Frequently asked questions
What is fractional ownership?
Fractional Ownership is basically "shared ownership" of an asset. It our case the asset is a real estate investment in the form of a vacation condo (condo hotel suite) on Miami Beach known as a Sultan Suite. The Sultan Suites are located at 6060 Indian Creek Drive and are part of the SIxty Sixty Condominium Association.
What is the difference between Fractional Ownership and Whole Ownership ?
There are two basic key differences between "Fractional Ownership" and "Traditional Whole Ownership".
Casablanca West Tower ( Fractional Ownership )
1. When you purchase a Sultan Suite (Fractional Ownership) at the Casablanca West Tower you receive an "Ownership Certificate" rather than an Ownership Deed. Your Fractional Ownership Certificate is evidence of your ownership similar to a car title which is evidence of ownership for an automobile. Your Sultan Suite Fractional Ownership Certificate is recorded in the official books and records of the 6060 Owners Group, LLC as proof of your ownership and no public record is recorded.
Casablanca East Tower ( Traditional Whole Ownership )
2. When you purchase a residential condominium unit at the Casablanca East Tower you receive an "Ownership Deed" as evidence of your ownership of the residential condominium and your Deed is recorded with the Miami Beach Property Appraiser's Office and becomes a matter of public record for all creditors to view.
Is Fractional Ownership the same as Timeshare ?
NO. Fractional Ownership is not the same as Timeshare.
Timeshare is considered to be one of the worst investments anyone can make and most financial experts do not consider Timeshare as an investment. Timeshare allows you to buy time at a resort property with no real ownership "rights" with an obligation to pay for the "usage right" at the resort property forever creating what many call THE TIMESHARE TRAP.
Fractional Ownership represents a true investment in comparison to Timeshare and differs in many ways: (1) Fractional Ownership is true ownership of an asset giving the buyer both "ownership" and "use rights" with a fixed purchase price as well as a fixed annual cost of ownership. (2) Fractional Ownership has real value which can and generally does appreciate over tiime while Timehare becomes almost worthless the day after you purchase it. Most timeshare owners can't even give their timeshare away and in 2018 an entire new Induatry was created to help timeshare owners get out of their purchase contracts. (3) Fractional Ownership represents an affordable alternative to traditonal whole ownership because Fractional Ownership generally always has a lower purchase price and much lower annual ownership costs Vs traditional or whole ownership and this can be illustrated by the units available for sale at the Casablanca Hotel.
The Casablanca East Tower offers traditional whole ownership with condo prices upwards of $200,000 with annual ownership costs in excess of $12,000.
The Casablanca West Tower offers fractional ownership with condo prices currently set at $59,900 with annual ownership costs guaranteed at $900.
Can I sell my Sultan Suite anytime I wish?
YES. You can sell your Sultan Suite anytime you desire however you must offer the 6060 Owners Group, LLC (LLC) the "Right of First Refusal" (ROFR) on any sale. The LLC has 48 hours to respond to your ROFR and If the LLC does not elect to match and purcahse your unit at the exact same terms and conditions including sale price from the Buyer you have under contract, you are free to sell to your Buyer.
Can I rent my Sultan Suite ?
The answer to this question is NO and YES. Please allow me to explain:
The Sultan Suites are part of the buildings Hotel Operation which is part of the Condominium Association and as such the Hotel Operator has the exclusive right to rent all condo units in the building including the Sultan Suites. In addition the City of Miami Beach prohibits condo owners from renting their units on Miami Beach unless the condo unit is in full compliance with specific CMB transient rental ordiances. So basically YOU as a condo owner, are not permitted to rent your unit for transient rentals and the only occupancy permitted in the SIXTY SIXTY building which contains the Sultan Suites is "transient occupancy" or simply put Hotel Occupancy. - Bottom Line becomes YOU may not rent your unit but the Hotel will rent your unit for you and you will recieive 75% of the room rate.
You can visit the Hotel's website at: www.casablancawesttower.com to see exactly what your room rents for based upon the published rates offered to the public .
Can I purcahse more than one Sultan Suite?
Yes, you are permitted to purcahse more than one Sultan Suite and many foreign investors and "Snow Birds" who spend two or three months on Miami Beach do exactly that. Your Sultan Suite purcahse options are flexible allowing you to purchase as many Sultan Suites as you like during your choice of Seasons ( High Season or Low Season).
Why is there a 10% Premium Charge for High Season ?
The 10% Premium charge added to the base sales price for High Season can best be explained by the price difference in rental rates between High Season on Low Season. Often the rental rates in High Season are double the Low Season rates making the High Season months more valuable than the Low Season months.
For example in low season a room may rent for $89 per night while in High Season the same room may rent for $179 per night.
Why is there a $2,000 Premium for Corner Units ?
The $2,000 Premium Charge for corner units can best be explained by the corner unit's location in the building. Corner Units have better views due to their location in the building and corner units have a wrap around much larger balcony for the owner to enjoy the million dollar views.
What is Sultan Suite Ownership & Membership all about ?
When you purcahse a Sultan Suite at the Casablanca West Tower on Miami Beach your purcahse price includes a Lifetime Platinum Plus Membership in the SG Resorts Travel & Vacation Club which basically grants you access to over 5,000 resorts worldwide in more than 100 countries.
As a SG Resorts Travel & Vacation Club Member you will enjoy non-published rates at many of the most popular timeshare resorts in the world and you will NEVER pay one single penny in timeshare fees or costs. In fact, you will be able to stay at most timeshare resorts for less than the actual timeshare owners pay to enjoy their own timeshare.
Membership in the SG Resorts Travel & Vacation Club becomes an added benefit to your Sultan Suite Purcahse as is your ability to use and enjoy all of the property amenities of both the Casablanca East and Casablanca West Towers. Your purcahse of a Sultan Suite grants you membership in the Casablanca Beach & Cabana Club allowing you to use and enjoy the Club's cabanas poolside at the Casablanca East Tower.
Ownership + Membeship = Sultan Suite Fractional Ownership on Miami Beach
Do you offer other properties on a Fractional Sale Basis ?
The Schecher Group and SG Resorts International offer several properties for sale on a fractional basis as the new younger buyers realize the many benefits associated with Fractional Ownership Vs Traditional Whole Ownership. The most attractive feature of Fractional Ownership to the new melinium buyers is the fact that they can purcahse several fractional properties for the same price of one traditional vacation home.
Bottom Line becomes : (1) would you rather own and have access to several multi-million dollar vacation homes or just one ? (2) Would you prefer to spend your budget owning several vacation properties or just one?
The Schecher Group and SG Resorts International offer several fractional ownership opportunities ranging from our Sultan Suites on Miami Beach priced from $59,900 to luxury estate homes with fractional shares priced upwards of $250,000.
Some of our other properties are located in North Carolina, The Bahamas, The Dominican Republic, and in Atlantic City New Jersey. All of our properties are located in "preferred locatons" and many of our properties if not most are located in secure gated resort communities with 24/7 security and other fantastic amenities.
Check Out Some of our featured properties:
Villa Lazy Heart
Do you offer financing for my Sultan Suite Purchase ?
Yes, we offer Developer Finance options with as little as ten percent (10%) down and we also offer a five percent (5%) discount for all cash buyers.
Flexible finance optons are avilable to our foreign investors who seek to purcahse more than one Sultan Suite.
Who holds title to the Fractional Property ?
The title to the fractional property listed in our portfilio is acquired by either: (1) direct purchase or (2) a 100 year lease by our FRACTIONAL Limited Liability Company (LLC). All properties in the Fractional Portifilo are ither owned outright "debt free" or leased on a triple net basis for a period of 100 years with a unique buy out option that allows the fractional owners to share in the profits if and when the property is ever sold and the business model has the property being sold sometime in the next 100 years at hopefully a huge profit for the fractional owners of record.
The two Limited LIabilty Companies used to create our portfilio of exceptional properties are 6060 Owners Group, LLC (Sultan Suites) and Sam-Ashley Investors Group, LLC (foreign companies) .
Fractional Ownership provides the buyer with a "Fractional Certificate" which is recorded on the official books and records of the Limited Liabilty Company similar to the prucahse of an luxury automobile where the vehicle's title is recorded on a particular State's records of vehicle titles.
How safe is it buying in a foreign country?
For the most part if you know the ropes and the people you are dealing with it is very safe to purchase in most foreign countries and especially in the Bahamas and the Dominican Republic. This is even more true in our case because the SG Resorts Portfilio of Fractional Properties listed in the Bahamas and the Dominican Republic have been under our company's diret control and management for at least 18 to 20 years.
SG Resorts is a member of the Schecher Group family of companies which has maintained a direct relationship with each of the respective companies that actually hold title to the vacation property in both countries and fore this reason there will never be any "surprises" or "problems" associted with buying from a stranger in a Country you know very little about.
In addition to this special relationship that has been in existence for over 20 years and in all cased from the time any of the properties were originally acquired by the Deeded Owner, the Buyer of a Fractional Property can rest assured that his or her investment is well protected because of the twenty (20) plus years the management teams controlled by the Schecher Group has been in place on the ground both managing and renting the properties as luxury vacation rentals.
It is the history of our company, the relationships maintained by our company over two decades, our company's track record of success, as well as the logic and math that brings most buyers to the conclusion that Fractional Ownership is the way of the future.
What happens if the LLC elects to sell the Sultan Suites to a big money investor?
That is a very good question. If at some point in the future the LLC elects to "SELL OUT" to a big money investor the sale proceeds would be distributed as follows:
1. Each Shareholder or Certificae holder would receive their full purcrchase price back and for this example let's use the Phase I purchase price of $59,900 as the purcahse price.
2. The "Profit" or money left over after each certificate holder (investor) gets their original purcahse price back will be distributed to each certificate holder on an equal basis based on a simple formula ( Distribution = profit / number of certificate holders).
3. If there were 12 certificate holders and the profit was $100,000 each certificate holder would receive a total of $8,333.33 based upon the Distribution Formula which would be on top of their original investment of $59,900 for a total sale distribution of $68,233.33
The math remains basically the same using the same procedure and formual if at some point in the future that the entire bulding and all the Sultan Suites are sold to an investor or big money investor seeking to purchase the entir property.
Can one Certificate holder buy out the other certificate holders in any given unit?
Yes. A Certificate Owner or holder could purchase all the ownerhip certificagtes in his or her Sultan Suite becasue there is no restriction on the sale of certificate shares other than the LLC must be given the ROFR or "Right Of First Refusal" on anly sale.
However, it is important to remember that the Condomium Declarations and the City of Miami Beach do not permit occupancy of a Sultan Suite for more than one month or 28 days which ever is larger. This would have to be a major consideration for any Certificate Owner (Sultan Suite Owner) wishing to buy out the other Certificate Owners in his or her unit.
Also note, that the occupancy restriction would not be an issue if the buyer purchased ownership certificates in multiple Sultan Suites rather than all the tweleve (12) certificcates in his or her existing Sultan Suite. Doing this would also give the Owner\Investor a variety of suites rather than just one and most likely represent a better return on investment if renting the units on the hotel program is the objective making such a purcahse a good investment.
Can I form my own group of friends or family to buy out an entire Sultan Suite or group of suites ?
The answer is yes and this makes sense for a large family who prefer to vacation together for many reasons. First- if your family unit consists of six related family members say for example (parents, three brothers with wives, one sister with a husband, and one cousin with a girlfriend or boyfriend) who all want to spend the winters on Miami Beach and all enjoy each others company while traveling and vacationg together it may be a good idea to invest as a Family Group with the purcahse of multiple Sultan Suites.
Consider the math: Six (6) related family members investing as a unit to purchase six (6) Sultan Suites which will allow all six familes to vacation at the same time at the same resort and each would have their own private suite to enjoy.
Plus, in any given year , if a family member can't make it their unit would be rented on the Casablanca Hotel Program and the Family Unit would receive the rental income to offset their cost of ownership or in most cases make a profit from the rental.
In addition if at anytime the family or individual family membes wantsto "go someplace else" their Sultan Suite Membership allows them to choose from over 5,000 resorts worldwide making the "Ownership + Membership" concept of the Sultan Suites Fractional Program an added benfit over and above the rate of return earned on the Sultan Suite while the family member is off at another vacation property rather than in residence at his or her own Sultan Suite.
Are the pre-renovated sale units unfurnished ?
No. The pre-reno vated Sale Price of $39,900 is a reduction in the sale price and not a reduction of the product delivered to the buyer (Sultan Suite). All Sultan Suites are sold on a "TURN KEY" basis and fully furnished similar to the models available for inspection.
When you take advantage of the $39,900 you are getting a fantastic deal in the form of a reduced price before renovation. Once the renovations begin on the unit all remaining unsold fractional shares in the unit have an immediate price adjustement to the current selling price of the Sultan Suites, which in February 2019 is $59,900.
There are only a limited number of units offered for sale at $39,900 and they are going fast because most people know a good deal when they see on.
What's the best price I can get on my purchase of a Sultan Suite?
The price is the price and at the present time PHASE I is currently selling for $59,900.
This is the price for a Sultan Suite and all Sultan Suites are sold on a "Turn Key" basis which basically means you just need to show up with your bags packed and unpack your bags to enjoy your new vacation condo on Miami Beach. All un-renovated units will be renovated to the same standard and appearance of the Sultan Models listed on this website and available for inspection during a property tour.
The Best Price, if there is one , could be the CASH PRICE because the Developer is currently offering a 5% Credit to all Cash Buyers as illustrated in the following examples:
HIGH SEASON ---------------------------------------------- LOW SEASON
Sultan Suite Price .................. $59,900 -------------------- $59,900
Cash Credit 5% ......................($2,995) -------------------- ($2,995)
High Season Premium ............$5,990 ------------------------ NA
Capital Contribution Fee ......... $1,500 ---------------------- $1,500
Total Cash Price at Closing.....$64,395 ----------------------$58,405
NOTE- The same formula applies for Sale Units priced at $39,900
Effective 2/15/2019 All Pre-Renovated Sale Units are sold an a CASH ONLY Basis. No Developer\Seller Financing will be available after this date.
If I purcahse a pre-renovated unit will it be ready in 2020?
The answer is absoutly. Our construction team takes about 14 days from start to finish to comlete the renovation process and your occupancy is fully guaranteed on our before July 2020 for all units currently being sold on the pre-renovation sale price.
How long will the pre-renovated prices last ?
This is a good question. There are only a limited number of pre-renovated units being offered for sale at the $39,900 price in our PHASE I Sales. The special pre-renovation price ends the minute the renovation process starts and the remaining unsold units will have a price adjustment to the current selling price of the Sultan Suites and in February 2019 that price is $59,900.
What this means is this: If you purcahsed a fractional share in a unit for $39,900 and two other people purcahsed a fractional share in the same unit for $39,900 in March 2019 there are nine (9) fractional shares remaining unsold in the unit which we will call 2905.
Now if the renovation process starts in April 2019 those remaining unsold units will see an immediate price increase to $59,900 which is the current selling price. The price increase takes place the day the un-renovated unit goes under renovation and the remainin unsold fractions in the unit are now offered at the current selling price for the Sultan Suites available for immediate occupancy.
Can I purchase additional weeks? I need six (6) weeks per year.
Many owners have requested to increase their fractional share or to add weeks to their fractional purcahse and this is possible for select units only. If more than one Fractional Owner has a desire to purchase additional weeks in a unit, the answer is yes. You can purchase additional weeks and increase your fractional share from four weeks to the six weeks you require.
How much is an additional week ?
The base price for an additional week is $18,500 and the same 10% High Season Premium charge applies.
What if I don't want to purchase a Fractional Share but I want to purchase a week in High Season and a week in Low Season, is this possible?
Yes, you can purcahse a week in High Season and a week in Low Season without having to purcahse one full month in either. We offer weekly fractions that can be mixed and matched to your vacation time or the time you need to make it work for you.
How much is the annual cost for an additional week?
The weekly annual cost is set at $300. Your annual fractional cost is $900 per Monthly Fractional Share and the weekly fractional annual cost is $300. This would be a total of $1,500 per year for the six weeks of ownership and this represents a very good deal when you consider that Timeshare Ownership in a comparble property would be about $1,200 per week Vs $1,500 for six weeks.
If I purchase a week for $18,500 does that include a SG Resorts Travel & Vacation Club Membership?
The answer is YES and NO. If you purchase a fractional week or anything less than a complete Monthly Fractional Share, the answer is yes. You receive a SG Resorts Travel & Vacation Club Membership with your purchase, but if you purchase additional weeks to your Monthly Fractional Share the answer is NO because your weeks are addeded to your Fractional Ownership Certificate. The Membership is per Fractional Ownership Certificate and not per week or per month purchased.
Can I purcahse just the SG Resorts Travel & Vacation Club Membership without the Sultan Suite?
Yes. You can purchase an individual or family membership of your choice.