Condo hotels are one of the hottest products in the real estate market there. New properties are cropping in different parts of the country and new buyers enter the market every day. Things are so fast, in terms of condo hotels, but sometimes worth a moment to step back and look at the big picture.
Condo-Hotels General: There is a spreading enthusiasm about the condo hotel concept. More people recognize the potential andtherefore a demand for more inventory.
Condo Hotel Buyers: The average buyer is 35-50 years old. Buyers for Florida properties, where condo hotels are most widely diffused, from all parts of the United States come at the international level, most foreign buyers interested in U.S. real estate, from South America and Europe.
The vast majority of buyers want condo hotel units primarily as investments and the potential for appreciation with the side effect of the focusedhassle-free ownership. You see the possibility of actually exercising their condo hotel unit as a holiday home as important but secondary to their goal of investment diversification.
Condo Hotel Market: Virtually every single property that has come on the market to date, has already sold out construction. Most of these properties are mega high-rise buildings with an average of 200-500 units, and with a little more than 1,000 units.
The speed with which these properties are often sold outas surprising to buyers as it is, the developers are. Thus, for example, the MGM Grand in Las Vegas, a 576-unit condo hotel expects to sell in two years. It sold in two months! The Platinum, a 255-unit property in Las Vegas, just a matter of a few months sold out.
Hot Zone: South Florida is still a very popular area and has shown that a strong and lasting understanding. As already mentioned, the condo hotel trend which began inSouth Florida has now spread west. Las Vegas is built on leading the pack with many new apartment and condo hotel developments in all price ranges.
Growth in Florida: A look at South Florida, it is easy to see what happens. Miami Beach, the hottest area is built up everything. There is simply no vacant land. This causes several things happened. The developers are heading to the northern end of Miami Beach (North Beach) andAreas still further north, like Sunny Isles and Ft. Lauderdale.
A new trend is developers my existing structures in Miami Beach and either upgrading them, as in the case of the mimosas, the former Brazil Motel, or knocking it on and starting over, as was the case of Bal Harbor, where a multi-family , High-rise (Harbor House) was demolished and built a five-star hotel with condominiums in its place.
Finally, some properties are beginning to emergeinland. These condo hotels may not overlooking the sea, but they are within a few blocks from the beach. Because they are not on the ocean, these properties contribute to an economic price.
Properties: The most popular properties for which a still with a franchise name that a call for four-to five-star quality or a name that is already well known, brings. A prime example is Canyon Ranch Living in Miami Beach. People recognize the Canyon RanchName and am confident that this property will be from the same five-star caliber as the Arizona counterpart. Of course it will not hurt that this property has a 60,000 sq. ft. rooftop spa and fitness center.
The sales process: A set of properties take reservations for more than half of the total project long before they've even prepared their purchase contracts. This means that many of the best units are reserved months before the money changes hands and often beforethe first sod of soil was turned over. These early investors will see some amazing appreciation on their investments.
Prices: Like anything for which there is more demand than supply, keeping prices rise, increasing from up, up developers often 3-5 times their prices when they start to sell until they sold out.
The developers are no longer discounting prices at the beginning of the sales process if they are anxious to get a few sales under their belts. That usedbe standard practice, it is not because demand is so great.
There are sometimes, however, some price adjustments at the very tail end of the sellout phase done, if the developers want to close to their property and continue to their next project. In general, with regard to price, get the best time is usually early on in the first pre-construction.
Quality: Most condo hotels are being built four-to five-star quality. The reason is twofold: 1)It is the demand for the type of services that are available from four-and five-star establishments, and 2) Oceanfront land is so expensive that it makes more sense for the developers in a luxury property with units that he too Sell a premium price, share instead of cheaper units.
Financing: It's been a little easier to get condo hotel financing. There was a time when most banks and mortgage lenders were not even familiar with the term condo hotels. You now know, and they also recognizethe viability of these properties. You are accelerating in more accommodating to these loans.
Contracts: Contracts, which are transferable become rare. In the past, at some properties buyers could have a down payment on a unit in the pre-construction phase, and then turn in front of the unit if they were forced to close. Developers now want to be sure that they do not compete to their last units with investors who bought early in pre-construction sale prices and are now for sale againit to below the current price of the developer.
Resale: Some condo hotel unit resales come on the market. Of course, this is unlikely. Some of the earliest buyers now want to move something or somewhere else. However, the resale market is still relatively small, and it is difficult to find a bargain.
Notes for the new buyer: How can buyers choose a condo hotel unit, it is a good investment? It is best if they can work with a real estate broker whospecializes in condo hotels and can consciously all products on the market. Apart from that, they should be in accordance with the following elements:
Location: Real estate is all about the site. Property on the beach in South Florida have done exceptionally well in recent years. Your reputation is important. If you have a property that do not favor the sea, it's a good idea, in an area where you can select expect companies to have driven your propertyDistrict as close to a major convention center or in Downtown Miami near the Financial.
Franchise: It is always safest, with a large company, well-go-known internationally. Four Seasons, Hilton, Starwood, Rosewood, Setai and Trump are excellent examples. Ask yourself, you would probably stay in a Holiday Inn for $ 69 or the independent hotel across the street for 62 dollars? Many investors and guests pay a little more for the comfort level they will be with a knownreputable franchise.
Management Company: Compare shares the management companies and their hiring, the program. You will probably feel more comfortable you invest your money in a condo hotel with an experienced and world-class management against an independent operator. It is also worth noting that an established management company does worldwide marketing and probably a state-of-the-art reservation system to contribute to the fact that your unit is rented out as much as possible.
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