| ParkShore Resort | Traverse City, Michigan |
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 The ParkShore Resort and Condominium is located on the pristine East arm of the Grand Traverse Bay in Traverse City, Michigan. Situated in Northern Michigan just 3.5 hours from Detroit and 1.5 hours from the Upper Peninsula, the Grand Traverse region is world renowned for its claim to the National Cherry Festival. The Cherry Festival, now talked about regularly on national TV shows like the Today Show and Good Morning America, has become a national icon in summer festivals. The Grand Traverse region and all of its distinct characteristics is a growing community for full and part time vacationers. The draw of the Cherry Festival even includes the Navy Blue Angels who make regular visits for aerial shows over the bay during the weeklong event. Attractions naturally start with the presence of the beautiful Grand Traverse Bay, which is an extension of Lake Michigan. Visitors by water regularly navigate the Great Lakes to spend time in the quaint downtown area of Traverse City as well as many surrounding, equally interesting, communities. Along with endless apple and cherry orchards the area also boasts a wide array of vineyards featuring unique local wines of distinction. When it comes to recreation the area again meets the challenge of the full time resident as well as the seasonal visitors. Each separate season has its own blend of outdoor events that are sure to interest everyone in some way. The highlights of summer are water events such as boating, water-skiing, parasailing, or jet skiing. For the shoreline crowd, it's always a good place to soak up the rays and enjoy a good book. If inland is more your forte, historic fishing villages like Lake Leelanau still have the allure of the past. A quiet evening with dinner and a glass of wine overlooking Lake Michigan can create a moment to treasure forever. What about the golf enthusiast? Anyone versed on this sport knows of the long list of renowned courses available around the area. If shopping is a must, the Grand Traverse region has it all. From regional malls to novelty shops located in old fishing villages, you can never see it all. If fall is your season, the color changes in the natural foliage are a major attraction. Local communities host a variety of festivals throughout the seasons to include some of the following:
All of these events have a unique following and are enjoyable for locals as well as visitors. All of the festivals are within a short drive of Traverse City, which hosts many of the overnight guests for the events. Winter is a special season for the strong outdoorsmen and women. Cross-country and downhill skiing can bring the entire family together with nature. The natural beauty as seen through a gentle evening snow is hard to relay in words. If you are more for speed and power, the snowmobiling is second to none. Supported by organized networks of trails and grooming clubs, the area is often featured in industry publications. Lastly there is spring. Spring is the cleansing season of the year. The snows of winter have given way to spring showers and budding trees. The streams fill the lakes with new life and energy for yet another spectacular turn of nature. If it's not evident yet, the Grand Traverse region of Northern Michigan is truly an experience of a lifetime. Every year many visitors never leave, or if they must, they go home to work on a plan to return. Whatever your position in life, there is a piece of Northern Michigan that can touch your soul and make life more meaningful. We at the ParkShore Resort Hotel and Condominiums want to extend a warm welcome to all and hope we can show you how you can own a piece of this great getaway resort and share the season of your choice with us, or share them all with us. If this area is an interest simply from an investment, we understand as well and have structured our condominium ownership to address your needs as well.  Real Estate in Traverse City Area: The Grand Traverse region has continued to see an influx of full-time and part-time residents, as well as vacationers. Retirees and tourists are finding it to be an attractive area to put down roots or to vacation. As we all know, there is a large percentage of the population that will always appreciate and support a high quality style of life and the areas that service it. Traverse City is the hub of the northern communities that cater to this customer. It is obvious with a simple drive along "The Miracle Mile", named for its extensive tourist attractions, that the region is strong and growing. The strip was built up originally about 50 years ago with quaint cottages and hotel accommodations. This later gave way to single level privately owned hotels typical of the 60's. Today the same area is being developed with four and five story hotel and condominium complexes. The increase in condominiums and the popularity of hotel condominiums is a fairly recent phenomenon. This new mechanism of ownership opens up the opportunity to own a residence along the popular, but often expensive and hard to obtain, Lake Michigan shore. A critical element of the area is its boundaries and uniqueness. Due to strong zoning and development standards, the opportunities for this type of location are limited. This window of opportunity is now open and we welcome you as a potential owner of a piece of one of the finest resorts available for the price located on the prestigious Miracle Mile of Traverse City, Michigan. Recently Mr. Bryan Crough, the Executive Director of the Traverse City Downtown Development Authority, released a report on the current status of real estate and the growth of the community. In this report Mr. Crough stated the following: "Downtown Traverse City has truly come unto its own during the past five years. Strategies and plans put in place years ago have gradually paid off with increasing property tax base, economic vitality, pedestrian and vehicular traffic, jobs, and residents downtown. In five years the property values have escalated 84%. Our retail vacancy rate is below 5% with new retail space being built. New office space downtown has been filled readily with more planned. Pedestrian counts on Front Street in July, 2005 totaled of\over 870 per hour! Over 4,000 employees now come downtown to work each day. The Larry C. Hardy Parking Deck has logged more entrances per month than the year before since it opened... nearly 18,000 in the month of July alone. Every economic barometer is spelling good news. For the coming year growth is expected to be above national averages as property values continue to escalate above the prior years values." As part of the same report on the area, Judith Lindenau, the Executive Vice President of the Traverse Area Association of Realtors noted the following: "As of the close of the third quarter of 2005, the real-estate market in Northwestern Lower Michigan has been holding remarkably steady, despite national media reports of a "bursting bubble" and down economic forecasts. As the statistics from the Traverse Area Association of Realtors MLS indicates, there have been steady increases in the numbers and dollar volumes of sakes, the number of days on the market for sold properties has remained steady, and the median selling price for a home has increased somewhat dramatically."
Ms. Lindenau's final conclusions is the all other things being equal, the real estate economy in Northern Michigan should remain strong and housing demand healthy. This is good news for area investors and property owners says Ms. Lindenau. About the ParkShore Resort & Condominiums The ParkShore Resort is now standing where the BayWinds restaurant used to be. Built in the early 70's, the BayWinds restaurant could not compete with the demand for hotel space. The property was purchased in the fall of 2000 by Bryan Punturo and Alex Rapanos of B&A Holdings (the "Developer"). Over the next six months the Developer constructed a four-story hotel with 80 rooms. At every junction quality was selected over economy. The integrity of the concrete structure insulates it from the outside elements while offering spectacular beachfront views of a beautiful 430-foot long sugar sand beach. Private balconies allow for personal enjoyment of the elements of nature. From sunrise to sunset, there is always something to focus on and enjoy. The property has many unique amenities such as an indoor pool and Jacuzzi, a fully equipped exercise room, a game room for the kids and laundry for extended stays. Additionally there is an onsite lounge that serves drinks and a diverse sandwich and dinner menu. There is live entertainment several nights a week during the summer, and on the weekends during the rest of the year. The lounge has become a great attraction for our guests, neighboring guests, and locals. During the summer the ParkShore Resort offers an outside grilling area where we provide gas grills tables and even a picnic basket with everything you need except the meat. For the enjoyment of our guests during the daytime, the ParkShore boasts a meticulously groomed beach. Over 150 lounge chairs are provided for our residents and guests to enjoy the warm sunny days overlooking the water activities. The ParkShore offers on-site water sport rentals such as jet skis, water trampolines, parasailing, and kayaks. We even have a snack bar on the beach providing burgers and snacks during the day. For the evenings there are fire pits on the beach that allow for storybook endings to perfect days. We hope it is evident to you that this is an opportunity that deserves your attention. There are a limited number of units available, and we anticipate they will be fully sold out within just a few months. Ownership: What exactly is condominium ownership? A condominium is a method of subdividing and describing real property. A condominium unit has the same legal attributes as any other form of real property under Michigan law and may be sold, mortgaged or leased, subject only to such restrictions as are contained in the Condominium Documents or as otherwise may be applicable to the property. Each owner receives a deed to his or her individual condominium unit. Each owner owns, in addition to his or her unit, an individual interest in the common facilities ("Common Elements") which comprise the ParkShore Condominium Project. Title to the Common Elements is included as part of, and is inseparable from, title to the individual condominium units. Each owner's proportionate share of the Common Elements is determined by the percentage of value assigned to his or her unit in the Master Deed. All portions of the Project not included within the units constitute the Common Elements. The primary Common Elements are the private driveways, common utility systems, stairs, elevators, lobby, hallways, lawns and beach, and open parking areas within the Project. The Condominium is created by, and owned and operated in accordance with, the Master Deed, the Bylaws and the Declaration of Rental and Leasing Covenants and Restrictions recorded against the Project, as well as rules and regulations and other documents relating to the condominium (collectively, the "Condominium Documents"). Use and Occupancy: What can I do with my unit? Simply put, you are purchasing a condominium unit that is as versatile as you want it to be. "YOU" are in charge of how the unit functions in the future. You can personalize the unit by furnishing and decorating it to your liking. If you choose to, you can then lock the door when you leave, not to be opened until you return, essentially a second home for you. Alternatively, you can purchase the unit and never stay in it, instead renting it out through ParkShore Leasing Company, the leasing management company affiliated with the Developer which is responsible for the leasing and hotel use of units in the Project (the "Leasing Company"). Or, there is the middle ground between the two, where you purchase a unit and stay in it when you choose, and when not in use, you may elect to rent out your unit through the Leasing Company. The Leasing Program: It is anticipated that many of the unit owners will want to rent out their unit during periods when they are not using the unit themselves, but no owner will be obligated to participate in the rental program. The Developer makes no representations as to the anticipated income or profitability of the rental of any unit. Revenue generated by a unit will depend on factors including but not limited to the unit type, amount of days and seasons it is available for lease, demand and seasonal factors. Units may be leased out by participating in the hotel and leasing program to be administered by the Leasing Company, with units to be rented to guests on a weekly or nightly basis. Owners will not be allowed to lease their units to guests except through the Leasing Company. The leasing of units is more fully discussed in the Condominium Documents, and the Leasing Company's Leasing Agreement, a copy of which can be obtained from the Leasing Company. Purchasing: We offer a variety of units from which to choose. Some of the options you would consider in selecting a unit would be the view and location, type and amenities, and budget. Another factor which might influence your choice is whether you choose to rent out your unit. If you are only looking for a unit to put into the rental program, your choice may be influenced by historical data on the demand of particular units. There are several different categories of units from which to choose, including: Ground floor Jacuzzi suite Note: There are an assortment of double queens units and king units in each type. The choice of room types is largely determined by whether or not you desire a beachfront room. The pricing of the various units is based on the hotel rental history for the units as experienced by the Developer in operating the Project and the anticipated continuing demand for particular units. Condominium unit sale prices are currently as follows:
The Developer's past experience has been that the ground floor units tend to have the greatest demand, as most guests prefer direct access to the beach, especially when children are a factor. These units will sell for $165,000. Upper floor beachfront rooms offer greater privacy and a spectacular view of the bay; these units will sell for $155,000. Other units have partial bay views or park views. Frequently asked Questions: Who really owns the unit and what do I have to do to use it? The condominium unit is truly yours once you purchase it. You can market and sell the unit in the future much like you would with your home, subject to the Condominium Documents. Important additional information and terms concerning condominiums and condominium ownership, and the ParkShore Condominium Project, including rights and obligations of unit owners, is contained in the Purchaser Information Booklet to be provided by the Developer in connection with unit sales. Who operates the condominium on a daily basis? The responsibility for management and maintenance of the Project is vested in the ParkShore Condominium Association, a non-profit corporation composed of the unit owners, and which is governed by its Board of Directors, whose initial members are designees of the Developer. Control of the Association Board will be turned over to the unit owners as provided in the Condominium Documents, in accordance with the Michigan Condominium Act. Who pays for the common area maintenance? All of the costs associated with operating the Project are paid by the unit owners through assessments made by the Association upon the units, as provided in the Condominium Documents. See the Purchaser Information Booklet and the Condominium Documents for additional information. What about major expenditures for the property? A fund is being created with the onset of the condominium sales that will provide some funds for anticipated major expenses in the near future. With each condominium sale there will be a $5,000 initial assessment that will go into a property improvement fund. See the Purchaser Information Booklet and the Condominium Documents for additional information and projected annual budget. A list of anticipated expenses expected to be incurred in the first five years of operations is outlined below:
The liquor license currently held by the Developer will be sold to the Association at the time the Developer turns over control of the Association to the unit owners, subject to approval by the State of Michigan and compliance with applicable laws and regulations. Is my unit marketable? Your unit may be marketed and sold in substantially the same manner as you would sell a single-family house, subject to the Condominium Documents. It can be listed with a realtor or sold by you personally. How will lending institutions view the purchase? Lending institutions are very familiar with condominium transactions; we suggest you contact your financial institution if you have questions. Are there any tax implications? Please contact your financial advisor as to your specific situation. Who can use my unit? Your unit is yours to use at your discretion, subject to the terms, conditions, rules and regulations contained or created pursuant to the Condominium Documents. You can allow it to be used by friends or relatives. In the event you choose to rent out your unit you cannot do so directly, but rather must rent it out through the Leasing Company. How will the rental program work? If you elect to place your unit into the rental program, during those periods you have not reserved for your own use the Leasing Company will rent out your unit as a conventional rental through the Leasing Company's reservation system. The Leasing Company will rent the unit in accordance with the Leasing Agreement, with rates based upon the market rates it has established for that particular season and room type, and the Leasing Company's judgment in light of current demand and other factors. The unit owner will pay the Leasing Company a leasing and management fee equal to 43% of the gross rental income collected, from which the Leasing Company will pay for housekeeping, reservation systems and staffing, and certain other costs and expenses relating to the inclusion of the owner's unit in the leasing program. The remaining 57% balance will be disbursed to the unit owner in the form of a monthly statement and check reflecting all activity. Disbursements will be made to unit owners as appropriate, in accordance with the terms of the Leasing Agreement. You will be issued a monthly statement completely outlining for you the usage, expenses, revenue, and your balance. The management fee will be deducted from the gross rental income at the time of collection; "gross rental income" is defined in the Leasing Agreement. I have a boat that I would like to bring to town. How can you accommodate it? In addition to the property on which the hotel is located, the Developer owns a separate parcel across the street that is fenced in and lighted for security. This area may be used on an as available basis for storage of campers, boats, trailers, and other items our guests bring to town. If you are leaving your boat in the water during your stay, we have mooring balls in front of the hotel for your use. Where do I go from here? Our Website, ParkshoreResort.com will give you a good feel for the property if you have not seen it personally. If we have captured your attention and you are interested in owning a part of Northern Michigan, please feel free to contact us at 1-877-349-8898 office. One of our staff will be pleased to personally share with you the advantages of ownership and how the ParkShore Resort Hotel and Condominiums can address your needs well into the future. #147693 v3 | ||||||||||||
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