Condo Hotels have alot of good qualities when it comes to making you money and the flexibility to use it when you want. When the hotels are in season they are quite often booked in the Grove and you want to tell them ahead of time if you are coming across the ocean to use it. The catch is the mortage if you are financing, you must put 20% down. So that will effect your ability to resale it fast one day. The Mutiny is a good building and are very nice to their clients about using their units. Another question that can be costly is if you must have special furniture in it to rent. Most of the time if you buy a unit that has been rented you can get the furniture free!! But otherwise it might cost you thousands of dollars. The realtor you decide to use can find out this information ahead of time for you since your time is limited over here. Good Luck and ask questions.

Enzo~

Condo-Tels are becoming more and more popular. The obvious reasons are use it / rent it. Another option is "fractional ownership" that is starting to make it's way to South Florida. Coconut Grove, as Ramesh points out- is a fantastic location. Look into South Beach, Miami Beach, Sunny Isles Beach also. I like the idea of being on the beach! Many European & American vacationers would like to spend their time on the beach. As a vacationer going to a ski resort would want to be as close to the slopes as possible. Beach or Water is the key in South Florida.

Most important is who & how the property is managed. Carefully review the management documents along with the purchahse and sale agreement. There may be restrictions and limitations that may not be to your liking or travel plans. Many condo/hotels require that you "pool" your condo with the "front-desk" ~ meaning that you would not has the right to rent the unit or have friends stay there at will. The management style and "cut" is also critical, usually the house and owner have a "split" 50/50, 60/40 and the expenses may be taken from the owners (YOUR) end of the revenue.

All in all, I do believe that the condo-hotel investment makes alot of sense. Usually vacation location condo owners only use thier apartment 3-7 weeks per year- so why not generate revenue when it's not in use!

Dear Enzo,
I agree with Zachary - work with a Realtor in the area. I grew up in the Grove/South Miami area. It is, and always be, a strong rental market, as we have lots of people who come down from up north during the winter months to vacation. Being right on the water with a major marina, excellent shopping,dining, and nightlife makes Coconut Grove a great place, so I don't think you can go wrong with any real estate investment there.
Feel free to contact me for further information.

Enzo,
If you're thinking about Northeast Coconut Grove, a Realtor in that area can give you specific info about the market situation that might help you make a decision for that locale.

In some markets, having a condo you own and visit 4 weeks per year could be a good way to invest and at the same time, have a place to stay when you visit.
If the rental market is strong, especially 'executive' rental market or vacationing renters are available then you may have a good fit.
I recently sold a condo in downtown Boulder, Colorado to a buyer that visits Boulder for 3 to 4 weeks at a time but spends most of her time out of the U.S. It's a perfect fit for her and the market has been strong for many years here (both resale and rental) so she should see reasonably good appreciation on her investment as well as have the fall-back position of renting if she feels she needs the added cash flow on the property.
If you have a similar situation where you're considering buying, it could be good for you also.