On December 16, 2009 London Bay Homes and Bonita Bay Group successfully closed their transaction in which London Bay acquired approximately 50 more building sites in Mediterra from BBG in addition to about 50 they already owned. London Bay now has by far the most significant investment in the future success of Mediterra. They have also acquired the Sales and Marketing rights for the community from BBG and will be running the Sales Office by the front gate from now on.
We have worked closely with Mark and Stephen Wilson, the owners of London Bay, over the last 6 months, since we regarded their participation as a crucial ingredient in the overall success of the Club and the community. We have developed a great respect for their business acumen and professionalism and are delighted that this has all come to pass. We look forward to working with them in a spirit of partnership and shared interests in the years ahead.
The absolute final date for choosing to become a member of the New Club is December 31, 2009. This applies to former members of the old club who wish to become members of the New Club on the same terms as have been available to all those who have already joined the New Club. It also applies to residents who were not formerly members of the old club who may wish to join the New Club on the same terms that have been available to those homeowners to date. After that, new terms of membership, including an Activation Fee, will be in effect.
This also extends to new buyers in Mediterra as long as they have a contract of sale signed prior to 12/31, and close within 60 days of the contract of sale. After 12/31, new home buyers in Mediterra may apply for membership in the Club on the market terms then in effect. The non-refundable initiation fee for buyers of homes in Mediterra with an APF / Social Membership that runs with the land will be $70,000 for Golf and $30,000 for Sport.(source: mediterra board of governors)