Bermuda Beckons ­ The Reefs Club Offers a Rare Opportunity for Foreigners to Own Real Estate on the Small Island Bermuda, an island known for its laid back, refined lifestyle and pink-sand beaches, is located 650 miles east off the coast of North Carolina. Flights from several East Coast cities reach the pristine shores of Bermuda in just two hours, a proximity that renders the island an ideal second home destination for many Americans. Until recently, however, real estate ownership for Bermuda enthusiasts was usually not within the realm of possibility for most non-Bermudians. A government policy, expanded in 2005, restricts the amount of real estate that can be offered to foreigners, thus drastically limiting the supply of vacation homes available on the island of just 21 square miles. With only 10 homes for sale starting at $4.4 million and 15 condos with an average price of $2.4 million on the market, real estate opportunities are limited and virtually unattainable for most, according to Rego Sotheby's International Realty agency. As a result of the undersupply and over demand of whole ownership properties and their exorbitant prices, fractional ownership has become the hottest trend to hit Bermuda. The Reefs Club, a new private residence club poised to open in 2009, is making luxury home ownership on the island more accessible to Bermuda enthusiasts. It is being constructed next to The Reefs, the island's most award-winning hotel, and will offer hassle-free, luxury vacations at a fraction of the price of traditional island homes. "Right now there's such a limited supply of real estate in Bermuda," explains Buddy Rego of Rego Sotheby's International. "Locals are not able to sell property to non-Bermudians. Residence clubs such as The Reefs Club fill a niche. They're selling to people who want a vacation home in Bermuda, but don't want the multi-million dollar price tag." Now in its 60th year, The Reefs is widely recognized as Bermuda's best resort by all the major travel publications, including Condé Nast Traveler and Travel+Leisure. The Reefs is committed to offering the same first-class, award-winning service and hospitality to families wishing to own a second home in Bermuda. "The more we researched and asked our guests about fractional ownership, the more we realized it's ideal for people who want to own something in Bermuda, don't want the year-round responsibilities, and want to 18 Owners Perspective Magazine July 2008