The Residence Club on Mission Beach Offers Ideally Located, Sensible Second Home Ownership

Economist Lawrence Yum reported that San Diego leads the nation in real estate recovery during his keynote address at the San Diego Association of Realtors summit on August 18. This is evidenced by rising home prices and sales coupled with a limited housing inventory due to a decline in new construction. Market conditions make this an ideal time for the debut of The Residence Club on Mission Beach, Southern California’s only beachfront residence club.

Boasting sweeping ocean views, resort-style services, and contemporary design, The Residence Club on Mission Beach is a stylish enclave of ten two-bedroom residences. Two residence types are offered – the Beach Tier residences on the ground floor and Top Tier residences above. Both reveal spectacular water views through floor to ceiling windows. The Club will have eight owners per residence. Limited-time, introductory pricing is $265,000 for Beach Tier and $325,000 for Top Tier. Similar whole ownership real estate in Mission Beach is priced up to $2 million.

Developer Ken Cornell, principal of Ocean Pacific Companies, is encouraged by the renewed optimism consumers are beginning to demonstrate. “The Residence Club on Mission Beach opened just over a month ago, and we’re receiving a very enthusiastic response,” he says. “San Diego visitors are excited by this unique opportunity to own a luxury beachfront residence at a price that they’re unlikely to ever see again.”

All residences are fully furnished and feature two bedrooms, three bathrooms, patios, living rooms, and gourmet kitchens. The Club offers cabanas, lounge chairs, and beach service to owners and their guests. Brand new cruiser bicycles and boogie boards are provided for family recreation. Rare for Mission Beach, there is complimentary underground parking on site. The Club staff provides concierge and pre-arrival grocery shopping service, security, housekeeping, and all maintenance, allowing families to completely enjoy every vacation moment.

Owners may vacation at The Residence Club on Mission Beach as often as they wish, subject only to generous and flexible reservation policies. The Club has been selected to participate in The Elite Alliance℠ which offers vacation exchange opportunities within a prestigious group of residence clubs in locations such as Deer Valley, UT; La Quinta, CA; Sedona, AZ; Jackson Hole, WY; and Bermuda.

Ocean Pacific Companies has engaged DCP International℠, pioneers of the residence club industry, to consult with them in the creation of The Residence Club on Mission Beach. DCP introduced the world’s first private residence club in Deer Valley, Utah and has since consulted with developers on dozens of residence clubs in beach, golf, ski, and urban locations such as New York City, Florida, Colorado, Italy, Bermuda, and Mexico. The Club is managed by DCM International, the world’s largest and most experienced residence club management company.

Mission Beach is a popular destination for residents of the Pacific Northwest, Midwest, and desert states who come for the beach recreation, superb climate, and proximity to downtown San Diego’s dynamic cultural offerings. Local family attractions include SeaWorld, San Diego Zoo, LEGOLAND, and Wild Animal Park. Sports fans can easily attend Chargers and Padres games.

San Diego International Airport (SAN) offers non-stop service to 43 cities, including Chicago, IL; Las Vegas, NV; Phoenix, AZ; Portland, OR; San Francisco, CA; Seattle, WA; and Vancouver, BC.

Research predicts fractionals will be first to emerge from economic downturn

As the first real estate development to offer fractional ownership in Washington state, The Lake House at Chelan provides second home buyers with the opportunity to own a luxury vacation home despite the economic recession.
According to Ragatz Associates, an elite real estate research firm based in Eugene, Ore., the luxury fractional segment of the vacation home market will be the first to rebound from the current real estate slow down. 

Despite the real estate downturn, fractional sales grew in 2007 and have dramatically increased over the past five years.  Unlike second home owners who may have a difficult time justifying the high cost of a low utilized residence, fractional ownership allows owners to purchase only what they need.

Fractional ownership experts at DCP International, a Chicago-based management company of private residence clubs, agree.  Their research indicates that vacation homes are one of the most desired, major discretionary expenditures of affluent households, second only to college educations for their children.  The shared annual cost of fractional ownership is significantly less than merely renting a comparable luxury home multiple times per year.  Plus, fractional residences reduce the waste of unoccupied housing by accommodating guests year-round.

“Pre-sales of residences at The Lake House have flourished despite the volatile economy,” said Brian Merrill, sales manager of The Lake House at Chelan.  “Many buyers of fractional ownership do not require financing, but for those who do, we connect them with lender financing from a local bank that is supporting our community.”

To-date, The Lake House has sold 22% of its fractional segments during pre-sales alone.  North Cascades National Bank offers fixed-rate conventional financing for buyers.  In addition to fractional ownership, The Lake House at Chelan offers luxury vacation rentals featuring a unique combination of services and amenities with team members handling everything from housekeeping and grocery shopping to renting recreation equipment, arranging wine tours and making golf tee times or dinner reservations.  The Lake House is expected to open in March 2009 and has already begun booking reservations for this summer.
For more information about The Lake House at Chelan, visit www.thelakehousechelan.com.

About The Lake House at Chelan
Located in the heart of downtown Chelan with stunning lake views, The Lake House at Chelan offers fully furnished, richly appointed residences and vacation rentals.  The Lake House is just steps away from Lake Chelan at 402 West Manson Highway, close to award-winning wineries, golf courses, and outdoor activities including beach volleyball, basketball courts, tennis courts, skateboard parks, walking trails and a water park.  The Lake House features a unique combination of services and amenities with team members handling everything from housekeeping and grocery shopping to renting recreation equipment, arranging wine tours and making golf tee times or dinner reservations.  The adjoining Pool House is a 4,000 square foot activity center for owners and guests, offering a year-round pool and hot tub, Splash Zone, fitness room, game room, indoor/outdoor kitchen and more.  Experience The Lake House Lifestyle, as an owner or a resort guest.  For more information, please call (509) 293-5982 or visit www.thelakehousechelan.com.