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Mary's Boon Beach Resort: Ownership Information
OWNERSHIP:
Mary's Boon Beachfront Condos have created the hassle-free, turn-key solution to investing in beachfront property on St. Maarten. Simply show up with your bathing suit and make money renting it to a loyal returning clientele when you are not around. Allow the experienced. professional staff of Mary's Boon to rent, care and maintain your room in top condition.
MARY'S BOON:
Since 1970 Mary's Boon has combined old style Caribbean architecture with a relaxed island pace. A true beach resort where it takes less than 10 steps from most condos to be on the beach. The views of the bay, boats and oceanfront are unrivaled anywhere. Twice voted by Condé Nast Traveler as One of the "Top Ten Hotels in the Caribbean".
RENTAL POOL:
The owner keeps 55% of the Gross Rental Income from their condo. If the condo is offered to the rental pool for 20 weeks per year (including 8 weeks of high season Dec 1- Apr 15) then Mary's Boon will cover all repair and replacement expenses. If the TV breaks, unit floods or a fork is missing then Mary's Boon will make it like-new again at their time and expense. This system allows owners that invest in supreme views, size and occupancy to reap the rewards of their investment. Past rental history is excellent with loyal returning "Boonies" coming year after year.
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UPGRADE:
All units are in the process of being remodeled with private outdoor patio spaces, expanded kitchen/ettes, NEW granite counter tops, full size refrigerator, A/C, ceiling fans, stainless steel appliances, new dark wood cabinetry, locking closets for owners, dark solid wood doors, iPod docking stations, plasma TV's, CD and DVD players, imported King size 4 poster beds w/ matching Caribbean style furniture and free WiFi. All units are unique at Mary's Boon so slight differences will apply.
HOME OWNERS ASSOCIATION:
Monthly dues are $700/month for beachfront and the garden 2 bedroom condo and $600/month for the garden studios. This covers all expenses including excellent insurance, security, all electricity and water. It is a simplified one time monthly bill with no need to hassle with separate utility and insurance bills. This cost is covered by rental income.
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AMENITIES:
The long list of amenities are free WiFi, room service, concierge service, on site Tides Restaurant, gift shop, pool, free beach chairs and umbrellas, honor bar, gated security, spa services, manicured tropical gardens, computer station and dining on the beach all day. There will be an additional $125/week cost for daily house keeping for the owners. This is not charged for paying guests. The resort is just minutes to the airport and the hot spot of Simpson Bay.
PURCHASE:
Foreigners are welcome to own real estate on the island. To buy property a Purchase Offer with Earnest Money in the form of a 10% Non-Refundable Deposit is paid to the Notary's Escrow Account with 30 days to pay the remaining 90%. Full payment is required to transfer the deed. Payment can be made in dollars, guilders or euros by cashier's check or wire transfer.
FINANCING:
Financing is pre-approved through First Caribbean International Bank in Cole Bay, St. Maarten for non-residents. The rates start at 7% with ARMS, Variable and 20 Year Fixed Mortgages available. A 30% down payment is required and a 1% bank negotiation fee. In general, better rates are available in the USA. Rates are subject to change without notice. If financing is needed a Refundable 10% Deposit is required.
TAXES & TERMS:
The property is owned as a Dutch Government Long Term Lease until 2030 with and extension filed through 2060. This is common for Dutch properties and a new concept for others. The Notary and Transfer Fees are 5.3%. There is no need for title insurance. There are no property or capital gains taxes.
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