The Cloister Ocean Residences Achieve Record Sales in Past 18 Months with $18.8 Million in Luxury Shared Ownerships

Impressive Real Estate Opportunity at Georgia Resort Community Nearly Sold Out

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Feb 02, 2017, 07:00 ET

SEA ISLAND, Ga., Feb. 2, 2017 /PRNewswire/ -- The Cloister Ocean Residences have sold more than $18.8 million in luxury, shared ownership real estate since summer 2015. The oceanfront development, located on the exclusive Southern coastal resort of Sea Island, touts inclusion of the coveted Sea Island Club membership, its ideal location, expansive and spacious floor plans, and recent refurbishments for its success. The gated community is now 70% sold out, with some ownership categories having only one or two ownerships left and some being completely sold out.

The Cloister Ocean Residences at Sea Island

Randy Burgess, Project Director for The Cloister Ocean Residences, said current owners and potential buyers have shown an increased interest due to limited availability. "Demand for The Cloister Ocean Residences has increased dramatically this past year. We attribute much of that to repeat Sea Island guests recognizing our incredible value, convenience and carefree lifestyle. Potential buyers also don't want to miss the last of this unique opportunity to own Sea Island oceanfront real estate for a fraction of the initial and ongoing costs of traditional whole ownership vacation homes."

Recently, each of the 22 one-, two- and three-bedroom residences was refurbished along with most of the public spaces as part of the property owner association's ongoing commitment to maintain the property at the highest level. New interiors were designed to lighten and brighten the residences in a seaside motif while retaining the elegance of the signature Addison Mizner Mediterranean design seen throughout Sea Island. In addition, a new oceanfront infinity-edge swimming pool pavilion was unveiled. The residences are sold in deeded quarter-ownerships with just 88 total owners having use of their respective residence each month, experiencing all the various seasons at Sea Island.

The Cloister Ocean Residences are one of several real estate opportunities at Sea Island, where sales continue to be strong and increasing in recent years. In 2016 more than $123 million in sales were made by Sea Island Properties, up 21% over the prior year.

About The Cloister Ocean Residences
The Cloister Ocean Residences are a short walk or bike ride to The Cloister, the Spa at Sea Island, the Fitness Center, and the Tennis Center, close to dining and pools. The residences are sold in deeded quarter-ownerships, providing 13 weeks of annual access— one week each month, each year. The 22 fully-furnished and equipped one-, two- and three-bedroom residence range from 1,104 to 3,102 square feet and sell for $375,000 to $1.1 million per quarter ownership.

About Sea Island
Since 1928, Sea Island has been known as an exceptional destination appealing to those who appreciate gracious service and heartfelt hospitality. With four Forbes Five-Star experiences — The Cloister at Sea Island, The Lodge at Sea Island, The Spa at Sea Island, and the Georgian Room restaurant – Sea Island entices families, outdoor and activity enthusiasts, and those simply wanting to refresh and recharge. It is the only resort in the world to have received four Forbes Five-Star awards for eight consecutive years. Site of a G-8 Summit of world leaders, Sea Island provides exceptional settings and service for conferences and executive retreats. Located on the southeastern coast of Georgia, Sea Island features five miles of private beach, a Beach Club, tennis and squash centers, Yacht Club, Shooting School, and Camp Cloister. Sea Island is steeped in golf tradition and is home to three championship golf courses, including Seaside and Plantation, home of the PGA TOUR's RSM Classic, as well as the nation's finest Golf Performance Center. Located on St. Simons Island, The Inn at Sea Island offers comfortable, casual accommodations with access to many Sea Island amenities. Guests may also enjoy nearby Broadfield, a Sea Island Sporting Club and Lodge, offering a variety of seasonal hunting, fishing, sporting and organic culinary opportunities.Those seeking adventures in the spirit of the American west may choose to visit The Broadmoor, the other member of the Sea Island family. Opened in 1918 and situated at the gateway to the Colorado Rocky Mountains in Colorado Springs, The Broadmoor is the longest consecutive winner of the Forbes Five-Star and AAA Five-Diamond awards. Like Sea Island, the resort offers guests a unique way to experience one of the country's most beautiful settings, and is known for its history, tradition, and service excellence.