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YOUR OWN PRIVATE ISLAND

Have you ever dreamed of packing up, retreating to a remote slice of the world and escaping everyday life for a while?
by MARGOT CARMICHAEL LESTER - February 2009

Published in Travel News :: Travel News

Have you ever dreamed of packing up, retreating to a remote slice of the world and escaping everyday life for a while? For some people, that's a reality-one not exclusively for the rich and famous.

"Buying a private island may sound expensive, but it doesn't have to be," says Brady Brim-DeForest of Los Angeles, who, with his partner, recently purchased an island in the Philippines. "Most people don't realize that for the price of a nice home in most major US cities, you can buy an island."

But you don't have to sail the Seven Seas to find a little slice of paradise. You can have your own private island much closer to home.

Taking the Plunge

"Island ownership is a serious commitment that will probably require more time and resources than anticipated," says Alexis Pappas, director of operations for Private Islands Inc., which runs the online island listing service Privateislandsonline.com. The site features about 180 private islands for sale in the US.

"For those considering a purchase for a holiday home, the most important consideration is, simply, do you have the time and dedication to be an island owner?" she says. "There is a sizable amount of maintenance required, and you also need to ensure that you'll be able to spend enough time on it to justify the travel time, especially if the is land is remote." In fact, the most common reason island owners sell is insufficient time to visit.

Finding Your Island

Type "private island" and "for sale" into a search engine and you'll find plenty of listings. But it's important to vet the sites and trust only those that have solid reputations. In addition to Private Islands Inc, Caribbeanislandbrokers.com and Sothebysrealty.com are also highly regarded. Once you've checked out the market, seek out established brokerages and check references. "Local real estate agents offer clients expertise in local laws, valuable connections to local builders and lawyers, and give a highly detailed look at the minutiae of the area," Pappas says.

Local expertise is critical because there are often many regulations and restrictions associated with island purchases, as well as costs and permits. "There may be increased environmental protections on islands, and construction may be restricted, so it's imperative that extensive research be done to ensure that the desired development is possible. It's also helpful to speak to the prior owner or other local island owners, who often have very valuable tips and experience," Pappas says.

Determining the Real Cost

One big mistake buyers make is underestimating the infrastructure requirements, particularly of an un- or under-developed island. According to former private island owner Manuel Cutillas, "As the owner, you may have to provide all services and infrastructure like roads, electricity, water, garbage disposal and general maintenance."

Before you buy, ask your agent to set up meetings with trusted local contractors to discuss options and prices. "Construction on an island is often 40%... more expensive when compared to developing on the mainland, and purchasers should budget accordingly," Pappas says.

If you're not going to live full-time on the island-and most buyers don't-you'll also need to factor in the cost of maintenance and security. David Wolkowsky, a Key West, FL, resident who owns Ballast Key, not only had to purchase fuel for generators and a solar water system, but he also has a manager who handles general upkeep.

To defray the cost, Wolkowsky rents the island for movies and photo shoots. A dream sequence from the James Bond film License to Kill was filmed there. After owning the island for nearly 50 years, Wolkowsky recently put the 26-acre island up for sale at $13.8 million.

Others rent their homes when not in residence, which involves engaging a leasing agent, as well as an attorney to draw up leases and address liability issues.

Another consideration is accessibility. "Weather becomes more important when you own an island," says Wally Gudgell, associate broker with Windermere Real Estate/Orcas Island Inc. in Eastsound, WA, who specializes in selling private islands and was an owner himself.

Living the Dream

Despite the challenges of buying and maintaining a your own island, owners say it's more than worth it. "There are many reasons that people are attracted to them: beauty, seclusion, status," Pappas says. "But perhaps the most compelling reason is the feeling of dominion and total ownership they offer. It's like having your own little kingdom."

ISLAND LISTINGS

MELODY KEY

(Florida Keys, FL, 141 miles from Miami)

REALTOR: Brett Newman, Coldwell Banker Schmidt Real Estate Co., 305-393-1770

PROPERTY: 5.5-acre island; furnished home; two boats

SALE PRICE: $4.9 million

NORTON ISLAND

(Pleasant Bay, ME, 202 miles from Portland)

OWNER: S. Locke, 978-887-5143

PROPERTY: 60-acre island; two homes; mainland boathouse; electricity; well water

SALE PRICE: $3.25 million

HORSE ISLAND

(Guilford, CT, 68 miles from White Plains, NY)

REALTOR: Private Islands Inc, 647-477-5581

PROPERTY: .75-acre island in Long Island Sound; four-bedroom home; electricity; water; two boats

SALE PRICE: $2.5 million

GREEN ISLAND POWER

Islands often lack power, and the cost of connecting to the mainland power grid can be high.

Enter David Odell, South Carolina business development director for Southern Energy Management (www.southern-energy.com), who designs off-grid systems for islands.

One of his clients wanted to power a 100-acre island off the coast of South Carolina-a project which could have easily cost $1 million. So Odell designed a hybrid solar photovoltaic, diesel generator, battery-based system for only $150,000. It powers the house and out-buildings, as well as the boat and pool.

Using an array of alternative energy sources is not only better for the environment, but it also allows you to bring the luxuries of home to the island. "Couple these new power generation and storage technologies with more efficient appliances and building designs, and all the comforts of mainland living now can exist on an island," Odell says.

Published in Travel News :: Travel News

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