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Real Estate Information |
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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 Fund Exceeds $2.5 Billion for Affordable Housing The New York Times How eliminating property taxes in Florida could affect the state's real estate market - Fox Business Real Estate Transactions, March 31 edition Hopkinton Independent Ranked: The Fastest Growing Luxury Real Estate Markets Visual Capitalist Floyd Mayweather Jr. bragged about a $400 million property deal. There's just one problem. Business Insider Real Estate's Next Frontier Seton Hall As the stockpile of Southwest Florida homes explodes, what role are Canadians playing? Naples Daily News ASHA joins real estate coalition urging Congress to abandon new real estate tax hikes McKnight's Senior Living McCourt’s ‘supercharged’ real estate efforts pay off Multifamily Dive Senior Home Equity Stands at $13.95 Trillion Boston Real Estate Times Green Finance Unlocked: A Primer for Sustainable Real Estate Urban Land Magazine Real Estate Edition The Daily Iowan Brokerages have 3 options after Clear Cooperation decision Real Estate News by RealEstateNews.com Only earthship in California is on the real estate market. See the half-buried home - Sacramento Bee Boston Life Sciences, Biotech, Pharma & Medical Facilities Conference 2025: A Must-Attend Event for Industry Leaders Boston Real Estate Times Sinead Kelly Joins Bowdoin Construction as Assistant Project Manager Boston Real Estate Times Nitsch Engineering Recognized for Green Infrastructure Innovation at 2025 ACEC Awards Boston Real Estate Times Developer Thomas O’Brien Not Running for Boston Mayor: Who is O’Brien? Boston Real Estate Times R.W. Holmes Brokers $2.3 Million Sale of 3-Acre Industrial Storage Site in Tewksbury Boston Real Estate Times Commercial real estate showing resilience, despite volatile environment Corridor Business Journal Real estate empire of developer behind S.F.’s ‘Monster in the Mission’ appears to be unraveling San Francisco Chronicle Real Estate: March 17 to March 21 Newport This Week Northeast Valley Real Estate Insights: April 2025 City Sun Times Fiji nationals in Modesto sentenced to prison for real estate fraud scheme The San Joaquin Valley Sun Stewart Title to offer real estate services to Sugar Land Community Impact Longtime Sarasota real estate leader, environmental advocate dies Business Observer Nuveen names new global head of real estate Alternative Credit Investor FBI Boston warns property owners, real estate agents about "title pirates" after I-Team reports CBS News REAL ESTATE | Barton Business Condominiums on HWY 45 and CTH D | By Tom Zernia - BOSS Realty Washington County Insider Nicole Dorrell Joins LakeExpo Real Estate Team LakeExpo.com Largest Construction Projects Series: Boston’s South Station Tower Boston Real Estate Times Bellevue Chamber Hosting Eastside Real Estate Symposium 425business.com How mortgage brokers can supercharge real estate investors to find the perfect opportunity - MPA Mag Laurel Real Estate arranges sale of Cleveland-area Marriott hotelmanagement.net MLS PIN deal finally gets judge’s OK despite DOJ pushback Real Estate News by RealEstateNews.com Premier Team Real Estate The Norfolk Daily News Rojas helps leads the way in real estate for Key Biscayne IslanderNews.com Tariffs Can Impact the Real Estate Market in Unexpected Ways Scotsman Guide Trump’s tariffs already hitting Las Vegas Valley’s real estate industry Las Vegas Review-Journal Center for California Real Estate’s host panel discussing wildfire recovery Fire & Safety Journal Americas NWMLS responds to Compass, blasts efforts to ‘gatekeep’ listings Real Estate News by RealEstateNews.com See how much real estate prices have changed in Napa last week The Press Democrat Staunton proposes $164 million budget, including hike in real estate tax rate: THE AGENDA The News Leader | Staunton, VA 2 strategies to avoid paying taxes on your rental properties Business Insider Laurel Real Estate Co. Arranges Sale of Cleveland-Area Fairfield Inn & Suites Hotel News Resource As Military Spending Soars, Demand for Spy-Proof Real Estate Booms The New York Times L.A. sends masses of tourists to Vegas — and owns real estate nearby Las Vegas Review-Journal Rockpoint Acquires Altitude Apartments, Expanding Residential Portfolio in Greater Boston Boston Real Estate Times Morguard Corporation Increases Ownership Position in Morguard Real Estate Investment Trust Yahoo Finance Boca Raton Real Estate Quarterly Market Update | (Q1 2025) Champagne & Parisi Real Estate 6 Green Flags That Real Estate Pros Look for When House Hunting Better Homes & Gardens These 3 CT towns rank high in real estate bidding wars, prices on Redfin's list of hottest in U.S. CT Insider Blueprint: Nuveen's new real estate chief, CDPQ's next chapter, Invesco's latest Europe fund, and more Private Equity Real Estate | PERE Janelle Iturbe Joins Quarles Phoenix Office as Partner in Real Estate Group Legal Desire Media and Insights Do Arizona real estate agents need to disclose murders or other felonies? The Arizona Republic Radio Real Estate 3/29/25 My Bellingham Now |
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