Condos - the new real estate trend
Today, one of the hottest commodities in real estate is the condo hotel. Bridging the gap between traditional condominiums and hotels, the condo hotel presents the best of both worlds: luxury accommodations in highly desirable locations along with upscale shops and restaurants. As an example, let's look at the Blue Rose in Orlando, Florida.
Currently in the pre-construction phase, the Blue Rose will consist of three towers housing 256 condominiums and 1,284 condo hotel suites. It will offer everything from lofts and one- and two-bedroom units to 3,000 sq. ft. penthouse suites. The property will be a resort oasis, with a promenade, European cafes, five themed restaurants, private pool cabanas, and a 1,000-seat theater.
The investment opportunity presented by condo hotels is unprecedented. Indeed, most new properties sell out in the pre-construction phase. In doing so, investors are able to obtain lower prices, secure many of the best units, and gain appreciation on their investments before ground is even broken.
Many people opt to purchase a condo hotel not only as an investment, but also as a vacation home. Generally, condo hotels provide first class accommodations in highly desirable locations. When the owner is not using the property, the condo hotel unit can be rented out to tourists. Typically, the owner doesn't have to take responsibility for renting, managing, and maintaining the unit, making the process free of the headaches and hassles of owning other rental properties.
Like any real estate investment, the key is location, location, location. For example, the Blue Rose Condo Hotel is located in Orlando, Florida, one of the hottest housing markets in both the United States and the world. Recently, analysts have reported that Orlando property is undervalued by as much as 30 percent when compared to other major U.S. markets. That, together with an average hotel occupancy rate of almost 80 percent and 40 to 55 million annual visitors, makes Orlando condo hotels prime investment opportunities.
It's easy to understand why Orlando is such a desirable destination. After all, Florida boasts 300 days of sunshine a year, over 1,000 miles of coastline, and an average temperature of 70 degrees. And Orlando is the center of family-friendly theme park destinations. Walt Disney World was first on the block, with 28,000 acres of family fun. Universal Studios and Sea World round out the top three, again with thrills for the whole family. It's estimated that it would take you over two months of eight-hour days to experience Orlando's 95 attractions. It's clear why tens of millions of tourists visit Orlando each year.
It's equally obvious why investors are flocking to buy property in Orlando. Condo hotels, like the Blue Rose condo hotel, are the latest real estate investment trend in hot destinations like Orlando. Between the theme parks, the world-class restaurants, the golf courses, and the opportunities to engage in water sports, Orlando investors are seeing phenomenal returns on their investments.
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