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Condo Hotel Center: Property
Alert
June 18, 2004
MIAMI
BEACH LANDMARK HOTEL TO ADD SECOND TOWER
Reservations Being Taken at Fontainebleau III Ocean
Club
 Hello.
Joel Greene here from Condo
Hotel Center.
Just got back from a few days in New
York City where I attended
a surprise 50th wedding anniversary party
for my aunt and uncle. It was a nice affair,
but as I drove through the city and looked at all
of the amazing skyscrapers I couldn’t help thinking
that only one of them, The Trump International Plaza,
is a condo hotel. What’s up with that?
So
now I’m back here in South Florida
where we have LOTS of condo hotels. And today’s
featured property is about one of our finest, or it
will be when built, the Fontainebleau III Ocean Club,
Miami Beach.
Now
many of you may be saying to yourselves, “Hmm, the
Fontainebleau.
I think I’ve heard of that before.” And you
have. The Fontainebleau Hilton is a landmark
hotel in Miami Beach.
It
occupies 1,200 feet of beautiful oceanfront land.
No other hotel even comes close to having that much
ocean frontage. And unlike any other condo hotel
on the market, the Fontainebleau Hilton, a 900-unit
hotel, has a 50-year operating history on which to
base any revenue-generating projections for
buyers of Fontainebleau III units.
Many
of you are probably aware of the Fontainebleau II
condo hotel. The 36-story, 462-unit property
sold out about ten months before delivery was even
scheduled to begin. That condo hotel is six
months away from its grand opening. Now the
developers have started selling Fontainebleau III
Ocean Club, a tower to be built on the south end of
the property, adjacent to Fontainebleau II.
Fontainebleau
III is intended to be a five-star condo hotel with
a completion date of late 2006. It will be 18-stories
tall with 286 condo hotel units that have outstanding
views of the Atlantic Ocean,
Miami Beach
and the Fontainebleau Hilton grounds.
Amenities
will include:
- A
private owners’ lounge
- Pool
- 24-hour
security
- Valet
parking
- Several
restaurants and lounges
- The
famous La Ronde Room
- Concierge
- Housekeeping
services
- Laundry
service
- Full
use of all of the amenities of the adjacent Fontainebleau
Hilton
For
those of you with kids, listen to this. The
property will include an indoor/outdoor children’s
facility with a water park featuring a 260-foot, twisting
water slide and a 7,000-square foot octopus.
Now I ask you, where else are you going to find a
creature feature like that!
One
of the really nice things about this condo hotel that
you don’t find in most other condo hotels is there
are no living restrictions. That is, you may
live in your unit 365 days a year if you choose.
The
other thing that makes this property so outstanding
is its phenomenal location. Besides its amazing
beachfront, it is situated close to the Miami
Beach Convention Center
(great for keeping those hotel rooms filled), trendy
South Beach,
the shops of Lincoln Road,
the Bal
Harbour
shops, as well as various malls, and is just 20 minutes
from downtown Miami
and 15 minutes from Miami
International Airport.
The
developers are Stephen Muss of the Fontainebleau
and Turnberry Associates. Turnberry Associates
is a 44-year old company known for such South
Florida landmark projects as Porto Vita,
Turnberry Isle Resort & Club, Aventura Mall and
Fontainebleau II.
The
Fontainebleau, built in 1954, has been upgraded numerous
times and is now in the midst of another multi-million
dollar remodeling. This landmark property shows
no signs of aging. In fact, along with the towers
of Fontainebleau II and Fontainebleau III, they will
form an impressive private club-like complex that
will dominate the middle portion of Miami
Beach.
Because
Fontainebleau II sold out well in advance, many interested
buyers were left out on the doorstep. Fontainebleau
III will have no problem selling out quickly.
In fact, sales are brisk already even though the property
has not yet completed its marketing materials.
Many of the units are being purchased by buyers from
all parts of the U.S.
as well as from South America
and Europe who trust the Fontainebleau
name and want to get in on pre-construction prices.
I
can assure you of one thing based on my experience
with these condo hotel projects: As soon as
the circular material is ready, which should be within
a month, there will be a rush of enthusiasm by buyers
who have been waiting on the sidelines. Units
will start selling quickly, and prices will likely
increase soon thereafter. Now is the best time
to buy to capture the appreciation before the surge.
Prices
for units at Fontainebleau III will range from $700,000
to $925,000. The furnished studio, and one-bedroom
suites will range from 550 square feet to 1,165 square
feet plus terraces.
If
you’re interested, what’s the next step? You
can reserve a unit in the new Fontainebleau III tower
with a 10% deposit. 90 days after the contract
is signed, an additional 10% deposit is required.
A third and final 10% deposit is required by mid 2006.
Now
here is the great news. The Fontainebleau III
is offering an interest incentive if you agree to
put up 20% or more at the signing of the contract,
instead of 10%. For 20%, you would receive at
closing 4% interest on your entire deposit.
30% down will get you 5% interest, and 40% down or
more will get you 6% interest. No other property
I know offers this kind of incentive.
This
is truly a premium property offering tremendous revenue-generating
power (with a 50-year operating history to prove it)
as well as appreciation potential. Want to learn
more? Drop me a line, and I’ll send you my data
sheet. I’ll also put you on the list to receive
the Fontainebleau III brochure package as soon as
it comes out.
As
always, thank you for your interest in news from Condo
Hotel Center.
Please feel free to pass this newsletter to friends
whom you think might enjoy it. They can sign
up for themselves on our web site at www.condohotelcenter.com.
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
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