| |
| |
|
Real Estate Information |
|
|
|
Condos Vs. Condo Hotels For Vacaton Home Ownership
Condo hotels, also called condotels, are a relatively new concept in vacation home ownership. Rapidly gaining popularity, numerous condo hotels are now being built in Florida, Las Vegas, Chicago, Toronto, the Caribbean and many other locales around the U.S. and the world. To help illustrate the unique qualities of condo hotels, here's a look at how they compare with traditional condos. AMENITIES Condos - The average condo has a community pool and some common areas. Condo Hotels - A condo hotel has many of the amenities you would find at a four- or five-star hotel. In addition to a pool (or pools), there is probably an on-site restaurant (possibly several), a lounge, a full-service spa, a state-of-the-art exercise facility, poolside bar, etc. The amenities in a condo hotel are far greater than what you would typically find in a condo. FURNISHINGS Condos - Condos are usually sold unfurnished. You may decorate your unit as you like, and you pay for all furnishings. Condo Hotels - A condo hotel unit is delivered to you completely furnished, typically with high-end furniture, appliances and fixtures selected by a professional interior designer. All units are decorated the same, more or less, much like hotel rooms. Condo hotel units are delivered user-ready upon receipt. The cost for furnishings is included in the price of the condo hotel unit. SERVICES Condos - You are responsible for your own housekeeping and unit upkeep. Services are usually limited to maintenance and possibly security. Condo Hotels - You get daily housekeeping as you would in a luxury hotel. You have access to room service, concierge services, maintenance services and check-in services. The vast majority of condo hotels are operated by big-name hoteliers like Ritz Carlton and Hilton, the consummate professionals when it comes to customer service. Most of the same services available at their high-end hotels are offered at their condo hotels. LOCATION Condos - Condos can be found in almost every major market across the country. Some condo developments are in resort areas, while others are not. Condo Hotels - At this time condo hotels are only available in a handful of locations, all of which are major vacation destinations or highly desirable cities, such as South Florida, Las Vegas and Chicago. Condo hotels are usually built on the most desirable pieces of land such as on a golf course, overlooking the ocean or in the heart of a major city. PRICE Condos - Prices for condos can start as low as $70,000. Condo Hotels - Units start at $200,000, and most are substantially more. An oceanfront four- or five-star condo hotel unit can cost $500,000 to over $1,000,000. RENTAL INCOME POTENTIAL Condos - You have the option of renting out your unit when not using it. However, you are responsible for finding your own renters, preparing the unit for those renters, dealing with any maintenance issues that arise and collecting the rent. The condo association's approval may be required on renter issues. You keep 100% of the rental revenue. Condo Hotels - All details are handled for you. When you're not using your condo hotel unit, you simply place it in the rental program. Renters would be found for you, and all aspects of the renters' stay would be handled by the hotel management company. The entire process would be hassle-free for you. You would receive a portion of the rent revenue, typically 40%-50%; the balance would go to the management company. Because the condo hotel most likely is a national or international hotel chain (such as Hilton or Ritz Carlton), it has a global sales force, multimillion dollar marketing campaigns, loyalty programs, a centralized reservation system and a strong Internet presence, all of which suggest that the property's management would probably have better success at keeping your unit rented than you would as an individual condo owner. APPRECIATION POTENTIAL Condos - Whether your condo will appreciate or depreciate depends strongly on its location. Because there are so many condos on the market, the rules of supply and demand often help keep prices down. For the same reason, condos can be hard to resell. Condo Hotels - Because condo hotels are a relatively new type of property investment, they are limited to just a handful of locales across the country. The supply is small and demand is currently high and growing, all of which contribute rapid and significant appreciation. Another factor to keep in mind when reselling a condo hotel unit is that you're selling not only the actual unit but also the luxury lifestyle that comes with an amenity-filled, high-service property. Many condo hotels are sold out in pre-construction. Often the developers, sensing the high demand, will themselves raise prices many times before all units are gone. For example, The Mutiny condo hotel located in Coconut Grove, Florida was the first condo hotel to be built in South Florida. From the time the developer began accepting deposits until it sold out in pre-construction, there were nine price increases. People who bought early did exceptionally well. Joel Greene is the President of Condo Hotel Center, a licensed real estate brokerage that specializes in the sale of condo hotels. For more information on condo hotels -- including property listings, photos and prices -- visit his website at http://www.CondoHotelCenter.com. Be sure to sign up for the Property Alert e-newsletter at http://www.CondoHotelCenter.com to receive notification when new condo hotels come on the market and are available at pre-construction pricing.
MORE RESOURCES:
Real-Estate - Google News |
|
|
|
RELATED ARTICLES
How to Own a Dream Home in Spain Every year hundreds of thousands of foreign visitors travel to Spain to delight in the fantastic weather, stunning natural landscapes, excellent entertainment options and superb Mediterranean beaches. Many of these people dream of one day owning their own property in Spain, in fact Spain is now one of the most desirable second home and retirement destinations in the world. The Secret To Marketing Your FSBO Home For Sale You're ready to put your home or land (house, townhouse, condo, apartment, farm, ranch, finished lot, raw land, etc.) on the market as a FSBO (for sale by owner). Should You Buy a House or a Condo? A big debate these days is whether or not to buy a house, or buy a condo. Most of this debate comes from a lack of understanding about condos, and what they are. FSBO: For Sale By Owners Chapter Two Sheriff's Deputy Ted Rasmussen was thinking about Carrie-his pregnant waitress problem-when he sighted the traffic disruption meandering near the yellow line on Bay Street. A Bremerton merchant had called the Sheriff's emergency number reporting a wet morning commuter mess. Property Investing Secrets 4 Property Investing Secrets:How to Sell to 100% of the Market Place Using Lease OptionsWhen property investing, you will find if you make houses easy for people to buy, your properties will become easier to sell. Most people who are selling houses today are selling to the 80% of the population who have good enough credit to qualify for a bank loan. Preparing for a Showing As soon as you decide to put your home on the market, all sorts of sprucing-up are in order. But let's assume you've already scrubbed to a fare-thee-well, touched up a bit of paint, cleared most of the stuff off your kitchen counters and straightened out your closets. Green Building Media Fact Sheet - Past, Present & Future PastSpecialized, niche home builders began constructing resource-efficient, environmentally sensitive homes in the early 1970s. The home building industry coined the phrase "green building" in the late 1980s/early 1990s, turning a movement into a quiet revolution. Buying Property in Spain You have made the decision to move to Spain and are now looking for a property to buy? Where do you start? Firstly, I would suggest you go on to the internet and look at the various agents that are offering properties for sale in Spain. Many of these companies are run by people who have already emigrated to Spain and will know the many problems and pitfalls that arise when buying a property in Spain. Law & Logic of Homeowner Association Capital Reserves In October 1999, Oregon was one of the first states that enacted a significant improvement to its Condominium and Planned Community regarding capital reserve planning, a process by which homeowner associations plan and fund future repairs and replacements. For many associations, the process became mandatory although there was an "escape clause" for pre-October 99 Oregon communities. Location, Location, Location Location, location, location - known as the 3 most important factors when buying a property, and it is easy to see why. The location of your property dictates how much yield you get, and how much capital growth, which ultimately decides how well you do. Victorian. Modern. Colonial. What's Your Architectural Style? You are attracted to a home for more than its number of bedrooms and square footage. Whether consciously or subconsciously, you are drawn to the individual character of a home. How to Make a Home for Sale Flyer Using Marketing Psychology Want to sell your home right away, for the highest profit to you? Discover how to improve on the Realtor's number two sales tool--right after the sign--your sales flyer.Most real estate agents use a sales flyer template which showcases their listings using out-of-date marketing strategies. Directionals Move Properties One of the most effective and frequently overlooked methods of filling or selling a property is the use of directional arrow signs. I'm guilty of it myself, although usually I'm merely lazy instead of overlooking this great marketing technique. Stay Motivated With REI Till The Deal Comes I know many investors step into the game of real estate investing with high hopes of landing the deal that will turn their financial situation around and yes some do and this is not for you - this is for the investors still looking for that first deal!The best way starting out in this business, staying motivated and sticking to real estate investing has to do with one big factor!Keep your JOB - Yes you may be "Just Over Broke" but real estate investing comes with no guarantees of doing a deal in 30, 90, or 120 days as a matter of fact deals come and they go. real estate investing has its good times and it's bad times!You need a source of income and without it the likely hood of failure will soon follow!Having a stable income is the number one goal to having financial well being and your mental and emotional well being also. Real Estate Investing with No Cash and No Credit Lots of folks think it can't be done.How in the world can you buy a piece of real estate property without cash or credit? How is it possible to buy a $50,000 house or a $1 million dollar house if I don't have an abundance of cash or an excellent credit rating?Nothing stops a would-be investor cold in his tracks like "no cash or credit. First-time Home Buyers - 100% Home Loans There is an increasing trend in South Africa that is seeing youths entering property market at a much earlier age. These youths are mostly first-time home buyers, applying for their first home loan, who have been renting for a short while and feel the need to invest in a property of their own. Conventional Financing For Wholesale Deals This info is very important for both new and experienced wholesalers, AND buyers of fixer-uppers, to carefully read and understand. We learned it painfully, hopefully you won't have to :-)Often times we are asked by investors about using conventional financing for their investor deals. Investing in Real Estate Like a Stock A REAL ESTATE STOCK PLANGetting out of the bleachers and into the game!This report is going to explain or attempt to give the stock market investors a basic one-on-one interview with a real estate portfolio manager who has consistently made a profit on 100% of the investment products that were actively chosen and managed. Never a loss, always tax advantaged and sheltered. Customer Service - The Real Estate Revolution Traditionally, real estate has been viewed as a sales industry. But perceptions are changing. Condo Hotels Offer Luxury and Great Investment Potential Not Your Typical Vacation HomeWhat could be more perfect that owning a luxury vacation home at a landmark resort and receiving rent revenue whenever you're not using it? Condo hotels are the newest trend in vacation home ownership. Live in it when you're there; rent it when you're not.
|
 Home  Contact
|
| Real Estate Information © 2006 |
