Q: Can condo hotel units be reserved now at The Residences at Atlantis?
Yes, you can reserve them now at pre-construction prices. You need to complete an RSVP and a Reservation Form and send them into the developer with a deposit of $50,000.
Is $50,000 the total deposit?
No. This amount will need to be brought up to a total of 10% once you select your actual unit. In other words, the $50,000 deposit at The Residences at Atlantis is applied to the initial 10%. At contract, several months later, and then again, six months later, you'll be asked for additional deposits of 10% for a total of 30% of the purchase price of your particular condo hotel unit.
Q: Who pays the daily resort fees when your Atlantis condo hotel unit is rented?
The daily resort fee is paid by you only when you are using the unit. It covers the maid service, housekeeping, fancy soaps and shampoos, and miscellaneous. You cannot choose to waive this service while you are using your unit. When guests are using your condo hotel unit at The Residences at Atlantis, this fee is included in the cost of their nightly rental.
How does the condo hotel unit selection process work at The Residences at Atlantis?
Unit selection is being handled on a first come, first served basis. Anyone who sends in their $50,000 check, along with their RSVP and completed Registration Form is placed in a cue. They are then called in order received by a sales representative from Turnberry Associates. That representative can provide assistance in selecting a unit that meets your preferences in terms of view, size and price.
If none of the units available at my time of selection are what I want, is the $50,000 deposit fully refundable?
Of course. In fact, you can cancel anytime up until 15 days after you sign a bonafide contract and get back 100% of your deposit. At this point, The Residences at Atlantis is only taking formal reservations. Contracts are still 2-3 months away. We're looking at July or August 2005.
Q: How is pricing affected by the floor level of each unit?
Prices go up $10,000 per floor, which is not out of the ordinary for condo hotels of this caliber. Higher floors command higher prices because of their view.
In the rental program, how will The Residences at Atlantis allocate the actual rental of each unit?
It works on a strict rotational basis. There is no favoritism whatsoever.
Is a priority given to units owned by the developer of The Residences at Atlantis versus individual unit owners?
In the case of The Residences at Atlantis, I don't believe that the developer, Turnberry Associates, will even own any units, so you shouldn't have any reason for concern. Kerzner Organization, which is developing the property with Turnberry, already owns the 2,300 room behemoth Atlantis Resort next door. The last thing they need is to own more units.
Are there any restrictions on the season during which the owner can occupy his condo hotel unit at The Residences at Atlantis?
You may use the unit up to 90 days a year. I've heard nothing about restrictions of use for any reason. Of course, details about everything are going to be spelled out in the contract. Again, if you are not satisfied, you may cancel your deal for any reason whatsoever and get back 100% of your deposit.
If I am interested in reserving a unit at The Residences at Atlantis, what's the next step?
Simply email a request to info@CondoHotelCenter.com
and we will send you the necessary forms and mailing instructions. Please be sure to include your full name, address and phone number in your request per requirements of the developer. For more information on The Residences at Atlantis, be sure to read the Atlantis Featured Property Listing
* The above questions were submitted via e-mail by a visitor to www.CondoHotelCenter.com. The answer was prepared by Joel Greene, a licensed real estate broker with Condo Hotel Center which specializes in the sale of condo hotel units and fractional ownerships in private residence clubs.