What is a co-op? Short for “cooperative,”
A cooperative is “an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned -controlled enterprise”
Primarily used in a real estate transactions in New York NY, Philadelphia PA Toronto ONT to name a few; a co-op takes the concept of teamwork to new heights for yacht owners. When you buy a co-op you don’t technically buy (or own) the yacht. Instead, you buy shares in a Saveene Corporation that owns the yachts. The bigger your membership, the more shares you own.
While the number of shares you own will affect your maintenance fees, and owning more shares does not mean you can monopolize all yacht-related decisions. Typically, each shareholder has an equal say in how the co-op is run and maintained. Members typically vote on any decision that affects the yachts; you can also elect certain members as board members who carry out the group’s wishes and handle other nitty-gritty details in more depth, with Saveene management.
In effect, in buying a co-op, you forfeit some of the freedom you might have if, say, you bought a yacht 100% with its own title. As such, co-ops come with unique advantages.
As a co op owner you’ll have guaranteed regular access to your boat using Saveene online scheduling system. The system gives you the opportunity to design your own boating calendar; to make instant reservations for current openings or to plan an outing a year in advance. You can go boating on the weekends, during the week, overnight, for the day or just for a few hours. Whenever you like!
Research as to why Co Op makes sense in the new economy and with the high maintenance and ownership costs of yachts and vessels.