|
Condo Hotel Center: Property
Alert
August
26, 2004
SPECIAL
INCENTIVE
Bonaventure Resort & Spa
And Updates on Other S. Florida Properties
 Joel
Greene here from Condo Hotel Center. Today I'm going
to deviate from my usual one-property focus.
Instead, I've got a hodge-podge of information to
pass along on a couple of different opportunities.
So let's get right down to business.
Special Incentive, the Bonaventure
Resort & Spa
Many of you will remember that about 10 days ago I
brought to your attention a condo hotel property that
I thought had enormous investment potential--The Residences
at the Bonaventure Resort & Spa, located in Weston,
just west of Ft. Lauderdale.
I'm still very high on this property, particularly
from an investment standpoint. Judging from the response
I got, apparently a lot of you are too.
Well now the developer has decided to offer a special
incentive for a limited time to buyers of units in
building #1, the building that will be the first constructed
(expected completion spring 2005). He will pay the
buyer's condo association fees and property taxes
for the first year. Let me give you some numbers so
you can see what we're talking about:
- The condo fees for the two-bedroom A units are
$803.00/month = $9,636/year
- The condo fees for one-bedroom B units are $540.00/month
= $6,480/year
Real estate taxes are estimated at 1.8% of purchase
price.
So he is covering the equivalent of:
- Unit A total $18,000.00/year
- Unit B total $12,500.00/year
The Bonaventure Resort & Spa
Building #1 will be ready first as I mentioned, although
the Red Door Spa may not be ready for a few months
thereafter. The developer's offer to pay for condo
association fees and property taxes will more than
compensate for the fact that the hotel won't yet have
the full amenities, and it will defray costs while
they build up hotel occupancy.
This offer is completely separate from any income
derived from the rental program. The owners will receive
their full share of the program they sign up for.
There are still about a dozen units available in
building #1 at this condo hotel if you are interested.
I doubt they will last long, as the Bonaventure Resort
has begun an extensive promotional program. If you'd
like to read more about this property, please refer
back to my Property
Alert on it and then let me know if you want my
detailed data sheet which I can e-mail to you.
Update on the Trump Ft. Lauderdale
Condo Hotel
A couple of weeks ago I told you about the Trump Ft.
Lauderdale, not yet on the market but coming soon.
I've now got a couple more details.
Prices are expected to start in the $400's though
no specific prices have been set yet. There will be
many 500 sq. ft. units and many 800 sq. ft. units,
the least expensive of which will likely start at
about $800 per sq. ft. According to my contact, the
developer, "We do intend to implement price increases
very quickly and aggressively." Would you expect
anything less from a Trump?
As I mentioned in my Property Alert on the Trump
Ft. Lauderdale, I am currently working with the developer
to set aside a group of units that will be exclusively
offered to clients of Condo Hotel Center for a limited
time. These will be cream-of-the-crop units at "pre-pre-construction"
prices.
Those of you who asked me to tell you as soon as
those units are available and to send you property
brochures as soon as they're ready, I have your names
on my Trump list. If you didn't request Trump information
but would like to, just e-mail me your name, mailing
address and phone number (FedEx requirement), and
I will add you to that list.
Many South Florida Condo
Hotels Nearing Sell Out
Here's a quick update on some condo hotels that I've
told you about in the past. Canyon Ranch in Miami
Beach, and Trump International and Le Meridien both
in Sunny Isles, are now completely sold out. (Canyon
Ranch and The Trump still have some straight condos
available but no condo hotel units.)
There are less than a handful of units remaining
in properties like the Atlantic, Fort Lauderdale,
and the Bentley on the Beach and The Regent, both
on South Beach. If any of these properties are of
interest to you, you'll want to move quickly. I can
e-mail you data sheets upon request.
Q Club Construction Underway
Construction has now begun at the Q Club Resort and
Residences in Fort Lauderdale. The Q Club is approximately
80% sold. Since they announced that Hilton was going
to manage the property, units have been moving at
a brisk pace. However, there are still some real good
opportunities at the property.
My contact at the Q Club says that "while all
unit prices have experienced some increases since
sales commenced, our studios have been least affected
and are still a great deal! We anticipate a blanket
increase of between 5 and 10% now that construction
has started and it's typical to see three to four
increases during the construction process. Buyers,
who buy today, will still experience good capital
growth."
The Q Club will be a four-star, 25-story, 333-unit
condo hotel located right on the ocean.
The Q Club
The Q Club is part of the excitement taking place
in Ft. Lauderdale. The entire A1A strip facing the
ocean is undergoing an amazing transformation with
the renaissance of The Atlantic, The St. Regis, The
W, The Q, and the Trump.
Ft. Lauderdale is fast becoming a serious contender
for large, prestigious conventions that up until now
were destined only for Hawaii, Chicago, Las Vegas
and Orlando. Ft. Lauderdale is able to boast quality
hotels and resorts, suitable to attracting some serious
players to its shores.
Thanks to the Seminole Indians, the city already
has gambling facilities at The Hard Rock Hotel &
Café. And the Queen Mary II has endorsed the
city by making Port Everglades her home port this
winter season, and hopefully future winters as well.
We look forward to welcoming the thousands of passengers
who will be seeking quality accommodations before
and after cruises.
The Q Club has the distinct advantage of being one
of the first of many new such resorts to punctuate
the Ft. Lauderdale strip. Want to learn more? See
our Featured
Property listing for details. Upon request, I
can also e-mail you my data sheet for the property
which includes current prices.
South Florida Growth
For you numbers-oriented people, there is plenty of
data coming out to support the contention that South
Florida is booming in every way. The Miami Herald
reported in separate articles in August 2004 that
growth in Fort Lauderdale's airport and port has been
absolutely outstanding. Here are some specifics:
Fort Lauderdale-Hollywood International Airport reported
its ninth month of double-digit growth, with a 22.1
percent increase in passenger volume in June to 1.7
million passengers.
For the first six months of 2004, the airport said
it served more than 10.7 million passengers, up 18.6
percent from the same period of 2003.
During that same time, Port Everglades in Ft. Lauderdale
(just 7-8 minutes from the Ft. Lauderdale strip) said
that it has experienced record cruise passenger growth
in 2004, and that nine months into the current fiscal
year, it has already surpassed 2003's total number
of passengers.
By the end of this year, Port Everglades is expected
to top four million passengers, far exceeding the
port's all-time annual record of 3,485,857 passengers
set in 2002. This bodes well for all those condo hotels
being built in Ft. Lauderdale as well as the Wyndham
Resort in Weston mentioned earlier.
With regard to real estate, if you thought the housing
boom had slowed down, think again. Second quarter
numbers for 2004 are in, and CNN is reporting that
Fort Lauderdale experienced a 24.8% appreciation in
the median home price in 2004 over the same period
in 2003. Miami was up 25.9%.
In fact, of the top 12 housing markets, Florida cities
held six of the positions. The others went to various
cities in California. Las Vegas was #1.
Okay, that's everything I have for you this week,
a bit of a mishmash of updates and statistics. My
next Property Alert we'll go back to featuring a specific
property. As always, thanks for your interest in news
from Condo Hotel Center.
Joel Greene, Broker-Associate
Condo Hotel Center
A division of Sheldon Greene & Assoc., Inc.
13499 Biscayne Blvd. Ste. 210
N. Miami, FL 33181
PH: 305-944-3090
FX: 305-948-0460
Info@CondoHotelCenter.com
www.CondoHotelCenter.com
www.CondoHotelsDubai.com
www.WorldClassCondoHotels.com
www.CondoHotelsBahamas.com
www.CentralAmericaSecondHomes.com
www.DominicanRepublicVacationHomes.com
Want to know more about me? Click below:
http://www.condohotelcenter.com/joel-greene.html
|
