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Condo-Hotel Craze in Miami

Condo-Hotels have become extremely popular in the past couple of years because of many reasons and Miami is full of these type of projects in every price range imaginable.

Condo Hotels are usually luxury, high-rise properties in incredible and desirable locations.
They are built in great vacation destinations near beaches, casinos, theme parks or golf courses.
They are backed and operated by prestigious hospitality companies like Sonesta, Trump, Hilton, Ritz-Carlton, Hyatt and Four Seasons, which makes it desirable for anyone to invest in these type of projects.
They also offer great amenities from full-service spas, fine-dining, resort-style pools and great guest services. Nothing short of a great luxury vacation get away.

I think it is important to know the pros and cons of condo-hotel ownership and will dedicate a series of blog posts to this subject. My first article, Condo Hotel Craze is an introduction to The Trump International Sonesta Beach Resort and gives a brief overview of how condo-hotels work.

Trump International Sonesta Beach Resort

The concept of this project is simple:

TRUMP + SONESTA + BEACH RESORT = LUXURIOUS VACATION GET AWAY!

**photos courtesy of www.sonesta.com/SunnyIsles **

Posted by Rick & Ines - Miami Beach Real Estate on 07/06/2007 09:00 PM

Comments (26)

condo hotels, miami real estate, project blogger

Originally posted at: Miami Real Estate Blog: Condo-Hotel Craze in Miami

This post has been included in Florida Information Miami-Dade County, FL Information
Post is included in group: Condo Hotels

26 Comments on Condo-Hotel Craze in Miami

JUL

2007

I'd be afraid to ask how much they go for. But they look wonderful!

Sign me up.... looks good to me... please forward the contracts to my mailing address on my profile... Price is no object :::eye roll::: Boy don't I wish... beautiful shots.

Monika - small studios start in the high $200K's (and I mean no kitchen....just like a hotel room with 2 double beds and a counter with a microwave oven and a bathroom - approx. 350 sq. ft.). This particular resort is great and the beach is wonderful. We locals are very picky about our sand and beaches.

Desiree - : ) Wait until I get to the rest - from The Fountanbleau to The Tides...breathtaking!

Ines, I have read a few Posts here on ActiveRain on Condo Hotels, and the more I read about them the better I like the idea. I don't know of any around here, but I am sure that sooner or later we will start to see them.

Great info Ines...

I like your idea of making a series out of these.

I've got another post I'm working on for the area North of you...

George - the concept is spreading like wild fire, but I think it's important to also point out the negatives, which I will get to. David P. did a great informative post on the mortgage side of condo-hotels which I found extremely informative.

David - I look forward to seeing what you come up with.

That's it. I need a condo in Miami, so I can escape the snow in Colorado this winter.

When you say "every price range imaginable" what do you mean?

Mariana - I guess I should have gone into detail with that. You can purchase a small studio in a condo-hotel in the mid to high $200K's and they go up to the millions. What's important is to do the numbers to see if your expenses will be covered (if that's your goal). That will be the next post on this subject.

JUL

2007

Nice! Thank you ... I look forward to reading it.

Breathtaking views to-die-for, the amenities will spoil you rotten, and with a range of prices it's also very affordable = SIGN ME UP for a LUXURIOUS VACATION GETAWAY in Miami!!! Wow!!

Mariana - I'll let you know when it's up.

Susie - it doesn't hurt that the beach is gorgeous too!

Ines, nice work on this. I'm looking forward to the others. Thanks for pointing me over to David P.'s for the $ side to this.

Ines - nice views, and some good information for buyers!! Sounds like you are, or are becoming, the condo expert!

Condos have become much more popular here in San Diego - can't tell you how many new condo buildings have gone up downtown in the last 5 years, and there must be 2 dozen projects underway right now. But they aren't especially affordable - I don't think there is anything under $500K (generally the bet you can do is a 1 BR, most are 2 and 3. Fabulous views of the city, downtown, the bay, Petco Park and so on.

Jeff

Maggie - it's an interesting market and not an easy one - David does give some good insight.

Jeff - Rick and I actually do a lot more single-family sales than condos, but in Miami, you need to diversify. I especially like the condo-hotel concept because it does hit the luxury market in a very different way. The condo market here in Miami is projected to tripple by the end of 2008! Talk about too much inventory.

We have a lot of condotels in this area, but they're incredibly difficult to move due to the high monthly association/maintenance fees. And they're not in luxury buildings. They're just beachfront hotel rooms that were converted to condos.

Hi Ines - lovely pictures! We have some of these types of properties here in my area in Hampton Beach. Only they're nowhere near as beautiful as this building is nor do they have that magnificent pool. We call them 'contels' up here. I think there are also contels up in some of the ski areas as well as along some of the really touristy areas in Maine.

Ann

No kitchen??? Wow Ines!

Lisa - we probably have the beachfront condo-hotel here too....I'm just not aware of them. The Luxury hotel chain behind these is what makes it interesting, although the fees are usually high as well.

Ann - I did read that they call them "contels" in different areas. Wait 'till you see some of the others in Miami, they are amazing.

Monika - I know......it's a real "hotel vacation" - but if you see David's post, financing for the smaller ones could be difficult. A lot of bigger companies buy these for their employees for corporate perks. Those were also big with South Americans who come to Miami twice or 3 times a year for only a week or two.

JUL

2007

Ines, your blog builds excitement for more and the photos are beautiful. Awesome post.

JUL

2007

Hi Ines, it's been awhile so I'm stopping by to catch up on your blog and say "hi" as well. I love the condo-hotel pics but the prices, wow!!! I guess they could afford a few of my paintings. Just kidding(sort of). Later...

JUL

2007

Very good explanation! Condotels are moving up in popularity in our area as well! Guess that's the benefit of living in sunny destination florida?

You are in our neck of the woods ! when are you coming to visit???? I want to meet you!

Randi - very soon...without a doubt......I just have to find time. I want to meet you as well.

JUL

2007

Ines - love the simplicity and impact of this article - you did a great job - love the ending.

Thanks Cyndee - and thanks for creating the group - we are on our way!

JUL

2007

We have nothing like that here; our condo craze is condo conversions. Apartment after apartment are being converted into condos.

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