Steady Brook Marble Inn Resort will be launching the first fractional ownership model in the province. The Steady Brook condominium project, housing 38 units, will go on sale next month.
Fractional ownership is the division of an asset into portions or shares. It can apply to any major asset, and is commonly used in real estate, especially for vacation properties.
Nestled between the Humber River and Marble Mountain, Phase 1 of 38 new Marble Inn Resort condominiums has been completed. Expansion of the existing inn is now underway. This phase of 14 luxury suites, expansion of the restaurant, the addition of a new cafe and enhancement of pool and spa facilities is scheduled for completion by December.
According to a prepared release, Marble Inn Resort will improve visitation to the entire region by accessing thousands of resort condo owners from around the world through the Intrawest Resort 2 Resort exchange program.
Newfoundland and Labrador buyers are eligible to receive a 45 per cent rebate under the Resort Property Investment Tax Credit program.
“Great consideration has been taken in creating an offering that will enable our owners to maximize their personal enjoyment in their real estate investment,” said CEO Joe Dicks. “We have partnered with one of the top vacation sharing groups enabling our homeowners the choice to enjoy their suite at Marble Inn or use their vacation credits to discover some of the most exciting vacation destinations in North America. In addition, our policy of no expenses or fees for five years and guaranteed rental revenue creates a very compelling real estate offering.”
In addition to this ownership model and tax credit, owners at Marble Inn Resort can participate in a renowned vacation sharing program allowing them to trade the time in their suite for vacation lodging across North America.