Cape Advisors Building Equity Beach Club

CAPE MAY, NJ-Cape Advisors Inc. has plans to develop Ocean House, an upscale equity beach club. Slated for completion in the summer of 2009, the property would essentially function as a hotel and would be used by individuals who buy into it. Its developers are billing it as a property that combines real estate ownership with the services of a hotel, and as the first property of its kind in New Jersey.

“Our goal is to open doors to visitors wanting to return to Cape May again and again, like a second home,” says Curtis Bashaw, co-managing partner of the locally based Cape Advisors and a former casino industry official. “It is a concept that has already proven to be a great success throughout the country.”

Unlike timeshares, ownership is titled and deeded and can be sold, willed or placed in trust, Bashaw explains. “There is virtually no limit to how often owners can use the property, and they will be able to occupy any residence available in their category, determined by the number of bedrooms, making for a flexible schedule throughout the year. Friends and family benefit as well, as owners are allowed to reserve more than one residence at a time.”

According to information released by the developer, benefits include everything from direct beach access, to a private pool, health center, I-pod docking stations and data port connections and pre-stocked kitchens. The three-story Ocean House will rise with 54 two- and three-bedroom residential units at 205 Beach Ave. on this resort city’s oceanfront.

“We have been working with developers of member-owned residences for 17 years,” says Steve Dering, founder of DCP International, an early developer of the residence club concept. “Fractional ownership is a great option for those looking to open multiple homes, who want the benefits of owning a vacation home but don’t want to deal with the time and stress of whole ownership.”

Ocean House is being developed by Cape May Resorts, a division of Cape Advisors. The cost of the new construction has not been released. A sales showroom has already been set up in the retail arcade of the Congress Hall Hotel, a 110-key, 19th century hostelry renovated and re-opened by Cape Advisors several years ago.