It is located on the south end of the island at Central Park on Park Lane. The opportunity for early bird condo purchasers is awesome and here's why. They have an agreement with Bank of America for financing of the purchase. They have a significant deposit at risk if they can't perform under their agreement with B of A. They have to show 80 purchase agreements to the bank by August 1st in order to close the loan shortly thereafter. For this reason they are putting great incentives on the condos.

There are two different condos to choose from. The first is 448 square feet for $239,000 with a 10% cash back incentive at closing ($23,900). In addition, the hospitality group managing the rooms will sign a lease agreement with you at $15,000 per year for two years payable in upfront installments every six months. The condo is already appraised at $19,000 below B of A appraisal. Add that with the 10% back and you've got $42,900 in instant equity with most of your mortgage payments being covered by the upfront lease payments.

The second one, referred to as a loft, is 608 square feet for $269,000 with 10% cash back at closing ($26,900). The rental agreement is also two years at $18,000. With the same $19,000 under B of A appraisal the instant equity on this one is $45,900. Your only expense for the first two years of either condo is contents insurance and real estate taxes which I estimate at around $2500 total.

Some more reasons why I like the investment are the fact that they are putting approximately $15,000 into each unit for renovation including Lexington Tommy Bahama furniture. They will also be upgrading the landscaping and installing all new handrails on the balconies. A nice added service is the free beach and mall shuttle. But if you're staying on the property you can enjoy the large pool and spa, putting green, tennis courts and fitness facility. Simply put, the nicer it is, the easier it will be for them as a management company to keep the rooms full at optimum rates. One last bonus during your two year lease agreement is that you are allowed up to 21 days of use at any time during the year.

In summary, this is a grand opportunity like no other I've seen on the island. Just think, if you qualify for a 90% loan it really costs you very little. It's like no money down with very little carrying cost, instant equity and you get to ride the Island's ever-increasing appreciation.