The Condo Hotel Craze
- Rental Options Allow Owners To Receive Income While Away - Florida
California Hawaii Ocean Front Real Estate
July 30th 2006
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Hotel Condo |
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What started in strictly resort areas is now branching out into all
major metropolitan areas. Most of the larger worldwide hotel chains now
sell condo hotel residence.
Much of the condo hotel market in the U. S. started in Florida. The
residences there command 600,000-800,000 for a studio. I bedrooms start
around $750,000. $1,000,000. 2 Bedrooms Start over the 1,000,000 price
range.
These permanent residences feature all the furnishings and amenities of
a luxury hotel — such as world-class restaurants, 24-hour concierge,
security, valet, housekeeping, and room service.
Joel Greene of the Condo Hotel Center says a rental option provided by
the condo hotel management company allows owners to receive a portion —
often about 50 percent — of the rental income of their specific unit
when away.
Taylor says developers favor waterfront, mountainside, and downtown
areas with strong demand for upscale lodging. Myrtle Beach, S.C.; South
Florida; and Las Vegas have fast-growing condo-hotel markets that favor
high-end travelers and boomers looking for a high-amenity pied-à-terre.
Chicago, Washington D.C., and Phoenix are starting to get in on the
condo hotel market, the most notable is the Trump Building in Chicago,
studios are starting at $800,000.
“Boomers are looking for a vacation lifestyle of spacious
accommodations, dining activities, and entertainment,” Taylor says.
“They demand extra services and luxurious amenities.”
Here’s how the Condo hotel concept works. You purchase a condo/hotel in
a world class hotel. Use the residence whenever you like. When your
away, put the residence in the hotel’s rental program and share the
revenue with the hotel. The hotel’s management company takes care of all
the management issues such as cleaning, renting and maintaining.
These residences offer the best of both worlds, a hassle free residence
in a world class luxury hotel with rent revenue that you receive helps
offset the costs of owing a 2nd or 3rd home. As well as the potential
for appreciation.
If you are truly interested in a condo hotel please check out the
Condo Hotel Center.
Christine Hancock
Christine Hancock
began her real estate career proving herself a top producer on a new
high rise development. This experience gave her valuable knowledge of
construction as well as the buying process and resulted in 4-million
dollars in sales during her first year.
www.getanewhome.net chris@getanewhome.net
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