January 6, 2008 on 9:08 am

[Key Largo, Florida] For more than 15 years, equity residence clubSM properties have been dubbed “a smarter way to own vacation real estate”. The Residence Club at Fisherman's Cove will debut as the first and only residence club of its kind in the Keys.

An exclusive waterfront property on the Gulf of Mexico at Mile Marker 104 Bayside, the six-residence Club is an ideal way to own luxurious vacation real estate in the Keys at a fraction of the price. As Florida's property tax and insurance costs have slowed down the real estate market, residence clubs have proven to be an attractive alternative to whole ownership because several owners share those costs.

“We discovered this vacant property that used to be the home of the famous Italian Fisherman Restaurant, and we saw huge potential,” says Bill Thies, co-developer of The Residence Club at Fisherman's Cove. “Given the current real estate market, fractional ownership was the natural choice. Owners are purchasing a luxury lifestyle to pass along to future generations. It's a vacation home with use of private club boats and the marina, direct access to some of the world's best sport fishing and reef diving and an on-site concierge to book dinner and spa reservations, fishing charters, and arrange for pre-arrival grocery service. Plus you don't have the risks and hassles associated with whole ownership, and you're sharing tax and insurance costs with other club owners.”

Equity residence clubSM properties allow owners to purchase a deeded interest in a luxury home, and pay a price that's proportionate with the amount of time they use it. For example, a comparable 3-bedroom whole ownership condo on the water in Key Largo currently sells for at least $1.8 million.

At Fisherman's Cove, residence club owners purchase a spacious, fully furnished 3-bedroom, 3-bath residence for a fraction of the price &#8212 just under $300,000. Use of the club's Hydrasport center-console boats for fishing and recreation comes with the purchase, along with convenient access to on-site waterfront dining at The Big Chill restaurant. Members will also enjoy live entertainment on the deck, a tiki bar, club pool, rooftop terrace, and a state of the art fitness center overlooking the pool and the beautiful gulf.

There's no worrying about lugging equipment and gear down to the Keys—the club will store personal belongings and have them ready for owners when they arrive.

For avid fishermen and boaters, a private concierge will be on hand to fuel boats and stock them with fishing bait, drinks, ice, meals and snacks to make for a perfect, hassle-free excursion on the water. Just ten minutes away by boat, scuba divers will enjoy world-class reef diving at John Pennekamp State Park. A dedicated on-site management team at Fisherman's Cove will ensure that owners receive exceptional service and attention during each stay.

Vacations in The Keys are laidback and easy, and so is ownership at Fisherman's Cove. Each owner can reserve planned, short notice, and space-available vacations, allowing for virtually unlimited access to their residence based on generous reservation policies.

The flexibility and ease of use is why private residence clubs have been so successful in Mexico, the Caribbean, ski resorts like Aspen and Deer Valley and Europe. Industry consulting firm Ragatz Associates reports the luxury shared ownership concept has grown into a $2.1 billion industry. Although often confused with timeshares and destination clubs, private residence club owners actually purchase deeded real estate which can be sold, willed or placed in a trust just like any other form of real estate.

The pampered lifestyle, financial value and promise of a lifetime of carefree vacations entice affluent buyers worldwide.

Key Largo is an ideal location for The Residence Club at Fisherman's Cove because of the easy, drive-to access from South Florida. Ideally located one hour from Miami International Airport, it's the perfect place to kick back, relax, and focus on the best sunsets in the Keys. The Big Chill restaurant and the residence club will be open for use by the end of this year.

For more information contact Hilary Reiter at 435-645-7500 ext. 105, or hilary@deringelliott.com

The Residence Club at Fisherman's Cove
104000 Overseas Highway, P.O. Box 372704
Key Largo, FL 33037
Phone: 305.451.4500 Toll free: 877.FSH.COVE
Fax: 305.451.9200
www.FishermansCoveKeyLargo.com