Second Homes 411

Bermuda’s real estate market continues to be strong, despite slowdowns in the United States. In fact, under-supply and over-demand are driving up prices, and magnifying a vacation home trend that started on the island a few years ago. As of the first week of September, 12 houses starting at $4.8 million and ten condos starting at $1.3 million are the only real estate properties available for non-Bermudians to purchase, according to Rego Sotheby’s International Realty agency. A government policy enacted in 2005 restricts the kind of real estate that can be offered to foreigners, thus drastically limiting the supply of vacation homes available on the popular island. That’s why fractional ownership is becoming the hottest trend to hit Bermuda. The Reefs Club, a high-end equity residence clubSM development next door to the world-famous Reefs hotel, is ready to meet the demand.
“Right now there’s such a limited supply of real estate in Bermuda,” says 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.”
Residence clubs are also ideal for those who want to spend several weeks per year at their home, but don’t want the hassles of upkeep, maintenance, security and insurance costs associated with traditional whole ownership.
The Reefs Club offers hassle-free vacations at a fraction of the price of traditional island homes. Starting in the mid $300’s, Club owners can enjoy a spectacular beachfront location, rooftop putting green, fitness center, and the famous
La Serena Spa, among other amenities.
The Reefs is celebrated as one of the “World’s Very Best Hotels and Resorts”, “The World’s Best Top Hotels for Service”, and one of the “World’s Best Family Resorts”. Now The Reefs Club will offer that same first class service and hospitality.
“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, president of The Reefs Club development company. “The response from repeat guests and their families has been exciting,” Dodwell adds, “And because they’ll own a piece of The Reefs, they can come more often and enjoy those services and amenities we’re famous for.”
The Reefs is known for making guests “Feel Perfectly at Ease” during their stay on the island. Now they’re inviting families to “Live Perfectly at Ease” with their own slice of paradise to enjoy for generations. The Reefs Club offers fully furnished two and three bedroom homes with unobstructed ocean views, just steps away from award-winning restaurants, a private pink sand beach, and world class diving and snorkeling. A quick phone call to the concierge and dinner reservations, golf tee times, and on-site spa appointments are made. Owners can also take advantage of personal storage for golf clubs, diving gear and of course, the essential “Bermuda shorts”! The Reefs Club is part of the Elite AllianceSM – an exchange program offering owners luxury vacations at other private residence clubs
around the world.