August
3, 2005
VERO BEACH
& MARCO ISLAND TO GET
FOUR-STAR CONDO HOTELS
Pre-Construction
Opportunity on Two Exciting Florida
Properties
Hello, Maria Lopez here. I was watching Good Morning
America the other day when I heard an interesting
tidbit about Florida real estate. According to a
recent study, seven of the top 10 hottest real estate
markets are located in Florida. The others are in
California (Sacramento and San Diego) and Las Vegas.
While some markets
may fizzle, the experts say Florida will continue
to sizzle. But you can't have sizzle without the
steak. The two Florida properties I have for you
today are some of the finest cuts.
Here's the beef. One
of the properties is located in Vero Beach in mid-Florida
on the Atlantic Ocean side, and the other is in
Marco Island on the Gulf of Mexico or West Coast
of Florida. Both properties will be top quality
and located in upscale, rapidly appreciating areas.
THE
VERO BEACH HOTEL & CLUB
As the first and possibly only condo hotel to be
located in Vero Beach, The Vero Beach Hotel &
Club will be an exclusive four-star resort. It will
consist of two four-story buildings with a total
of 83 units, built on the site of the former DoubleTree
Hotel. It will be spread on 1.56 acres with 500
feet of ocean frontage.
The Vero Beach Hotel & Club will
be a four-star oceanfront condo hotel.
Its
impressive amenities will include:
- 6,000 sq. ft. spa called The
White Orchid
- State-of-the-art fitness center
- Oceanfront cabanas
- Pool
- Pool bar
- Gourmet restaurant
- Lounge
- Valet parking
- Concierge services
ABOUT
VERO BEACH
Vero Beach has a population of 17,700 people. It
is known for its greenery, open space and unspoiled
beaches. Its ocean waters are ideal for swimming,
scuba diving, boating, fishing, and other water
sports. Its many public golf courses allow for all
levels of play, and tennis facilities are widely
available.
A host of museums,
theaters, restaurants, night spots, and shopping
areas make Vero Beach an ideal location for an incomparable
vacation.
Things to see and do
include:
- 18 Golf courses
- Manatee Observation Center
- See manatees year-round (If you're not from
around these parts, imagine cows with flippers)
- McKee Botanical Gardens -
Listed on the National Register of Historic
Places, it is known for
its 18-acre subtropical jungle hammock
- Indian River Mall - Over 100
stores and a 24-screen movie theater
- Tanger Outlet Mall - Over
75 designer outlet stores
- DodgerTown - Spring training
home of the Los Angeles Dodgers that includes
the 6,500 seat Holman Stadium and a unique conference
center with extensive recreational facilities
LOCATION
The Vero Beach & Hotel will be built where a
DoubleTree Hotel used to be. Immediately north of
the property are multi-million dollar homes under
construction. The beach area is 28 miles long.
Vero Beach is easily
accessed. It is 45 minutes from the Melbourne International
Airport, about 90 minutes from the Orlando International
Airport, and about 90 minutes from the West Palm
Beach International Airport.
VERO'S
APPEAL
Vero Beach is a low-key residential community, an
oceanside playground for the wealthy where there
are more stock brokerage offices than McDonald's
restaurants. It offers a quiet, reserved setting,
no crowds, no noise. It is the opposite of what
you might expect in say Daytona Beach or South Beach.
It is located next
to the extremely exclusive neighborhoods of multi-million
dollar homes on St. Johns Island, Windsor Island
(where the Queen of England stays when she comes
to Florida) and Orchid Island, Florida. Proximity
to those prestigious communities combined with its
beautiful beaches have caused property values in
Vero Beach to skyrocket over the past five years
with double-digit appreciation each year. In 2004,
the average appreciation was 26%.
Vero's beach area is 28 miles long,
making it a favorite of visitors from around the
world.
Even companies like
Disney have recognized the appeal of Vero Beach.
Disney, which has the financial resources to buy
land anywhere along the Atlantic Ocean, chose Vero
Beach to build a large timeshare development, Disney's
Vero Beach Resort.
That upscale resort
brings in thousands of tourists each month. A slew
of attractions, shopping and dining venues have
sprung up to cater to these visitors. The Disney
property is about five miles from the Vero Beach
Hotel & Club.
FRANCHISE
AND MANAGEMENT COMPANY
The Vero Beach Hotel & Club will be part of
the Preferred Hotels & Resorts. This designation
alone will help ensure high occupancy rates as well
as a top level of quality and customer service.
It is like being in an exclusive club.
Preferred Hotels & Resorts is a collection of
the finest independently-owned hotels, a total of
120 worldwide. These properties must pass Preferred's
trademarked award-winning Standards of Excellence,
an exhaustive quality assurance program.
Other Preferred Hotels
include such well-known properties as:
- St. Regis New York
- The Lodge at Pebble Beach,
California
- The Broadmor, Colorado Springs,
Colorado
- Amelia Island Plantation Inn,
Amelia Island, Florida
- The Peabody Orlando
- The Casa Monica Hotel, St.
Augustine, Florida
- The Broadmor, Colorado Springs,
Colorado
- The Chase Park Plaza Hotel,
St. Louis, Missouri
- The Sanctuary at Kiawah Island,
South Carolina
- Snake River Lodge & Spa,
A Rock Resort at Jackson Hole/Teton Village
Coral Hospitality of
Naples Florida which specializes in the management
of luxury boutique-style hotels and clubs will manage
The Vero Beach Club. Among its hotel portfolio are
other upscale Florida properties like the Essex
House Hotel and The Blue Moon Hotel, both in Miami
Beach, the Chesapeake Resort in Islamorada, and
Casa Ybel Resort in Sanibel Island.
CONSTRUCTION
WILL CONSIST OF TWO PHASES
The
Vero Beach Hotel & Club will be built in two
phases under the direction of Proctor Construction
and the combined design talents of architect Randall
Stofft and interior designer F.A. Hunter & Associates
of Atlanta.
Construction on the
first phase is already underway (see photo at right)
and will consist of 50 units. It will be completed
in August 2006. The second phase will consist of
33 units. Construction will be started at the end
of this year.
WHY
INVESTORS LOVE THE VERO BEACH HOTEL & CLUB
Here are the reasons why the Vero Beach Hotel &
Club is particularly attractive to investors.
- Quality
- The Vero Beach Resort & Club will be the
premier hotel property in Vero Beach. It will
be of the caliber of a Ritz-Carlton or Four
Seasons
- Limited
Competition - There will be no more
hotels built in Vero Beach, as the height restrictions
and zoning laws won't allow them. The height
restriction is 35 feet. As for competing properties,
currently there are only about five hotels in
Vero Beach -- a one-story Holiday Inn, the Disney's
Vero Beach Resort, and several older properties.
There are no major franchises or first-class
properties. In fact, these five hotels are really
the only significant source of accommodations
in Vero Beach. Therefore, the Vero Beach Hotel
& Club will likely have a higher average
daily rate and higher occupancy rate than you
might see in comparable hotels in other parts
of Florida.
- Celebrity
Appeal - Singer Gloria Estefan recently
purchased one of the older hotels, the nearby
Palms Court (photo right). She is renovating
it. It will be a small property, but one that
will draw other hip celebrities and star gazers
to Vero Beach. The notoriety that it gives the
area will add to the Vero Beach Hotel's prestige
and business.
- Lack
of Beachfront Land. There is no more
vacant oceanfront land available in Vero Beach.
So it's unlikely that there will be any future
developments to compete with the existing properties.
- A Proven
Location.
The Vero Beach Hotel & Club is being built
on the site of an old DoubleTree Hotel. The
hotel was not well maintained yet even so managed
to maintain an impressive occupancy rate of
92% during the season with an average daily
room rate of $272.
- Preferred
Hotels Charge High Rates. Rates in
Preferred Hotels, the high-quality franchise
that the Vero Beach Hotel will become, are not
cheap. While we can't predict exactly what rates
may be, it is fair to assume they will be in
the category of what you would expect for a
Ritz-Carlton or Four Seasons.
- An
Area with High Appreciation Rates.
Florida real estate is among the fastest appreciating
real estate in country, and Vero Beach is one
of the fastest appreciating cities in Florida.
- Assignable
Contracts. Contracts at this property
are assignable without additional fees or requirements.
This is one of these perks that we rarely ever
see at properties. That means you can flip your
property PRIOR to closing on it and keep any
appreciation that may have occurred during the
construction period. Again, this is a very unusual
and highly desirable benefit.
PRICING
AND DEPOSIT INFORMATION
Available are three types of units at the Vero Beach
Hotel & Club:
* 1 bedroom, 565 sq. ft. to
590 sq. ft., $795,000 - $875,000
* 2 bedroom, 745 sq.
ft. to 1,769 sq. ft., $895,000 - $2,595,000
* 3 bedroom, 1,647 sq. ft. to 2,096 sq. ft.,
$1,695,000 - $2,595,000
Want to learn more?
You can read our Vero Beach Hotel & Club data
sheet. In accordance with developer requirements,
you will need to provide your full name, address
and phone number.
Click
here to request the Vero Beach Hotel and Club data
sheet.
Please note that by
requesting our data sheet on the Vero Beach Hotel
& Club, you will be registered with the property
as a client of Condo Hotel Center.
*
* *
CASA
MARINA, MARCO ISLAND
The second property I have for you today is in Marco
Island. Where is Marco Island? It's near Naples
at the Southwestern tip of Florida's Gulf Coast.
What's neat about this
property? The hint is in its name. Casa Marina does
in fact have an on-site marina. Imagine this. You
wake up in your luxury condo, you take the elevator
downstairs, and just a few steps out the door, your
boat awaits ready for a day of sailing, fishing
or simply tooling around the Gulf of Mexico.
Casa Marina in Marco Island will
be a 52-unit condo hotel with its own 60-slip marina.
Casa Marina will have
only 52 two- and three-bedroom condo hotel units
in a nine-story building. It will also have a 60-slip
marina. It is expected to garner a four-star rating.
The property sits in
a unique natural setting on the Marco River abutting
the Ten Thousand Islands Preserve, which is known
as the gateway to the Everglades.
AMENITIES
AND SERVICES
Like The Vero Beach Club & Resort, Casa Marina
will be a four-star condo hotel with a full complement
of luxury amenities and services. Among them are:
- Swimming pool
- Furnished sundeck
- State-of-the-art fitness center
- Restaurant and lounge with
poolside and room service
- Fishing pier
- Gift shop
- Business services
- Daily maid service
- Security
- High-speed Internet access
The individual units
will be fully-furnished, decorator-designed homes.
They will each have a screened terrace, fully-equipped
kitchen, breakfast bar, owner's secured storage,
and large-capacity washer and dryer.
FLORIDA'S
LAST PARADISE
Nestled in the mangrove islands of southwest Florida's
coast, Marco Island is indeed a world-class resort
destination surrounded by miles and miles of pristine,
uninhabited islands, bays, creeks, and the Gulf
of Mexico.
Sometimes called Florida's
Last Paradise, it brings together the natural wonder
and wildlife of the Everglades with spectacular
white sand beaches. Here you'll find saltwater and
freshwater fishing, eco-tours, and some of the best
bird watching opportunities in the country. But
Marco Island is not just for nature lovers. It also
has its share of championship golf courses, first-class
spas, shopping, arts and culture, family attractions
and more.
Four miles wide by
six miles long, Marco Island is home to about 14,000
year-round residents. During the months of January
through March however, the island population swells
to well over 30,000 due to the annual influx of
vacationers and winter residents, filling up the
area's hotel rooms, condos, villas and apartments.
FOR
THE FISHERMAN
Casa Marina provides an ideal location for the fisherman.
The principal species available to the backwater
fly fisherman are snook, redfish, tarpon, jack crevalle,
seatrout, ladyfish, Spanish mackerel, pompano and
mangrove snapper.
Casa Marina, located on the Gulf
of Mexico, has the perfect location for fishermen.
Fishermen who venture
offshore will find cobia, tripletail, king mackerel,
barracuda, grouper, snapper, amberjack, drum, shark
and many other species.
LIVING
RESTRICTIONS & MANAGEMENT
Because this property is still in the early pre-construction
stage, not all of the details have been decided
upon. No management company has yet been chosen,
and the rental split too has not been determined.
Currently, there are
no living restrictions. However, even though at
this time it appears owners can live in their unit
year-round, as a condo hotel they would still not
be able to claim it as their primary residence.
Casa Marina offers two- and three-bedroom
homes, larger than your typical condo hotel unit.
PRICING
Units are larger than your typical condo hotel unit.
They will range in size from 1,344 sq. ft. to 2,989
sq. ft. and are priced from $1,035,000 to $2,870,000.
The boat slips range
in size from 20 ft. to 40 ft. and in price from
$50,000 to $112,300. Buyers who purchase a unit
and a marina slip receive a 50% discount on the
price of the dock slip.
The deposit requirements
are as follows:
- $25,000 for a condo hotel
unit
- $50,000 for a penthouse
- $7,500 for a boat slip
WRAP
UP
There you have it, two four-star quality condo hotels
and an opportunity to get in at pre-construction
prices. These properties will not be on the market
for long, although that statement seems to apply
to almost every property in Florida these days.
I hope you've enjoyed
reading about the the Vero Beach Hotel & Club
and Casa Marina. As always, thank you for your interest
in news from Condo Hotel Center.
Maria Lopez, Sales Associate
Condo Hotel Center
Licensed Real Estate Brokers
13499 Biscayne Blvd., Ste. 210
N. Miami, FL 33181
PH: 305-944-3090
FX: 305-948-0460
Maria@CondoHotelCenter.com
www.CondoHotelCenter.com
