hotels articles

Condo Hotel projects are on the rise. From skyscraper hotels to luxury resorts, condo hotels dot the landscape of popular vacation destinations, such as Florida and Las Vegas. And big hitter personalities like George Clooney and Donald Trump, wanting to capitalize on its popularity, can’t wait to attach their name to a condo hotel project. Even Nicky Hilton is jumping into the condo hotel craze. Her boutique style condotel, befittingly named Nicky O, opens this November in Miami, and she has plans for another condotel in Chicago.

But because a star is successful, does that assure his/her hotel will be, too? Steven Roszell, owner and broker of CondoHotels.com and HotelsforSale.com, doesn’t quite think so. “A big name on a project does not guarantee success,” says Roszell. “Ivana Trump, George Clooney, Michael Jordan, and even the famed Hard Rock Las Vegas project are some of the most recent examples of scrapped projects.” Roszell cautions potential buyers not to invest in a condo hotel solely for its illustrious name. “Big brands, such as Marriott, Hilton, and Four Seasons, and seasoned developers and management companies are a better indication of a project’s success. This is their business—they’ve been doing it for years,” Roszell adds.

The condo hotel’s location also does not predict its success. Orlando, the world’s top vacation destination, has reached its saturation point with condo hotels. “It may come down to there is too much supply,” says Roszell. “If investors buy with the intent of flipping the property to make a fast buck, the Orlando market may not be for them.” Roszell also adds, “Investors anticipating a high rental income may need to rethink Orlando for the time being. There’s potential for too much supply.”

Roszell advises his clients to look at three factors when considering a condo hotel: location, growth, and future income. “We tell investors that a condo hotel purchase is a lifestyle investment. Buy in locations where you want to vacation for the next 5 to 25 years.” Roszell also notes how condo hotels have become prevalent in major metropolitan cities, such as Boston, Chicago, and New York. “There is a limited amount of prime location areas that can be built upon in these major cities, and in time it’ll be harder to get a room during peak season in those locations.”

Condo hotels or condotels are hotels that convert a portion of rooms into condominiums and make them available for purchase. Once a property is bought, owners may enjoy their new luxury condo and/or choose to rent it. Owners receive a percentage of any rental proceeds and hotel management takes care of maintenance and cleaning.

As with all things, nothing is ever guaranteed and even the best things in life come with some drawbacks. Although condo hotels appeal to many people and their benefits are plentiful, it’s always best to know the whole story. Listed below are the major drawbacks to condo hotel ownership.

1) The condo hotel unit may lose value over time. Just like traditional real estate, appreciation is never guaranteed. This very scenario most recently occurred in Las Vegas. Several of the more notable condo hotels have sold for less in the resale market than they did during pre-construction.

2) Local governments typically limit the amount of time owners may use their hotel room. This is done to assure room availability for visitors. In particular, you’ll often find limitations at the condo hotels that are located in cities. The Hard Rock Hotel San Diego, for example, limits owner occupancy to just under a month.

3) Financing is generally costlier than for a primary residence. Your rate may be a full point higher.

4) You will need to give notice that you’ll be staying in the hotel. Condo hotels are located in major travel destinations and are often booked up well in advance.

5) You may not be able to use your room if it has been reserved by another guest. The hotel may not be able to relocate someone from your room to another room – even if another room is available.

6) If you buy preconstruction, you may have to wait a year or two before the condo hotel is completed and ready for operation. This means you won’t be able to stay in it the moment you buy it.

7) You might have to pay extra for daily housekeeping and other services when you’re staying at your place.

8) There will be a monthly homeowner association fee. Although this is hardly uncommon for anyone familiar with condominium real estate, just be aware of all your potential costs. Some condo hotels can have low monthly HOA’s and some can be exceedingly high.

9) Rental income from hotel guests is at the mercy of travel patterns and may decline. Rental income should always be viewed as an added benefit and never something to be counted on.

10) You may have to buy extra insurance to protect against liability claims and some types of damage or loss.

11) Not all condo hotel rooms have storage lockers, so you may not be able to keep any personal possessions in the very room that you own.

You’ve heard all the chatter about condo hotels, but you’re not sure if they’re the ideal vacation home or just timeshares in disguise. Here’s what you should know.

Condo hotels are not your parents’ timeshare. They’re whole ownership of a vacation home, not the purchase of a specific week or two of annual usage. So how do they differ from other types of home ownership?

Well they’ve got all the bells and whistles of a luxury hotel. We’re talking designer-furnished rooms, a resort-style pool, a full-service spa, a variety of on-site restaurants, a fully-equipped fitness center and more. Plus, you’ll have a full complement of services at your disposal—a concierge, 24-hour room service, valet parking and daily housekeeping.

Now here’s the interesting part. You can use your condo hotel home as much as you’d like. But when you’re not there, instead of closing up your vacation house in the off-season, you can place it in the hotel’s rental program.

If the condo hotel has a well-known hotel franchise like Starwood, Trump, St. Regis, Ritz-Carlton, Hilton, Four Seasons, Sonesta or Hyatt, they’ll put their marketing program and international reservation system to work keeping your room filled.

You’ll get a share of the revenue your condo hotel unit generates. That income may offset the costs of owning your vacation home and could possibly net you a small annual return.

A professional on-site management company takes care of handling the hotel guests, maintaining the property and ensuring the smooth operation of its amenities. All of the traditional responsibilities of owning a second home are non-existent with a condo hotel.

Most condo hotel properties are located on prime real estate in popular vacation destinations like Miami, Orlando, Las Vegas, Myrtle Beach and the Caribbean. Some big cities are also getting condo hotels like Chicago, New York, San Diego and Toronto.

Like ownership of a traditional house or condo, you can choose to resell your condo hotel unit whenever you want. And like most types or real estate, there’s a good chance your property will have appreciated in value. Most condo hotel owners will tell you that appreciation is one of the major differences between condo hotels and timeshares, which often lose value and can be difficult to resell.

Is a condo hotel right for you? If you appreciate luxury accommodations when you vacation, if you want hassle-free ownership of a second home, and if you like the idea of investing in a property with appreciation potential, a condo hotel could be the perfect answer.

Baby boomers interested in buying vacation homes are now considering one of the latest trends in second home ownership: the condo hotel.

Condo hotels are a type of vacation home. They are typically located in resorts operated by some of the top luxury hotel chains, such as Marriott, Ritz-Carlton, Hilton, and Trump International, to name a few.

These upscale second homes made their debut in Miami, but the condo hotel trend has now spread across the country to markets like Orlando, Las Vegas, Chicago, and to various cities in California, Colorado and New York. They are also quite popular in exotic locales such as Mexico, Panama, the Caribbean and Dubai.

Condo hotels are a perfect fit for the lifestyle baby boomers enjoy, providing luxurious, hassle-free second homes, without all the worries of maintenance. They offer baby boomers the opportunity for easy, relaxed family vacations in desirable locations without time spent researching, planning and booking travel accommodations.

Unlike traditional vacation homes, condo hotels are furnished condominium suites located within some of the country’s most famous hotels and resorts. Owners of these suites are entitled to use all of the luxury amenities and services offered by the property, such as fine dining restaurants, fitness centers, spas, and concierge services.

Furthermore, the headaches of maintenance, guest services and housekeeping are assumed by the on-site hotel management company.

But what really sets condo hotels apart are that the individual owners can place their unit in the hotel’s rental program when they’re not there. The hotel management takes on the responsibility of finding and dealing directly with renters, leaving the owners free from these duties. The rent revenue the condo hotel unit generates helps offset the costs of ownership.

Many baby boomers looking for investment alternatives see condo hotels as a smart choice, a means to diversify into something other than stock market holdings. Because of a limited supply of land in many choice locales, the likelihood of capital appreciation on condo hotel units is increased.

Condo hotel units come in a variety of sizes and prices, typically ranging from $300,000 to over $1 million for prime properties.

Unlike a timeshare, which usually provides only a week or two per year of use, condo hotel owners are fully deeded property owners who can generally use their condo suites when and how they please. Baby boomers want vacation homes that are available when their busy schedules allow them time off.

Also, whereas traditional timeshares can be difficult to resell, condo hotels, with their luxury amenities, prime locations, limited inventory, and potential for appreciation, can be resold more readily.

For all these reasons, the condo hotel product, and the lifestyle if offers, appeals to the baby boomer generation. Look for more condo hotels to come on the market in coming years to meet this burgeoning demand.

Not Your Typical Vacation Home

What could be more perfect that owning a luxury vacation home at a landmark resort and receiving rent revenue whenever you’re not using it? Condo hotels are the newest trend in vacation home ownership. Live in it when you’re there; rent it when you’re not.

So how do condo hotels differ from owning a traditional vacation apartment or condominium? These are not your typical second homes. They are fabulously-furnished condominium suites in some of the most famous hotels and resorts around the country. The properties are usually large, high-rise, luxury hotels operated by a big name like Four Seasons, Ritz Carlton, Sonesta, Starwood or Hilton. Prices range from $200,000 to over $1 million for prime properties.

Generate Revenue to Defray Mortgage Costs

How do condo hotel owners find renters? This is what makes the program so appealing. When owners are not using their unit, it is put into the rental program of the hotel. By capitalizing on a hotel’s name recognition, advertising, national affiliations, centralized reservation system and management expertise, unit owners typically receive a higher level of rental income than they would from a traditional vacation home. Plus the hotel takes care of dealing with the renters, as well as all housekeeping and maintenance of the condo hotel units. Talk about hassle-free!

The Real Appeal of Condo Hotels Is Appreciation

While it’s nice to receive rental revenue on your vacation home, the more important factor from an investment standpoint is its appreciation. Condo hotel units have been appreciating at a far faster rate than single family homes and condos in the same areas.

Most condo hotels are purchased directly from the developer. With limited inventory, condo hotel units have been moving at lightning speed. In fact, almost all condo hotels sell out in pre-construction, long before even a single spade of dirt has been overturned. And as is the case in any situation where supply is greatly outpaced by demand, condo hotel owners have been seeing tremendous appreciation in their units.

World-Famous Resorts Attract International Attention

Most condo hotels are located in seasonal resort areas. South Florida, particularly Miami Beach and Ft. Lauderdale, is one of the country’s hottest markets with world-famous properties like the Fontainbleau, Canyon Ranch Living and Trump International leading the way. Las Vegas and some of the Caribbean Islands are also popular condo hotel destinations.

Who’s buying? The answer, in a nutshell, is everyone. That is, investors and vacationers who recognize the appreciation potential of a revenue-generating vacation home. That appeal isn’t limited to U.S. buyers. The concept of condo hotels has had international appeal with buyers from Latin America and Europe competing with Americans for the best properties.

The assistance of a real estate agent in Houston will prove invaluable in your search for a new home. He can help you choose a neighborhood that most nearly meets your needs. He’ll be there to find you the right home and the best price in an area where your investment will appreciate in value. He can advise you on the quality of schools, pros and cons of different home types, and average area incomes. He’ll make sure you invest your hard-earned savings wisely.

Are you looking for a dream house in Houston? Houston real estate agents can locate a home in your price range and to suit your individual requirements. Our real estate counselors are pleased to match your needs with a topnotch real estate agent familiar with every aspect of the Houston area you have chosen. All you need to do is fill out our application form and submit, and an agent will be in touch with you with appropriate listings in one business hour or less.

A Houston real estate agent will be happy to assist you with finding an appropriate house to suit your price range in the area you choose. There should be plenty of choices, as Houston is the largest city in all of Texas. In fact, it is the fourth largest metropolitan area in the United States, and the second-largest urban-economic area in the Southern Great Plains. All of this, along with Houston’s world famous energy and aeronautics industries, its port and shipping channel, and its status as the largest petrochemical center in the world, make it an excellent place to live and work.

Houston’s great success as a petrochemical center is largely due to its excellent man-made shipping channel, which is called the Port of Houston, and is one of the busiest ports in all of the United States. Houston is also widely known for being the home of the Texas Medical Center, which has the world’s biggest concentration of health and research institutes. Houston also offers a low cost of living and high quality life, and is known for having the least expensive housing among 27 large U.S. urban areas. This make real estate listings plentiful in this wonderful area.

There are four main bayous that run through the city of Houston. Buffalo Bayou runs into the downtown area; Brays Bayou provides interest near the Texas Medical Center; White Oak Bayou makes its trail through the Heights and close to the northwest area; finally, Sims Bayou makes its way into South Houston and into the downtown Houston area, integrating into the ship channel. These bayous help make Houston real estate more interesting.

Houston real estate professionals can aid you in finding the neighborhoods which have the best public schools in the city. They have listings which detail the quality of each of Houston’s public school districts, including its comparison with all the other school districts in Texas and throughout the country.

Building a swimming pool is an expensive project that isn’t always recouped in the sale of a property. Before buying into a house with a pool, or heading into a costly pool addition, consider why pools are not such a swimmingly easy sale.

Swimming pools can be a status symbol for homeowners, but for most realists out there looking to buy into a solid investment, pools present more problems than they do evoke visions of the perfect pool party.

There are many elements that can collectively spell out a turn off to buyers considering the purchase of a house with a pool.

One aspect is that buyers are savvy to the cost of maintaining a pool and the daily work involved to keep it clean and safe. A pool means purchasing chemicals for up-keep and other equipment like pool vacuums, dip nets and covers. These costs will add up and they will not stop. There is a never ending amount of up-keep to care for a swimming pool.

There is also the question of insurance. Will the cost of your homeowner’s insurance change with owning a pool? Will you need extra liability coverage?

A pool can be a constant concern in terms of liability. It will need to be well fenced in and always locked when unattended. Likewise, when children are swimming in the pool, an adult who can swim will always have to be near and on watch. You have to consider how you will keep out uninvited guests, like neighbourhood kids. You can end up being liable for anyone who enters into your pool. Drowning is the number one cause of death for children under the age of five in Florida. Consider this, and you might not need to read any further to make a decision on buying into a house with a pool.

Generally for re-sale, a property with a pool limits your number of potential buyers. Families with young children may be hesitant about safety concerns. Older couples may dislike the idea of having to try and maintain it themselves, or hire someone to do it. Young professionals may just see it as a nuisance and something they will tend not to use with their busy lifestyles.

Another point to keep in mind is the size of the pool in relation to the remaining yard space. For re-sale value you should still have a decent chunk of land for a front and back yard. If the pool takes up too much green space it becomes even more of a deterrent for potential buyers.

Swim in safe waters when making a decision on installing a pool or buying into a property with a pool. Space, privacy and freedom are key elements to a well landscaped yard with good re-sale value. Perhaps in the days of yore, a pool spoke to these core values, but by today’s standards a pool is much more likely to infringe on them.

Real estate appraisals are an opinion or estimate of the property value. There are many factors in determining the value of a property, so it is best to leave this area to someone that is qualified to value real property, determining the values of a property is one of the first steps in buying and selling real estate.

Determining who is qualified is relatively easy to do several organizations hold members to standards that other local organizations do not. The Appraisal Institute and The National Society of Real Estate Appraisers. These organizations hold their members to very high standards. Classes and certifications are part of a continuing education requirement. The ethical standards that members are required to stick to are high and therefore, using an appraiser that is a member of one or both of these organizations is a great way to find a qualified and knowledgeable appraiser to value your properties.

Just about all lenders, both private and institutional will require an appraisal on a property prior to funding a new mortgage loan. Appraisals attempt to justify the loan amount the individual needs to purchase the home; this usually takes place once the buyer and seller have agreed on a final contract price.

Once the contract is ready and property valuation ordered, the appraiser, usually given the contract price, the appraiser proceeds with the valuation of the property. Appraisals serve several other important needs as well, such as, determining a reasonable offering price, estate tax and planning, land valuations and for tax and insurance purposes.

Once the valuation is completed, an “Appraisal Report” that details the results of the procedure are sent to the bank or lender for review, you can also request a copy too, you paid for it. These reports presented in a number of ways, such as an oral, written, letter or even as a form that is required by the lender. Residential appraisals are generally sent using a standard “Uniform Residential Appraisal Form”; this makes it easier for lenders to review the valuation reports quickly.

The Uniform Residential Appraisal Form contains areas such as; Neighborhood, Improvements, Interior, Site and the Valuation Section that includes the method of appraisal that was used, Market Data Analysis that allows the appraiser to compare similar properties in the area. Photos are usually required in an appraisal and an addendum is attached showing various views of the area, maps and identifying information about the property’s location.

The appraiser’s duty is to determine the “fair market value” of a property; valuations completed in several different ways. The first is “Cost Approach” this determines the replacement value of the land and structures at today’s rates, less depreciation. Price Method is the primary approach to estimate property value. This method analyzes recent selling prices of properties in the area using comparables to value properties. In many cases, appraisers use more then one method to determine the property value.

The valuation, quite commonly, came in at the exact amount of the contact price; this benefits the lender, normally the one that decides which appraiser to use, by doing this the appraisers reward would be more business from the lender.

Appraisals are merely estimations of the property value, and do not determine the current market rate. Market rates indicated through inspections that guarantee the conditions, or imply warranties regarding the condition of the property. Appraisals are not foolproof, while somewhat complex; the true value depends on the condition of the property, current market conditions and other factors.

Realtor’s opinion may not accurately reflect the current marketplace, so order an appraisal, in order to determine the accurate value of a property in the current market. There are specialized, trained individuals for residential property and one that specialize in commercial property and raw land. Using a recommended appraiser, in good standing, in the trade organizations will yield the best results when determining a valuation of a property.

Appraisals are valuable reports that will keep you from over-paying for a property. Sometimes appraisals will come in low; in this case, you need to find out why. Maybe the appraiser missed something about the property.

Experienced investors agree that the price you pay for an appraisal is well worth in the valuable information. Most appraisals are $200 - $400 for a good report, others may charge less, but you may not get as detailed report.

People -families- are finally arriving into the Mueller Austin urban village that has been designed on the site of the old Robert Mueller Municipal Airport. This is very exciting prospect for the Project Manager who has worked on this project for seven years.

The Mueller Austin urban village is the result of a grass roots effort that was originally envisioned by a group of local citizens. The project has taken the best part of twenty years to morph into the giant plan that is now the vision of the Catellus Development Group.

This new development is being constructed on the old airport premises of 711 acres; the old airport was shuttered in 1999 as it became too small to cope with the air traffic demand. The site is situated only three miles from downtown and is near to the University of Texas.

Being designed from scratch has meant that this brand new settlement can have many new and idealistic visions incorporated into it. The first is, of course, environmentally conscientious building practices and the large Home Depot store is conforming strictly to this, going for a three star rating, the first area Home Depot store to attempt it.

However, although many new businesses have moved in including the new children’s hospital, the Dell Medical Children’s Center, it has only been late this year that people have actually been taking an interest. Families have been paying down payments and people are moving in.

Several of the early residents won their home by lottery, but for the rest of the residents, homes start around $240,000.00. There is a choice from seventy different home styles to choose from and around a quarter of all homes will be in the affordable housing bracket. Condos and apartments are planned in the 348 homes that will be built in the village.

The area has been designed with all the prior knowledge if what works in an urban village. One of its features will be to have a walkable layout. Among its acres of parkland will be a town center, an elementary school and a mix of commercial, residential and retails areas.

The planning concept is said to be avoiding a ’sprawl’ on outer Austin and the developers expect to be finished the home building part of in late 2008/early 2009.

The real estate industry is one of the most booming industries today. This can be ascertained from the growing prices of land, houses and other dwellings. Man, since thousands of years, has considered “land” as the most important asset. Wars were raged in order to conquer more and more land. History is testimonial to the fact that ‘land’ was considered the most prized thing in every century.

There are many types of assets. We build on assets in order to secure our future. No one knows what could happen in future. That is why, we all save money in the banks. Even millionaires and billionaires invest in assets in order to make their future secure. You can buy gold or diamond jewelry, invest in shares and bonds, invest in life insurances and so on.

There are few things more profitable than investing in real estate. International business has changed in such a way that each company, large or small must own offices in order to further their business. This is where the real estate industry comes in. Consider the city of Houston, for instance.

As one of five biggest cities in this country, the Houston metropolitan area has a wide variety of possibilities for everybody. These careers include oil related, technology related, medical and classical manufacturing. The rapid rise in money flowing into the area has caused the demand for local property to rise at an unprecedented rate.

The price of real estate in Houston is growing rapidly. If you desire to purchase real property of any type, either land or a house, than you should engage the services of a real estate agent. A real estate broker in Houston can be invaluable in helping to select the appropriate house or property.

If you desire success, remember to go with a quality real estate agent in Houston. Such a real estate agent in Houston would be backed by a company known either in the area, or nationally. Such a real estate agent in Houston will aid you in finding the best property at the lowest price. Your choices are always better if you have someone scanning the entire area, with access to all of the available listings. Searching a choosing in a piece meal fashion will only lead to tears.