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 Caribe Explorer 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.
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 the US Virgin Islands. Condo owners who have completed their purchase will be invited to take the transitioning cruise which will include some fun stopovers.
Owners will actually own an equity 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 Caribe Explorer has many perks that come complimentary of the HOA. Included are:
$3 million submarine for reef and wreck exploring
54 days of cruising the Caribbean and South America
Shuttle service to various Charlotte Amalie shopping and dining
Gym and workout room
Outdoor cigar lounge
All this is covered by the nominal monthly HOA fee.
Meals are purchased separately and simply added
to the owner's 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