Florida Condo

 Investing in Condo Hotels

The condo hotel market is booming like never before and every single property offered for sale generally gets sold in the pre-construction stage itself. Such is the demand for this kind of property that is usually a part of reputed projects in high-rise buildings. Both, developers and buyers are astonished with the speed at which these properties are sold out today. For instance, developers of the MGM Grand in Las Vegas expected to sell out their 576-unit condo hotel in about two years, however it sold out in just a couple of months. The 255-unit property, The Platinum in Las Vegas, also sold out in a similar fashion.

South Florida is believed to be the hottest area for such hotels and has witnessed a steady appreciation rate for such investment properties. In fact, the condo hotel trend initially began in South Florida and soon moved on to the west.
There is virtually no undeveloped land in Miami Beach and has forced developers to move on to the northern regions like Ft. Lauderdale and Sunny Isles. Many developers are now buying existing structures in Miami Beach and converting them into plush hotels. If you are looking for reasonably priced condo hotels, you can opt for properties that may not have great oceanfront view, but are situated close to a beach. Currently, Las Vegas is also being regarded as one of the hottest destinations for condo hotel developments that are competitively priced.

While considering properties, you may opt for those with a franchise name. Having a reputed name attached to hotel helps in gaining the confidence of people. Since condo hotels are extremely popular among buyers, the best units that are strategically located are often the first ones to get even before the developers prepare their purchase contracts. Buyers who invest in such properties enjoy high returns on their investments, owing to the high appreciation rate. As the demand goes up, developers may charge 3-5 times more from the time they start selling and the prices continue to grow until all units are sold out.

Since condo hotel investment is a relatively new concept, you may not find resale units very easily. However, you can hire a good broker who can help you in this regard. Many hire the services of reputed management companies to promote their property and ensure that the unit is rented throughout the year.

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