Scott, Home Buyer in Miami Beach, FL

Hi, do you have any comparative data about Condo-hotels versus non Condo-hotels in Miami Beach...or in general?

Asked by Scott, Miami Beach, FL Tue Mar 30, 2010

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Hi Scott,

I'm not sure about California (first Realtor to answer's state), but in Florida condo-hotels and timeshares are completely un-related. In fact, the Real Estate Salespersons license does not allow for selling timeshares. I assume that is a totally separate license or course. In general, Florida Realtors do not sell timeshares.

Also, we saw in the last real estate boom that condo-hotels appreciate at a slower rate than most regular condos. I would say that condo-hotel is great for people who really want to come and vacation here. Or, maybe, for local residents who want to use the hotel facilities on weekends. However, you can probably get the same benefit from a condo while paying less for maintenance. Especially if it is walking distance to restaurants.

Plus, I think for re-sale purposes you will have an easier time selling a regular condo as opposed to a condo-hotel. And, though there are SOME who will let you live year round, they often only allow this for a very small percentage of unit owners. In general, you can not live or rent it out year round - I think most have a cut off of six months. Conversely, many regular condos will not allow you to rent daily or weekly, but have a minimum, i.e. once every month, quarter or six months. Some require a lease of one year. This can make it difficult for local resident weekend use.

If you are interested in either/both, you might consider looking into a condo which allows for very short term rentals and is well located, for example the Decoplage, at the base of Lincoln Road.

Hope this helps! Best of luck,

Audra
1 vote Thank Flag Link Tue Mar 30, 2010
Scott, as a general rule condo hotels have a higher monthly maintenance (sometimes in excess of $1 per sqft) for additional ammenities, such as laundry service or 24 hrs room service.
You can generate income by placing the unit with the hotel program, but there can be restictions to use dates or special furniture requirements.

If you have questions regarding a specific building or would like to find out more about condos in a certain area, feel free to contact me.

Andrejko Stephan
Realtor

ENGEL & VÖLKERS
One United Properties, LLC, Licensee of Engel & Voelkers Florida Residential, LLC

1200 Brickell Bay Drive Suite 100
Miami, FL 33131 USA
Phone: +1-305-443-2424
Fax: +1-786-228-0761
Mobile: +1-786-543-1006
Internet: http://www.engelvoelkers.com/miami
Mailto: andrejko.stephan@engelvoelkers.com
1 vote Thank Flag Link Tue Mar 30, 2010
Hi Scott,
As the reatltor below stated, these are very different purchases. However, here in Miami there are several condo hotels that can be purchased and not put on the hotel program, meaning you can use the property as a personal home. However, the maintenance fees on a condo hotel tend to be higher due to the amenities that are included with the property.

The bottom lline is actually what your purpose of the property is. Did you want to rent it out or have it for private use?
A regular condo can be used for personal use and rented for income as well, usually for a more conservative overhead.

If you need further information feel free to contact me.

Beth Jenkins
South Florida Brokers
786-374-4778
Web Reference: http://www.arealtyteam.com
1 vote Thank Flag Link Tue Mar 30, 2010
If you are looking to spend any time in your Miami Beach condo, then the condo hotel will be the best solution.
You have to know the following: condo hotels are 2-4 times more expensive than a regular condo, maintenance is in average double. Having said that, you will have the freedom of using your unit, renting your unit or putting it in the condo program without worrying about managing, cleaning or sometimes fixing the unit.
Condo hotels are also a good way to meet people and, depending on your style of work, might generate some new business.

Recommended South Beach condo hotels:

W Hotel
http://www.miamisa.com/12786/iframe.php?url=aHR0cDovLzEyNzg2…

The Setai
http://www.miamisa.com/12786/iframe.php?url=aHR0cDovLzEyNzg2…

The Mondrian
http://www.miamisa.com/12786/iframe.php?url=aHR0cDovLzEyNzg2…
0 votes Thank Flag Link Sun Sep 19, 2010
Hello Scott and thanks for your post.

Your very best answers are likely to come from a qualified Realtor in the area. Because geographic regions are very specific, obtaining accurate, good pricing and comparative sales information needs to come directly from an agent. We don't usually post that information here on Trulia, although you can get comparative sales information from Trulia--look up the address of the home you're interested in purchasing and click on the "sales" tabs to obtain comparative sales information.

Aside from comparative sales data, however, please know that comparing Condo-hotels or "time shares" with a regular condominium is truly like comparing apples and oranges--they're both fruit, but they're very different. Unless the circumstances are drastically different than what is conventionally found in a condo-hotel, both the condo-hotel and the regular condominium are, in fact, condominiums, but the owner of a condo-hotel or "timeshare" is buying what is legally called a "community apartment" unit in which a "community" of owners purchases one home. Thus, as the owner of a condo-hotel, most owners are not allowed to live all year in the condo-unit, but may only live for a brief period (anywhere between 1-2 weeks per year) in the condominium. Outside of the two weeks, the condo is used by the other owners of the unit. A regular condominium, however, is the home buyer's residence and can be used all year by the home owner.

Financing for condo-hotels is also slightly different since the owner is actually only a "share" of use of the home, the pool of available mortgage money begins to dwindle. To combat this, however, the developers of most condo-hotels have financing packages already available for the buyer.

Again, check with a local agent in your area for the best and most accurate information about home sales, condo-hotels and the nature of real estate in Miami Beach! Good luck!

Sincerely,
Grace Morioka, SRES, CID Expert
Area Pro Realty
San Jose, CA
0 votes Thank Flag Link Tue Mar 30, 2010
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