1. What is a Condo-Hotel or Condotel?
Think of a condo hotel (also sometimes called condotel or hotel system) as the purchase of a condominium, even though the hotel is part of a four star level. Therefore, as the owner when you are on vacation, you get the benefit of more four-star service and comfort than they had obtained in a typical condominium.
2. What types of services and amenities found in condo hotels?
If you can imaginethe subtleties you find in a luxury hotel, you can imagine a condo hotel. characteristics are too often resort-style pool, full service spa, state-of-art fitness center, restaurants, concierge service and room service.
In some places like Las Vegas is located condo-hotel rooms with their own casinos, retail and entertainment. In places like Orlando, and you will find condo-hotel with its own water park Conference facilities.
3. What is the difference between a traditional hotel building and a condominium?
The big difference between a hotel and a condo hotel is a hotel that usually has an owner, whether physical or legal, but a unit condo hotel unit is sold. Therefore, Condo Hotel Room-300 could be as many as 300 unit owners.
4. It is obvious to visitors, whether to stay home> Hotel or a traditional hotel?
A hotel guest will never know, probably, that the hotel has multiple owners because the property of each is managed as a traditional hotel and often under the guidance of a well-known hotel companies like Hilton, Hyatt, Starwood, Trump, or W. The individual condo-hotel units look the other identical in design and decor of each, as they did in a traditional hotel.
5.Who buys about condo hotels?
They are primarily for those who want a holiday home, but do not want the hassle usually with second home ownership as the preservation of property or looking for tenants in low season you will sell.
6. What is the demographic of the typical condo hotel buyer?
The spectrum of the condo hotel buyer is quite wide. There are families who want a second home in a village. There are childrenBoomer, which is equal or close to retirement and somewhere, it is "winter." There are also many investors who are buying a condo hotel unit with little intention of ever using, are in it for the appreciation potential of the property.
7. You can live in a condo hotel?
Condo-hotels are usually offered as a non-primary residences. In fact, many of them limit the unit owner to use the condo hotel units (typically 30-60 days forYear), because the necessary equipment and provided for the rental of the hotel's night program, which can be served to guests and generate revenue.
8. Who gets the money if your property is rented hotel?
The shares of the hotel management company with rental income the owner of each condominium hotel. While the exact description of the property depending on the property, the typical rental split is 50% -50%.
9. Who finds hotel guests and thenCleans and maintains the condo hotel unit?
The company sells hotel management and guest books of ownership. It also maintains the equipment and ensure the smooth operation of all hotel services and amenities.
10. What are the advantages / disadvantages for the purchase of a Condotel Purchase typical houses for rent?
Benefits include:
· Easy to property without landlord problems
Turnover RentalOffset some or maybe all ownership costs
• A fantastic apartment is available whenever you want
• A real estate investment at a time when other investments may seem less attractive
· Strong probability of recognition
· The pride of ownership - "I own a piece of a Trump"
The disadvantages are:
· Flow annual cash was equal to or less than the annual operating costs
· Animals are not normallywelcome.
• the hotel condominium units can be rented if the owner wants, so must book in advance to ensure availability.
• The condo hotel unit is subject to immerse in the same market, market competition affect all the hotels located in: hurricanes, terrorist threats, warm winter in the north, the price of gas, etc. may affect the employment rate units and the amount of revenue it generates.
11. Are flatHotel units difficult to finance?
Not entirely, but they take 20% of normal, while condos can be bought for less money. It 'also important to make sure you use a mortgage broker who made the deal had happened, Condo-Hotel-finance, many banks still do not. But more and more involved, such as condo hotels are available as well.
12. How long have condo-hotel was about and where they areis it?
Condo-hotels have been around for several decades, but the great wave of four-star and five-star condo hotels that make their way across the country were launched in 2000 in the Miami area. The Fort Lauderdale, Miami still has the majority of condo hotels, but areas like Orlando and Las Vegas are the development of condo-hotel property, and probably faster than South Florida soon. Other areas up-and-coming Places like the Bahamas, Panama, Dominican Republic, Mexico, Canada and Dubai.
13. As a condo hotel units expensive?
That's like asking how much does a car. There are several hotels to condo quality. Some require large amounts of money than others, obviously.
There are cheap condo-hotel for less than $ 100,000. These are the typical hotels have it transformed into that of an existing application. They are> Hotel Room size, lack of food, franchising luxury and premium services.
Then there are the four stars or more properties that can be performed in the range of $ 300,000 to $ 400,000, but all the way up to $ 800,000 just to go for a unit of study. units one and two bedrooms, cost much more than a study. Of course, do the studios are fully equipped and ready, and is significantly larger than a typical hotel room and guests can winbecause of his name as St. Regis, The Ritz W.
14. What are the typical maintenance costs?
On average, about $ 1.00 to $ 1.50 per square foot, but the range can exceed $ 2.00 square meters in the most luxurious properties.
15. Buy a condo-hotel units, after they were built, or you can buy pre-construction condominium hotel?
If you're in a hurry to leave to start in one or you need to complete the exchange of 1031, it is better to buy accommodation in hotelsPre-construction as soon as possible. This is when prices are lowest and unit selection is greatest. They will probably wait two years or more to the closing and taking possession of the condo hotel unit, but the price will be locked and is the first recognition of the benefit of the maximum.
16. There is something that investors want to know Condotel?
There is more to the purchase of such properties as the old saying. "Location, location, location"While most condo hotels camp sites are located in the desirable resort and business, the most important thing is a good franchise with a strong reservation system.
Not divided by a fee aggressive trick. In one way or another, the developer of the property, employees, maintain and operate the facility and its services, such as restaurants, bars, spa and swimming pools of its share of the proceeds. If he gives you a very favorable share of the rent which he also tend to charge a higher monthly maintenance fee. Of course this works both ways. If the maintenance division, which is offered is closer to 50-50, then the service should be more appropriate.
17. for investors in the choice of buying a condo-hotel Any suggestions?
Get good advice. That is, you do not want to be on the field only from hotels, on-seller in a condominium. You want a broker specializing apartment Discussion> Hotel and who knows, understands and whole condo-hotel market, not only the facts about an individual property. He or she will listen to your wants and needs and then offer advice on which properties best suit your needs. You will have the opportunity to comparison shop and consider the pros and cons of each property available.
A good broker can be the difference between buying a condo hotel be the problem and not justTheir expectations, or one that gives you years of great vacations, good turnover and significant profits on the sale is available.
18. It 's more expensive to own a real estate agent to buy a condo hotel as the purchase of equipment to be with?
No. With new condo hotel properties, prices are always determined by the developer and are exactly the same whether you buy directly from a supplier web site or through an agent.
The Committeeis always paid by the developer, is already in the price regardless of whether an outside agency is involved in the sale or not built. As a broker-representation is free to buyers, it makes sense for their help and benefit from their advice before you buy.
19. How can interested parties to find a good broker Condo-Hotel?
Ask friends for recommendations, or online broker for "condo hotel broker." Condo-Hotel VisitAgents websites and see if you get the information they provide complete and unbiased. If your site seems to focus on the sale of homes or office spaces, and information about hotels of the building seems to be an afterthought, to avoid. The best thing is to work with a broker specializing hotel condominium.
20. How can the buyer, new condo hotel properties are in the market?
Condo Hotel brokers can be good sources of information, since they are oftenmore than before its release to the public. Another option is to subscribe to a newsletter condo hotel, like the houses we publish called condo hotels. We offer free on our website http://www.CondoHotelCenter.com different hotel and a condominium property on the market every problem .
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