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Home arrow Real Estate News arrow General News arrow Why condo-hotels are on the rise in Florida
Why condo-hotels are on the rise in Florida Print E-mail
Tuesday, 22 August 2006
In Fort Lauderdale alone, there are more or less 3,800 condo-hotel units being built, in Tampa close to 3,100. Miami tries not to be outdone with close to 8,800 condo-hotels shaping its skylines, while spread wide across other parts of Florida, more than 3,300 units more! Outside Florida, condo hotels reached fever-pitch with Las Vegas emerging second to Florida in number of condo-hotels rising like mushrooms on its busier districts, with 29,000 units dotting its landscape, and still counting!  Orlando, San Diego, Chicago and Boston try to catch up in due time.

Back home in Florida, while developers are all agog over this market shift from traditional urban lifestyle in exclusive villages and prime subdivisions to embrace the vibrancy that is fast emerging in cities where most of these condo-hotels are found, not everyone shares the excitement.  Some residents are pessimistic over the proliferation of condo-hotels that will eventually lord over the skyline and completely change it forever.

But why do condo-hotels seem to attract more and more clients than they should repel?  Where’s the “catch”?

Condo-hotels come like a “double-surprise”.  They are urban dwellings with a higher magnitude of comfort and class which double up as property investments that bring in the money when they are not being used as residential spaces.

A condo- hotel is purchased primarily as a residential unit, but hotel management can step in, upon agreement with the owner, to operate the unit as a hotel when its owner does not use it as a  dwelling for a time being, when he goes for a vacation or when he works somewhere else.  Unlike traditional homes that sit idle and gather dust when their owners leave, condo-hotels create generous revenue for their owners while they chase kayak on the river, or hide off to Mt. Everest for leisure.

Hotel management and condo-hotel owners share the revenue.


Condo-hotels are also built for reasons beyond their money potential.  Sentiments and peculiar interests could be strong biases, too.  

These are “themed” condo-hotels that are also fast emerging, not as fads, but viable concepts that drum-up interests, and practical sense.

For one, why would a parent puts up a daughter or a son in a dormitory among tens of other students lining up its baths in the morning when he or she could be comfortably tuck in a condo with similar amenities and comforts like he or she has never left home?  And when school is over, the parent can cash-in the revenue while the condo transforms into a hotel until the next school semester opens.

This type of condo-hotel is now fast-emerging.

How would you like to rub elbows with your fellow Miami Heat basketball team die-hard?  Condo-hotel developers taking in sports as one of their themes are now eyeing vicinities in closer proximity to sports centers as potential sites, with fans of various sports as takers.

The skyline is also fast changing near colleges and universities where most of the buyers graduated from these nearby schools.

Condo-hotels may challenge the traditional way we think of home, but these are options that may serve its owners great advantages in the long haul.

By: Christiene S.C. Villanueva

Real Estate News

Last Updated ( Tuesday, 22 August 2006 )
 
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