Here's how it all works...
Oceanic Resort Condos of America (ORCA) will finalize the purchase and commence the build-out of a former luxury cruise vessel it has selected as its Larga Vida mega-yacht upon the receipt of the amount of deposits representing the funds required to prepare the ship for its berth in Miami.
The ship will be privately-owned by 50 individuals each of whom will purchase the suite of his/her choice. No public access is allowed to the ship. Owners may bring their personal guests onboard as desired (guest limitations apply) and they can remain on board in their own stateroom for up to 3 consecutive days for free. Condo suite pricing ranges from $298k to $468k.
When a prospective purchaser decides to reserve a particular suite, they will provide a refundable 5% deposit which will go directly into an interest-bearing escrow account managed by a third party escrow agent.
Upon the reaching of the amount that is targeted to remodel the ship, or around 60% of all condo unit sales, each depositor must make a decision to proceed or opt out. If the depositor becomes a purchaser, they will close on their selected suite. Each member is encouraged to arrange his/her own financing as, while there will be ORCA financing, the interest is going to be higher than a purchaser’s own source. If for some reason, a would-be purchaser decides not to proceed for any reason, they will be granted a full refund of their deposit plus any accrued interest while in escrow.
The ship is overseas and upon completion of the conversion from a cruise ship to a private yacht, the ship will depart for its home port in Miami. Condo owners who have completed their purchase will be invited to take the transitioning cruise which will include some fun stopovers.
Interested condo buyers should act quickly as there are only 50 residences, not hundreds as in land-based high-rises. Upon selling all units, ORCA will create a waiting list which could be a lot of prospects. Members who may eventually want to sell their suite will be given the waiting list from which they may select a purchaser for their unit.
Through a to-be-formed LLC, each member will actually own a proportional share of the ship. Members may sell their membership position for any price at any time. Upon approval of the HOA, the new member will have all the same rights as the selling member.
Purchase of a condo suite aboard Larga Vida has many perks that come complimentary of the HOA. Included are:
$3 million submarine for reef and wreck exploring
Different regional gourmet chef every Friday night
54 days of cruising the Caribbean and South America
Limousine service to Miami and Miami Beach
High speed WiFi
Guests stay free in 5 guest rooms (meals extra)
Gym and workout room
All this is covered by the nominal monthly HOA fee.
Meals are purchased separately and simply added
to the HOA fee.
There are no property taxes as the yacht is not real estate.
It is simply personal property as if you bought a motorhome.