Home Buying in 92101>Question Details

Jsaknav, Home Buyer in 85201

Hard Rock Condotels for sale?

Asked by Jsaknav, 85201 Wed Feb 24, 2010

I see the prices on the Hard Rock Condotels in downtown SD have really fallen. Does anyone have any history with them? If so could you please explain anything about the rental pool process and occupancy restrictions

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3
Justin Brennan’s answer
Hello Jsaknav,
the Hardrock has some great opportunities. If you want a cash flow analysis and investor perspective on the hardrock or a particular home in the building, let me know and I can put something together for you. Thanks
0 votes Thank Flag Link Sat Apr 24, 2010
Hi,
You are right. They have fallen radically. Some of them upto 50%..
I have friends that bought there as well as clients of my colleagues.
Pretty much you can stay at the place 28 days a year and the rest of the time the hotel is renting out the room for you and splits the proceeds. I believe it's 45% -yours and 55% goes to the hotel.
My friends told me that they are actually making money now, even though they've bought at the peak.
I can imagine if you buy now, you have a great chance to create positive monthly cash flow.
Lowest priced shor sale right now is 150K for 330 sq ft studio.

If you want to talk in more details or interested in seeing some of them, give me a call.

Khrystyna Chorna
Prudential California Realty
619.808.7064
3 votes Thank Flag Link Wed Feb 24, 2010
The investment group who sold the Hard Rock hotel made record sales. Rumor has it they sold 200 million in a 48 hr period.

I would do my home work before any purchase

Great resource http://bit.ly/bEPuZR. Remember you're condo share is competing against other hotel rooms in the area. Find out what the local vacancies are per season from an independent source. The days that your condo room is siting empty you're not making money.
0 votes Thank Flag Link Mon Apr 12, 2010
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