nine-year contract to sell, manage, maintain and promote the villas and their overall 130 rooms spread out over seven hectares (17.3 acres) of hillside land on Moorea's east coast.
The resort is a 20-minute drive from Moorea's airport or shuttle boat dock and a short distance from a Nicklaus Design 18-hole Moorea Green Pearl Golf Course, which opened its first nine holes on May 12 and is due to open the back nine by the end of the year. Legends Resort overlooks the InterContinental Resort & Spa Moorea, the lagoon and three "motu", or islets inside the lagoon.
The resort has its own private motu, where a free shuttle boat will operate trips every two hours. Guests will find a snack house and excursions operated from the motu.
French architect Pierre Lacombe, who has designed several hotel properties in French Polynesia, has created two types of villas for Legends Resort Moorea. There are 175 square-meter (1,883-sq.-ft.) "Nui" (Big) Villas for two to six people with 600-800 square meters (6,458-8,611 sq. ft.) of land. There also are 120-square-meter (1,292-sq.-ft.) "Iti" (Little) Villas for two to four people with 1,000-1,600 square meters (10,764-17,222 sq. ft.) of land.
Each villa is ideal for outdoor living with a large panoramic terrace and a location within a tropical garden landscape. The villas offer a lounge with a flat screen television and DVD player; a fully equipped kitchen; air-conditioned bedrooms; a fully equipped laundry; en suite bathrooms with an array of amenities; large lanai balconies with a private Jacuzzi and outdoor furniture; trendy exotic furniture that blends perfectly with the villas' rich wooden floors and décor.
There is a 50th villa where the Legends Resort reception and lounge areas are located. There's also a boutique, a delicatessen and cafe for serving breakfast. Next to this villa is a horizon swimming pool.
A gourmet restaurant and bar are located at the entrance to the resort, giving priority to all guests.
Legends Resort also offers catering, or room service, for those not wishing to cook for themselves or eat out.
The price for a big villa is €410,000-€493,000 (US$582,178-$700,033). The price of a small villa is €545,000-€630,000 (US$773,871-$894,568). A 5% deposit reserves a villa. Once a final deed is drawn up, the rest will be paid in successive installments as work progresses, according to a Question and Answer document from Legends Resort.
Each owner is entitled to use of his/her villa five weeks every year—two weeks in the high season (April to September) and three weeks in the low season (October to March), the document states. Legends Resort will pay owners for any weeks not used. Owners may sell their property at the end of the sixth operating year in order to retain tax benefits. If a villa is sold earlier, it is left under the resort's management until the end of the lease, according to the Q&A document.
The rental fee charged to non-owners staying in a villa represents 5.45% net of the villa's purchase price excluding legal charges and comes with a bank guarantee. Legends Resort will pay owners not using their villas five weeks during the year, giving the owners a rental profit of 6% net, the Q&A document states.
The document explains why Legends Resort is "absolutely not" the same type of operation as a time-share. "Time-Share relates to the purchase of a period of use for a property, without every being the owner of the property; at Legends Resort you are the owner of your villa, Legends Resort is your management company."
ATP
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#67548 - 10/23/07 07:27 AM
Re: New "Ownership" Resort on Moorea to Open Nexy July
[Re: BarbiJKM]
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Patti.
Expert Advisor
Registered: 03/28/04
Posts: 2460
Loc: Las Vegas, NV
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So how is that different than a timeshare? You still only own 5 weeks of the house. Several other people will own the other 47 weeks. Maybe technically, legally, the way it is written up...it may not be considered a timeshare. But in essesnce, it's still a timeshare....and a very nice sounding one at that!
And yes Barbi, they need a lesson in Goegraphy. That would definitly be the northwest coast of the island.
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#67549 - 10/23/07 09:08 AM
Re: New "Ownership" Resort on Moorea to Open Nexy July
[Re: Patti.]
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Pacific Andy
Supreme Advisor
Registered: 10/16/01
Posts: 4278
Loc: Los Angeles, CA
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The difference is that only one person will own the unit and then rent them out the other 47 weeks and you get a portion of the proceeds each month which will be deducted from your payment.
A little different than a time share. You also need to hold it for 6 years before you can sell for the tax break.
_________________________
Once You Go You Get It
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#67550 - 10/23/07 09:36 AM
Re: New "Ownership" Resort on Moorea to Open Nexy July
[Re: Pacific Andy]
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STM
Expert Advisor
Registered: 10/15/01
Posts: 1616
Loc: Oregon, USA
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First streetlights, now this. Next they'll want me to start wearing shoes.
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#67552 - 10/23/07 11:35 AM
Re: New "Ownership" Resort on Moorea to Open Nexy July
[Re: STM]
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Patti.
Expert Advisor
Registered: 03/28/04
Posts: 2460
Loc: Las Vegas, NV
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Okay, Andy...thanks....I see now. I thought there were going to be numerous owners each owning 5 weeks of the villa. But there will only be a total of 49 owners, each owning 1 villa....the rest of the villas 47 weeks each year will be rented out by the managment company. I get it.
So, what motu do you think they will use? The one across from the tourist Motu Picnic site?
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#67556 - 10/23/07 12:48 PM
Re: New "Ownership" Resort on Moorea to Open Nexy July
[Re: Patti.]
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Pacific Andy
Supreme Advisor
Registered: 10/16/01
Posts: 4278
Loc: Los Angeles, CA
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I think its actually the small one in front of the Beachcomber.
The units are very nice and its a great concept. Too bad the dollar is so weak a few years back it could have made sense.
_________________________
Once You Go You Get It
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#67558 - 10/23/07 12:58 PM
Re: New "Ownership" Resort on Moorea to Open Nexy July
[Re: Pacific Andy]
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Patti.
Expert Advisor
Registered: 03/28/04
Posts: 2460
Loc: Las Vegas, NV
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I know. I have 2 trips planned next year and the dollar is sucking so bad, I'm not sure if we're going to be able to afford to do anything once we get there! :-(
Good thing I stay in cheap digs and like to eat most meals from stuff bought at the market. :-)
The Villas do look VERY NICE. But way outta my price range! I wonder how much they will rent for?
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#67565 - 10/23/07 03:21 PM
Re: New "Ownership" Resort on Moorea to Open Nexy July
[Re: Patti.]
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moorea944
Member
Registered: 10/15/01
Posts: 420
Loc: cranston, ri us
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wow, how many resorts is this island going to have??? i remember when there was only one house up on the hill behind the sofitel, now it's BEVERLY HILLS!!!
I dread the day i read in the USATODAY or TAHITI PRESSE that Disney, NIKE, and FOXWOODS just bought land.........
STM - too funny about the shoes!! lol there are 3 things i dont like wearing on Moorea, a wallet, a watch and shoes...
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#67569 - 10/23/07 10:23 PM
Re: New "Ownership" Resort on Moorea to Open Nexy July
[Re: moorea944]
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STM
Expert Advisor
Registered: 10/15/01
Posts: 1616
Loc: Oregon, USA
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Many trips ago my timing was such that I was on a plane with lots of Mamas coming back from visits to Paris. Everybody all properly dressed and shod in nice low heel pumps.
We land at Faaa. Door opens. Scents of tiare and jet fuel. Down the steps. And, to a woman, they all stopped at the bottom of the steps and took their shoes off.
To this day, I honor that memory when I fly to PPT, by taking off MY shoes at the bottom of the flight stairs.
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#67570 - 10/23/07 10:29 PM
Re: New "Ownership" Resort on Moorea to Open Nexy July
[Re: STM]
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dreamer
Member
Registered: 12/30/06
Posts: 102
Loc: OHIO
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what a great story stm...and a great adopted tradition!
mauruuru,
cheryl
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