(Honolulu, Hawaii - February 2020) Elite Pacific Properties, Hawaii’s premier luxury brokerage, vacation rental, and property management firm announces a Collaboration Agreement with Lifestyle Asset Group, a pioneer in a proven real estate model where a small group of like-minded investors collectively own a luxury vacation home. “One of the most exciting things in this agreement with Lifestyle Asset Group is we can offer clients access to buyer profiles we didn't have previously. Now in addition to standard sources of buyers, we have this avenue to additional partnership buyers," said Anton Steenman, President & CEO of Elite Pacific Properties.
With offices on Oahu, Maui, Kauai and the island of Hawaii, Elite Pacific Properties enters into this Collaboration Agreement with Lifestyle Asset Group, a rapidly growing innovative industry disruptor of luxury second homeownership. The collaboration takes advantage of the respective strengths and expertise of Elite Pacific Properties and Lifestyle Asset Group, creating a smart opportunity for buying an investment property in Hawaii.
Hawaii’s luxury second home market holds a strong appeal to potential buyers. Yet many simply don’t ultimately purchase a property. They do the numbers realizing to purchase full ownership, especially for properties in the $5 to $10 million-plus range doesn't pencil out when only using it for a limited time annually. Chuck Garrett, VP Brokerage Operations observes, “We have agents who might have a $20 million listing on Maui and are having trouble finding one buyer for that property. They may have met four potential buyers with $5 million each who they can now approach with this partnership opportunity."
Sellers of luxury vacation homes in Hawaii can also benefit from the Lifestyle Assert Group model. “To the reluctant seller, we provide a solution that was previously not available. The owner can now retain an equity interest in their beloved home instead of selling it, have us bring in partners, and no longer be burdened with 100% of the home maintenance and expenses,” explains Rich Keith, Sr. Partner at Lifestyle Asset Group.
Lifestyle Asset Group’s real estate partnership offerings (through exclusive LLCs) brings like-minded partners together to collectively own magical vacation homes for the fraction of what it would cost to own it outright. This is not like the typical fractional real estate, vacation club or timeshare offering. In a transaction where the property and all closings costs total $5,000,000, an LLC that included six partners would have a share price of $833,000 each.
“This is an innovative option for buyers looking to purchase a luxury vacation home in Hawaii. It also fits into the way they would like to own a property in Hawaii. Since they only use it for some of the year, they would love to only pay for it partially. This is a huge opportunity for buyers and sellers of luxury real estate in Hawaii,” notes Chad Pimentel, Co-Founder, Hawaii Sr. Partner at Lifestyle Asset Group.
Each Lifestyle Asset Group LLC has a defined exit strategy, so all partners know exactly how they are getting their investment back, and when. After 8 years of the initial closing, the property is sold, the initial capital investment capital is returned, and appreciation shared. Lifestyle Asset Group has assets currently being offered from Maui to Los Cabos, Mexico to St. John USVI and other luxury vacation destinations throughout the United States and the Caribbean.
About Lifestyle Asset Group
Since 2013 Lifestyle Asset Group has created exclusive real estate partnerships for families to affordably own distinctive properties in exceptional destinations and cherish transcendent experiences together. Lifestyle Asset Group currently has 85 shareholders and more than $90 million in assets currently being offered.