Roatan Villa Ownership FAQ
Owning Roatan Real Estate Properties at Infinity Bay
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Section 1 — The Resort
Infinity Bay Spa & Beach Resort is a small community resort with a full service spa, health club and a full range of typical resort services, designed to offer the ultimate vacation from those wishing for a very relaxing experience in the Caribbean sun to those looking for underwater and other adventures. The design will be very family friendly without compromising the tranquility for those without children. The villa units will be extremely comfortable and luxurious, with extensive use of granite and tile, and furnished in a Caribbean hardwood classic style. Villa owners will be welcome to stay for as many weeks as they wish, with no limitations.
There will be 50 one, two and three bedroom units available in phase I of the development, and 70 units in phase II.
Amenities:
- A convenient pool-side bar
- A private dock
- Airport transportation
- Air conditioned bar and lounge
- Air conditioned villas
- Beautiful verandas
- Business services
- Car, scooter & bike rental
- Concierge Desk
- Dive Service
- Fully-equipped kitchens
- Gorgeous tile floors
- Granite countertops
- High speed elevators
- Incredible Caribbean sunsets
- In-unit laundry facilities
- Powdery white sand beaches
- Private health club
- Room Service
- Satellite TV
- Shimmering swimming pools
- Stainless steel appliances
- Tastefully furnished
- Water taxi service
- Wireless internet service
- World-class spa
Activities:
- Canoeing
- Canopy tours
- Hiking
- Horseback riding
- Kayaking
- Sun bathing
- Wind surfing
- World-class sailing
- World-class scuba diving
- World-class sport fishing
The site is approximately seven acres, and there will be a total of 120 units on the beach.
Prices will rise over time. By purchasing early, you are guaranteeing the villa unit of your choice at today's price and you will be able to see the value of your investment rise.
Very favorably; you get a lot more for your money! In fact, you have many of the same advantages of the best Caribbean Islands, but the property prices are much more affordable. This gap is likely to narrow in the near future given the huge increase in exposure the Island is receiving for the media and tourism.
Ownership of all Villa units in Infinity Bay Spa & Beach Resort is deeded. Title insurance is available through one of the world's largest and most prestigious insurers — First American Title Insurance Company. They have an office in Miami that specializes in providing coverage to the Caribbean region. The title work is accomplished by any one of a variety of attorneys that the seller selects from a list of attorneys approved by First American.
No formal association is planned.
Certainly. It will be up to the owner of the unit to decide if renting is preferable, and most owners do rent their units during periods of absence. There will be a professional management company available to manage the rental during periods of absence on behalf of the owner as an option. We caution potential buyers not to rely on rental income to determine the potential income or return on investment.
Yes, hurricane insurance will be included in the insurance package.
The furnishing packages are being finalized at this time. All units will come fully furnished and decorated in order to maintain a high standard of living.
The developers of Infinity Bay are:
Eugene C. Albert. In 1977, while majoring in marketing and management at the University of Oregon, Mr. Albert received a real estate license from the State of Oregon. By 1982 he had switched his focus from residential real estate to entirely investment real estate. In 1993, after eleven years of brokering investment real estate, he co-founded Mansell Development, Inc. to develop multi-family housing and subdivisions. In 1997 he co-founded Credit Concepts, Inc., an ongoing northwest regional lending institution with offices in Oregon and Washington. In addition to sitting on the board of directors for Credit Concepts Inc., he is currently a partner in several real estate holding companies, developing, acquiring and managing investment real estate.
Steven J. Romania graduated from the University of Oregon with a Bachelor of Business Administration degree in 1976. Steve has been an automobile dealer since 1979. Steve created his first commercial real estate development in 1989 and has been involved in real estate investment and development since, while operating the area's largest Chevrolet, Toyota, Subaru and Hyundai dealerships, as well as RV dealerships in three states. Recently selling his automobile franchises and RV franchises, Steve has become a full-time real estate developer and investor.
Scott Bocci graduated from the University of Oregon with a business degree in 1981 and joined Merrill Lynch as a broker in 1982. Scott began his real estate investment career in 1983, purchasing distressed residential properties. Since that time, Scott has acquired numerous residential and commercial properties, and owns and manages HFF Enterprises, LLC, a real estate investment and management company. He also owns a multiple location retail business in the lawn and garden industry.
Vernon L. Albert. In 1980 Vernon Albert joined Meyers Construction Company, focusing on metal warehouse construction, and in 1984 Mr. Albert formed Albert Construction Company. Through his construction company and other joint ventures, Mr. Albert supervised the construction of homes and the development of subdivisions throughout the 80's and 90's. In 2004 Mr. Albert purchased a tract of ocean front property in West End Village on the Island of Roatan. Nearing the completion of five high-end luxury villas, Mr. Albert currently resides in Roatan and will oversee the construction of the project.
The developers are supported and backed by a team of many seasoned Caribbean and American professionals.
Roatan, Bay Islands, Honduras.
The development team holds 98% of the shares.
Caribbean architect Fernando Diaz has designed many fine homes and resorts in Roatan and the Bay Islands. Engineering and technical consulting will be provided by GeoMax of the U.S.
The lead design architect on the pools, landscape and common areas is David Hurley, formerly of Ancrom Moisan and lead designer of the renowned spa at Salishan Spa and Golf Resort, where he worked with Collier & Collier on this award winning project.
Section 2 — Roatan
Roatan is warm all year round with very little temperature variation. It is one of the Windward Islands, so there is always a cooling, temperate breeze. The dry season is from January to August and the rainy season is from September to early December.
Roatan is the largest of the Bay Islands and is located approximately 35 miles off the North Coast of Honduras. Honduras is located in the heart of Central America and has borders with Guatemala, Nicaragua and El Salvador.
Roatan is 32 miles long and varies in width from 1 to 3 miles across. The highest point of Roatan is approximately 900 feet above sea level. The Island has varying topography from white, sandy beaches, iron shoreline, mangroves, tropical hilltops, lush valleys to reef surrounded waters.
Roatan is surrounded by a reef system, which is part of the second largest reef system in the world. Much of the reef of Roatan is only a short swim away from the shoreline. A large part of the Roatan reef has been protected by the Honduran government and is known as the West End and Sandy Bay Marine Reserve. This Marine Reserve is home to 38 world-class dive sites and some of the most species rich waters in the Caribbean.
This variety of landscape on Roatan makes it one of the most visually impressive locations in the Caribbean. In the 18th century Captain James Wright referred to Roatan as the "Garden of the West Indies." Today, Roatan still retains its true tropical beauty.
The yearly average temperature in Roatan is 80 degrees Fahrenheit. The Island receives constant trade winds, keeping the climate cool, and a reasonable rainfall, which mainly falls in December to February. This rainfall keeps the Island lush and green.
The Honduran currency is the Lempira, which trades at about 18:1 with U.S. dollars as of this time. Although the most favorable exchange will be found at the bank, all merchants on the Island gladly accept U.S. dollars at acceptable exchange rates.
The cost of living is much cheaper than in most regions of the US, although eating out in top local restaurants costs about the same as in the US.
The official language is Spanish, although English is most widely spoken.
Yes, Roatan is approximately 50 square miles of land mass and only 32 miles long by 3 miles wide. The main roads are relatively good throughout the western part of the Island, and you can travel by taxi, bus, boat or helicopter.
Yes, visitors are allowed to drive with their home driver's license.
Basically, the same legal safeguards exist as in the US.
Honduras and Roatan are governed by a democratic constitutional republic, which functions much like the government of the US.
There is no political or social upheaval and the Island has been stable for quite some time.
The emphasis will be on tourism and sustainable aquaculture. This is very good for Infinity Bay, as the Roatan Tourist Board is promoting the Island heavily to overseas markets. The Board also is working closely with the hotel industry to raise standards to underpin the future of tourism and thereby, revenues. Tourism is Roatan's future and the government is very motivated to accommodate the industry. There is already a high, yet growing rate of literacy with training and skills programs being established so the Island can provide more and better paid jobs for its youth.
Roatan is much safer and more drug free than most major cities in the US. The police are very vigilant and the government, as part of its drive to promote tourism, is clamping down on such crime as does occur. Crime targeted at tourists is very rare. The Honduran government is working hard to ensure that the problems experienced in some of the bigger Caribbean Islands do not take hold here. There is an agreement with the US to help stamp out drugs and there is a "Say No to Drugs" campaign directed at the youth on the Island.
There are many good private doctors in the area, and the private hospital is 15 minutes away.
In West End Village, about 10 minutes away.
Near Coxen Hole, about 15 munites away.
In Coxen Hole, about 20 minutes away.
Section 3 — The Properties
No, the developer will provide complete furnishings.
These are being finalized.
Yes.
Yes.
Yes, all villa units will be air conditioned.
Yes.
There will be 24 hour security throughout the development.
All ceilings will be 9 or 10 feet high.
North, south and west; fabulous ocean, beach, pool and sunset views.
King size beds in all master bedrooms, two twins or queen beds in the second bedrooms and queen beds in the third bedrooms. There will be hideaway beds in the living rooms.
Yes.
Section 4 — Construction
All construction will conform to North American standards.
Yes, each building will have its own elevator.
It is anticipated that each building will take about 12 months from the pouring of the foundation to occupancy.
Grupo Vela of Honduras.
Yes.
US standards.
No, it is anticipated that all designs and décor will be finalized by the developer and not subject to change in order to maintain a high degree of quality.
The start date was April '06 and completion date for phase one was December '07. Phase II is under construction and is scheduled for completion in March of '09.
Section 5 — Payment Terms
All payments are made in US dollars.
All contract documents will be in English. Spanish versions are available upon request.
Yes. The developer has mortgage terms available and it is anticipated that there will be additional mortgage options available through local banks very soon.
This will depend upon your personal financial situation. It is likely that financing will be available through in-country lenders with a 30% down payment. Financing will also be available from the developers with a 30% down payment.
A. Earnest Money Deposit: 10% of the purchase price, payable in cash, by credit card, or in the form of wire transfer, as Earnest Money deposit and part payment of the Purchase Price, payable to and held by First American Title/Escrow, in it's escrow account ("Account") for the Seller.
B. The remaining balance is due according to the following schedule:
Either:
- 15% upon completion of the cistern or foundation, whichever occurs first. Seller will notify purchaser at least 15 days prior to the due date.
- 25% upon completion of the construction walls. Seller will notify purchaser at least 15 days prior to the due date.
- 25% upon completion of the rough in. Seller will notify purchaser at least 15 days prior to the due date.
The balance of the purchase price will be due at closing after construction is completed and survey is issued.
A grace period of five days shall be given to the Purchaser on each of the payments after which time the Seller may notify the Purchaser and Broker by email or personal phone call of the late payment. The Seller shall have the right, at his option, to either assess a late charge of 5% of the past due payment every 30 days the payment is overdue, or to terminate this agreement and retain any monies held by Broker.
Or:
The Purchaser may pay the entire balance of the purchase price at the time of completion of cistern or foundation, whichever occurs first, and take a 5% discount on the price.
Section 6 — Resort Facilities
Currently there is abundant water of very good quality in our area of the Island. However, in anticipation of future pressure on this supply, the developer is planning to install a desalinization plant within the next year or two.
While we recommend drinking only bottled water throughout the island, the resort will have drinkable tap water after March of '08, when our reverse osmosis ("RO") purification system comes on line. Until then, we will provide purified water to all of our guest rooms.
RACO is the public electric utility on the Island. The resort will also have a backup generator to assure uninterrupted power.
Infinity Bay will have the most advanced septic system available. It is critically important to the developers that absolutely no pollutants reach the ocean and that there are never any offensive odors emanating from the plant.
The roads in most of the Villages and townships are lit at night, however most of the rural roads are not.
Please consult the CCR's for a full explanation of the costs and fee assessments.
Section 7 — Taxation
A $500 escrow fee is due at the time of the reservation and is paid by the buyer. Transfer tax, registry fees, stamps, notary fee and other closing cost typically run about 4% of the purchase price and are paid at the time of closing.
Yes, property tax on Roatan is about .35% of the value of the real estate. That would amount to roughly $1,150 per year on a $330,000 villa.
It passes to your heirs as it would in the US, or as instructed in your will.
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