SOUTHAMPTON, BERMUDA – The Reefs is widely recognized as Bermuda’s best resort by all the major travel publications, including Condé Nast Traveler and Travel+Leisure. Now, the same first class service and hospitality The Reefs is known for is being offered to families wishing to own a second home in Bermuda. Construction is underway on The Reefs Club - a private residence club development offering hassle-free, luxury vacations at a fraction of the price of traditional island homes.
“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 be able to keep it in the family,” says David Dodwell, The Reefs Club developer. “Even before we broke ground, the response from repeat guests and their families has been exciting,” Dodwell says. “And because they’ll own a piece of The Reefs, they can come more often and enjoy the dining, the spa, and the private beach.”
The Reefs Club features elegantly furnished two- and three-bedroom residences with unobstructed ocean views seen through dramatic walls of windows. Homes are just steps away from the hotel’s three gourmet restaurants, a spa, a private pink sand beach, and world-class diving and snorkeling. Amenities include an owner’s lounge, infinity-edge pool, fitness center and rooftop putting green with impressive views of the Atlantic. An on-site concierge coordinates dinner reservations, golf tee times, spa appointments and other island adventures.
Considering the average second homeowner typically spends only three to four weeks per year at their property, fractional home ownership has become the most viable way to own an exclusive home in Bermuda. Government restrictions on property owned by non-Bermudians, coupled with under-supply and over-demand, have driven home prices into the millions – making it hard for frequent visitors to buy on the small island. A comparable home at The Reefs Club starts in the mid-$300’s, and the Club handles maintenance, security, and insurance.
The luxury shared ownership concept has grown into a $2.1 billion industry, reports industry consulting firm Ragatz Associates. Residence clubs now grace some of the world’s most exclusive destinations, from Cabo San Lucas and Aspen, to Manhattan and Florence. Although often confused with timeshares and destination clubs, private residence clubs are quite different. Residence club owners actually own deeded real estate, which can be sold or willed like any other form of real estate. Owners may reserve accommodations well in advance, and on a short-notice, space-available basis.
The Reefs Club is also part of the Elite AllianceSM – an exchange program offering owners luxury vacations at other private residence clubs around the world. The pampered lifestyle, financial value and promise of a lifetime of carefree vacations entice buyers worldwide.
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