A Change in Our Gradual-Ownership Model & What it Means

Dec 19, 2022, written by Dennis Shirshikov

First and foremost, we’re thankful that you’re considering joining the Summer family, and we’re excited to help you own a home for years to come.

We want to proactively communicate a change in the Summer business model for members considering our Gradual Ownership Program.

The change: Up until this point, Summer has collected an upfront deposit equal to 10% of the home’s purchase price. Effective December 1, 2022, this deposit will be increased to 20% of the home’s purchase price.

The reason:  Our goal is to build Summer into a globally-recognized brand— one synonymous with quality, joy, and opportunity. We exist to help prospective homeowners become actual homeowners by creating a vacation home that pays for itself. We are building the easiest, most cost-effective way to buy and own a vacation, second, or investment property, and it is our belief that this change will further that goal.

What it means: After careful analysis, we determined this was the best path forward for our members and the business. Here’s why we are making this change:

A great deal of thought has been put into this change, and we wouldn’t be making it if we didn’t believe it would be positive for our members and our business.

Timeline for change: This change will go into effect December 1, 2022 for any new members who have not signed a letter of intent and sent a deposit to purchase with Summer. If you already have signed an LOI and sent an initial deposit to Summer, we will continue to honor the 10% deposit you signed at through January 31, 2023.

We appreciate your continued partnership, and look forward to helping you enjoy many years of memories in your Summer home! Please reach out to press@gosummer.com with any questions or concerns.

With gratitude,

Paul Kromidas
Cofounder & CEO
Woods Buckley
Cofounder & COO
This article was written by
Dennis Shirshikov

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