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Going, Going, Gone! Condo Hotels Rapidly Gaining PopularityJoel Greene here from Condo Hotel Center. Well it's been a crazy month here in every way. Besides the ordeal of moving our offices to a newer, bigger location for the first time in 34 years, my phone has been ringing off the hook. It seems like suddenly the condo-hotel concept is no longer a "nice little secret" of which only a relatively few savvy investors in the U.S. are aware. The WORLD now knows about their potential, and inventory is going fast to buyers from across the globe. In just the past 30 days, I have had buyers contact me from Argentina, Spain, Belgium, Luxembourg, Australia, the Netherlands and oddly enough four different investors from Naperville, IL. What is it that the Naperville residents know that has caused them to jump on the condo-hotel bandwagon? This update is not meant in any way to "scare you into action." A condo-hotel unit is either right for you or not, regardless of what other investors are doing. But I did want to give you a status report on some of the most popular condo hotel properties, particularly those here in South Florida. Check this out: Fontainebleau II -- 230 units, over 95% sold and likely to be 100% sold out by the boat show taking place next weekend as hundreds of thousands of visitors descend on Miami Beach. Fontainebleau III -- 314 units. Following the success of Fontainebleau II, the developers announced last month that they are adding a beachfront tower. At this point, they are only taking reservations, and I guarantee these oceanfront units will be selling fast! I have personally taken four reservations in just the past two weeks. Setai -- 163 units, 98% sold out. Roney Plaza -- 580 units, 100% sold out, however there are a few resales available. One Bal Harbour -- 64 units. They are not yet selling condo-hotel units but rather are waiting until they finish negotiating with a very high-end European management company. Prices are estimated to start at $1,500,000+ and will sell very quickly as this is the first hotel project in the upscale Bal Harbour community in over 50 years. Trump -- 372 units, 87% sold out. Good opportunities exist right now as typically developers tend to discount prices to get their last 10% of inventory sold so they can move on to their next project; in this case, Trump Chicago. M Residences -- 210 units, only 4 units left as of today, February 7, 2004, all of which are discounted to sell quickly. Acqualina -- 249 units, 100% sold out. The Canyon Ranch – 151 units, only about 10 remain. I have never seen a property sell their units at such a lightning fast pace as they have at Canyon Ranch. In about three months, they sold as many condo-hotel units as most developments take two years to accomplish! They do, however, have several straight condominium units still available, so it is not too late to grab a piece of the pie if you're interested. Condo Hotels Sell Out in Pre-Construction Those of you who are hanging out on the sidelines because you want to "wait until there is some renting history" will unfortunately pay higher prices in the future and miss out on the pre-construction value appreciation in order to achieve that comfort level. My advice is, as it has always been; if you're interested in a condo hotel, pick a property with a great location, sound management, a well-known franchise name and a world-class reservation system. And, it doesn't hurt to get in on something early at pre-construction prices. Condo Hotel Concept Spreads to Las Vegas & Chicago Information Available on Condo Hotels & Fractionals I hope you found this Property Alert interesting and useful. As always, I thank for your interest in Condo Hotel Center. Joel Greene, Broker-Associate |
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