Because we’ve had so much interest in The Terraces at The Grove Resort, we’ve put together a brief Frequently Asked Questions page to help you determine if this condo hotel property is right for you. Please be sure to also request our data sheet for The Terraces from Joel Greene, Joel@CondoHotelCenter.com, as it will provide you with more of the facts and figures related to this property.
Where is The Terraces at The Grove Resort located?
It’s located in Orlando, about 10-15 minutes from Walt Disney World theme parks. It’s also under 30 minutes from the Universal Studios theme parks, SeaWorld theme parks and numerous other world-class attractions, restaurants, stores and entertainment venues.
Where is The Terraces in regards to The Grove Resort?
It is nestled between the existing Grove Resort buildings and the tree-lined shores of Lake Austin.
Will owners at The Terraces have access to the amenities at The Grove Resort?
Yes. The Terraces will have its own amenities such as a pool, fitness center and lounge, however residents will also be able to use The Grove Resort’s amenities, which include a $20 million water theme park, 3 pools, a full-service spa, 3 restaurants, meeting space, an arcade and more!
What makes The Terraces unique, as opposed to other resorts?
The location and the amenities make The Terraces the ultimate vacation home. But what’s different from most other resorts is that it is comprised of only studio and one-bedroom units.
Most condo hotel resorts in Orlando have 2, 3 or even more bedrooms to accommodate the many families who come to the area. Because The Terraces are smaller homes, they are also much more affordable, with prices starting under $200,000, a rarity for Orlando.
How many condo hotel units will The Terraces have?
The Terraces will be comprised of 136 total units; 80 studios and 56 one-bedroom luxury condo hotels with opportunities for combining units. They will be located in a single, four-story building.
Can you explain how being a condo hotel makes The Terraces different than buying a traditional condo?
The beauty of a condo hotel is that you can use your vacation home when you want and place it in the rental program when you’re not there. The rent revenue it generates helps offset the costs of ownership.
Additionally, a condo hotel offers hassle-free, vacation-home ownership. The management company takes care of maintaining your home as well as all of the amenities in the resort. It also takes care of renting out your home when you’re not there, marketing it nationally.
What are the going rates in the market for studios and one-bedroom units?
Orlando rates for studios range around $135 – $140 per night, on average. One bedrooms will be commensurately higher.
Can condo hotel unit owners advertise their home themselves on sites like Booking.com and Airbnb?
It will be highly discouraged by the addition of resort fees. The preferred method is to allow The Grove Resort’s onsite management handle all rentals.
Do owners have the option to rent out to friends and or relatives without going through hotel management?
Yes. This is a very easy process handled through the Owner Services Department.
Are there any blackout dates for the owner occupancy?
There are no blackout dates.
Is there parking at The Terraces?
It will have 1.5 self-parking spaces to accommodate each unit; none assigned.
Will there be laundry facilities on premises?
Yes, they will be located on the ground floor.
What is the expected construction schedule for The Terraces?
Construction is tentatively scheduled to begin summer 2020. Anticipated completion is approximately December 2021.
What do the condo hotel units cost?
The pre-construction, first-tier prices range will depend on unit size, floor height and location within the building. Those prices are subject to change and will go up once certain benchmarks for sales have been reached. Be sure to request The Terraces data sheet for up to date pricing.
What is the estimated cost for insurance?
We are quoting $84 per month for the two and three bedroom units of the Grove Resort. We can’t be certain until the building is completed, but we expect it will come in less as these units are studios and one bedroom.
What are closing costs?
Closing costs are expected to be about 3% of the purchase price.
Is there any incentive available to prospective buyers to come visit the property?
We have made special arrangements with the developer. Condo Hotel Center’s buyers will receive a credit at closing of up to $1,000 if you fly in to visit the property and ultimately purchase a unit. This is a reimbursement for actual expenses, not a $1,000 credit.
If you want to arrange a visit, contact Joel Greene, Joel@CondoHotelCenter.com and he will schedule your tour of the property.
What is the process for reserving a condo hotel unit?
A reservation form will be filled out and sent to you for your signature, along with the credit card authorization form for $10,000 required to hold the unit. The required information includes:
- Buyer’s complete name, address, phone, email and copy of his/her ID.
- How will the buyer’s name appear on the contract?
- Will the buyer be putting it under an LLC?
- If so, do they have one already, and who will they be going through if it is not created yet?
How can I get more information?
Request The Terraces data sheet from Joel Greene, Joel@CondoHotelCenter.com. It has all the facts and figures you’ll need to make an informed decision. Joel can also answer any questions, help you arrange a visit and also reserve a condo hotel unit for purchase.
If you are interested in learning more about The Terraces at The Grove Resort, please feel free to ask specific questions or request our detailed data sheet. We will respond within 24 hours (usually much sooner). Contact Joel Greene at Joel@CondoHotelCenter.com or call (954) 450-1929.