Mission Beach may be getting a sneak peek at the future of real estate with The Residence Club on Mission Beach. Located at 3607 Ocean Front Walk, The Residence Club consists of 10 connected properties. The concept of a private residence club is one in which owners purchase a one-eighth share of the property that they own. “It’s a residence – your private residence that you just happen to be sharing with 80 other individuals that treat each of these properties like theirs,” said developer of the property Ken Cornell, who is a managing partner at Ocean Pacific Companies (OPC) based in Mission Beach. “It’s like an elite club that people own and have a deed to.” Although the concept of a private residence club sounds similar to a timeshare, Cornell said the two could not be more different. “You can’t will a timeshare. You can’t give it to somebody else; you can’t finance it,” Cornell said. “This you can finance; this you can give to your kids. You always have it.” Fractional property ownership is new to Southern California. The Residence Club in Mission Beach is the only kind of its type along the coast. With the real estate market sagging along with the economy, Cornell said he expects to see this concept repeat in the area. “Whole ownership in Mission Beach is pretty much done right now because the land values are still very strong,” Cornell said. “The velocity has slowed down tremendously.” In addition to benefiting property managers in a slow market, Cornell said fractional ownership is a smart move for consumers. He compares it to buying a fuel-efficient car in response to rising gas prices. “How many people can afford $2 or $3 million? Those days are done,” Cornell said. “We think it’s the only thing that’s going to sell for a while and we’re looking forward to doing a few more buildings.” OPC has been based in Mission Beach since 2000. OPC partnered with DCP International on The Residence Club at Mission Beach. DCP International introduced the private residence club to the United States in 1991 with a property in Deer Valley, Utah, and now runs 26 residences across the United States and in Mexico, Italy and Bermuda. “We found DCP International a couple years ago when we first started looking at this fractional concept,” Cornell said. “We had 10 condominiums on Ocean Front Walk in Mission Beach that were just completed and none of the units were sold so it seemed like the right fit at the right time.” Cornell said construction started on the property two years ago and has been completed for six months. He said within the next month, all the requirements from the department of real estate will be met and sales will start being closed, and that owners will have access to the club starting in September. “All indications from the sales group, the management level and everything I’m hearing from the general manager is very positive,” Cornell said. “We should start making sales in August.” Cornell expects the 80 memberships to the residence club to be sold within 12 to15 months, largely due to the property’s location on the Mission Beach boardwalk. “Between the bay and the ocean, you’ve got 16 miles of boardwalk surrounded by water,” Cornell said. “I can’t think of a better area to live or vacation or bring your family.” There are two residence types at The Residence Club on Mission Beach ranging in price from $265,000 to $325,000 for a one-eighth share. All the residences include two bedrooms, three bathrooms, furnished patios, living rooms and a gourmet kitchen. Membership in the club also comes with a concierge service, underground parking, and enough equipment to make the guests’ beach experience complete, according to Cornell. “This could really turn into a wonderful way for more people to enjoy this beach. We’ve opened the market up to a new group of people,” Cornell said. “This is the alternative and the future to home ownership along the coast.” For more information on The Residence Club at Mission Beach call (858) 488-8011 or visit residenceclubmissionbeach.com.