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Condo Hotel Center: Property
Alert
February
24, 2004
Miami-Dade
County Recognized as One of Hottest Real Estate Markets
in Nation
 Hello,
Joel Greene here from Condo Hotel Center. This
Property Alert isn’t really about any particular,
but I thought you might find it interesting anyway.
Just a news tidbit to share with you today.
It's
a quick summary of the Miami-Dade County real estate
market. In case you're not familiar with the
area, Miami, Miami Beach and Sunny Isles (where many
of our condo hotels are located) are all within Dade
County. And while the information doesn't relate
specifically to condo hotels, it's always nice to
know that the real estate market in general in one's
area is doing well.
The
information was gathered by Fidelity Financial National,
a well-respected provider of a variety of products
and services to the real estate and financial services
industry.
Here's
the article:
Miami-Dade
County Is A Hot Real-Estate Market
Miami-Dade
County continues to be one of the hottest real-estate
markets in the nation.
Prices
skyrocketed between 1999 and 2003, appreciating approximately
61% during that period.
Low
mortgage rates and steady sales volume spurred by
population growth from Latin America and elsewhere
should keep real-estate prices on the rise for the
long term.
There
are a few cautionary signs in the Miami-Dade County
area, specifically flat employment growth and decreasing
home affordability. For now, these negatives are offset
by very positive leading real-estate indicators, such
as an increasing population and growth in the number
of households.
The
current median price of a single-family home in Miami-Dade
County is approximately $215,000 -- still reasonable
by large metro standards.
Source:
Fidelity National Financial
***
It's
Joel, again. Interesting stuff, don’t you think?
Nice to know the Miami area continues to be a "hot
spot."
Here's
my own little summary based on what I've been seeing
in the real estate market as it relates to condo hotels.
Condo Hotel Prices Rise Quickly
Prices continue to rise on condo hotel
units. Most condo hotels are sold out in pre-construction.
There are usually 3-5 price increases between the
time when selling begins and final closeout.
For those of you who get in early, that may translate
into a 10%-plus increase in your property’s value,
even before you close.
Canyon Ranch & Fontainebleau Are Top
Condo Hotels
The most successful properties are
those that have a well-known name like Canyon Ranch
Living, The Fontainebleau II & III and Four Seasons
or well-known management companies like Hilton, Starwood,
Rosewood, RockResorts or Turnberry.
Buyers
Come From All Over U.S.
Buyers
are a mix of real estate investors and vacationers
who want an upscale second home. The buyers
are from all over the U.S, especially the Northeast
and Midwest. We're also seeing a lot of buyers
coming from Canada, Great Britain, Mexico and South
America. This is nothing new as South Florida
has always had international appeal.
Condo Hotel Concept Getting Attention
The concept of condo hotels is dramatically growing
in popularity nationwide and internationally.
I can personally illustrate this statement with three
points:
1.
Since the last quarter of 2003, hits and buyer contacts
to our website have not doubled or even tripled, but
have actually increased more than sevenfold!
We are working days, nights and weekends just to keep
on top of our e-mailed requests for information.
2.
In our first year as condo hotel specialists, we were
interviewed by the media twice--once by The Financial
Times and once by a British magazine, New Horizons-Florida.
In
just the past two weeks, by comparison, we were interviewed
by Home & Design Magazine for Washington, Maryland
and Virginia, (for publication late May-June); The
New York Times, (for publication late March in the
Escape section) and for an education-based TV show
called Great Taste (airing at different times in different
cities). It seems the world can’t
hear enough on the subject of condo hotels!
3.
Although our website was designed with the goal of
attracting buyers for individual condo-hotel units,
we’ve noticed a unique phenomenon taking place. Developers
are contacting us all the time seeking answers to
their questions about developing or converting their
own condo-hotel properties.
In
recent months, we’ve heard from developers in Canada,
Panama, Puerto Rico, Anguilla, Barbados, Mexico,
Cape Cod, California, Louisiana, Washington, Michigan,
and Nevada, just to name a few. Without a doubt,
many of these developers as well as others we don’t
yet know of, will in the not-too-distant future have
condo-hotel properties on the market.
Condo Hotel Market Growing Rapidly
In summary, these are exciting times for those of
us involved in the condo-hotel market. The future
holds lots of promise as the condo-hotel concept,
still in its infancy, begins to take hold across the
nation and the world at large.
If
you have any questions about what I've written here,
or if you want detailed information on any specific
property, please don't hesitate to ask. I have
complete data sheets on all the properties listed
on our website which I can e-mail to you immediately.
For color brochures and related sales literature on
specific properties, I can, upon request, arrange
to have packages sent FedEx to your home or office.
Thank
you for your interest. Have a great week and
I’ll be getting back to you soon with some of our
newest listings!
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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