Orlando Leads The Nation In Condo Hotel Development
Orlando has jumped to the forefront of condo hotel development with more projects in the works than any other U.S. city. While it wasn't first on the scene - that distinction belongs to Miami - it has certainly charged forward leaving other U.S. cities in the wake of its construction dust.Orlando to Become World's Condo Hotel Capital
Over
25 different condo hotels are now being developed in Orlando and another five to 10 are in the planning stages.The same qualities that made this dynamic city the timeshare capital of the world - amazing theme parks, fantastic weather, championship golf courses and world-class shopping -- are now helping Orlando capture the title of "condo hotel capital" as well.
What Are Condo Hotels?
Condo hotels are fabulously-furnished condominiums located in luxury hotels that offer a wide range of amenities from resort-style pools to full-service spas, fine-dining
restaurants and concierge services.Owners use their condos whenever they'd like. When not using their unit, they can place it in the hotel's rental program and receive a portion of the revenue it generates, usually about 50% although it varies by property.
Because the hotel is typically managed by a professional hospitality company like Hilton, Hyatt, Sonesta, Trump or Starwood, owners can feel confident that their vacation home is being well cared for and is being well marketed to potential guests.
Who's Buying Orlando Condo Hotels?
The condo hotel concept is popular in Orlando with families who want an exciting place to vacation with their kids, empty nesters and seniors who love golf and year-round good weather, and international buyers who want a U.S. vacation home but are wary of trying to manage and maintain a property from overseas.In Orlando, estimates are that over 40 percent of the condo hotel units sold are to U.K. buyers, although German and Latin American buyers have also shown an affinity for the area.
How Much Do Orlando Condo Hotels Cost?
Orlando, more so than any other U.S. city, offers a wide range of condo hotels at various price
points. The budget-minded consumer can find properties in the $100,000 to $200,000 range. Many of these condo hotels are actually conversions of existing hotels.Middle-of-the-road properties are well-located usually within close range of the area's popular theme parks and offer a very comfortable vacation home in the $200,000 to $500,000 range.
At the very top-end of the scale are five-star, amenity-rich condo hotels that offer everything from on-site water parks to world-class golf courses to Las Vegas-style entertainment venues. Units at these condo hotels can cost from $500,000 to upwards of $1,000,000.
Are Condo Hotels Investments?
While condo hotels are primarily marketed as a lifestyle and vacation product, they are also real estate. In major vacation destinations like Orlando real estate appreciation has been significant and sustained for many years. People who buy a condo hotel unit in Orlando for that reason
often do so as a means to diversify their portfolio and look forward to selling their property at a profit.How Do You Choose the Right Orlando Condo Hotel for You?
Realtors who specialize in condo hotels and are personally familiar with the Orlando area can help you examine the pros and cons of each property on the market. They can help you compare amenities, locations, developers, management companies and appreciation potential.
Also, they can tip you off to new properties coming on the market, helping you to buy in the earliest stages of pre-construction when prices are lowest and unit selection is greatest.
About the Author/Author Bio
Bob Ostrander is a real estate broker with Condo Hotel Center. He specializes in the Orlando condo hotel market and has more than 25 years experience in franchise acquisition, development, marketing and operations management in the hospitality industry. Visit his website at http://www.CondoHotelCenter.com. Or contact him at Bob@CondoHotelCenter.com.
By Expert Author: Bob Ostrander
Article Source: http://www.articlesphere.com/
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