Phase 2 of this residence club has just been announced, with an additional 15 homes.

Here's the details from a recent press release:
"Situated in an exclusive private enclave on the northern tip of Banderas Bay, Four Seasons Residence Club Punta Mita enjoys easy air access into nearby Puerto Vallarta. Created by renowned Mexican architect Diego Villasenor, and ranging in size from 1,900 square feet to over 3,100 square feet, each of the two, three or four bedroom penthouse fractional homes include designer finishes, luxury appointments - with gourmet kitchens replete with Sub Zero and Wolf appliances, large terraces with private plunge pools and outdoor showers. All villas come equipped with 50-inch plasma screen TVs, Bose 3-2-1 Home Theatre sound systems and a Sony PS3.

There are 15 villas being released in Phase II offering a 1/12th fractional ownership opportunities - for a total of only 180 fractions. Pricing starts from the low US$200,000s.

I've added a video of the club here - what do you think of it.