Is there financing avalable for condo/hotels in Miami Beach?

Asked by Chris Pagano, Chicago, IL Sat Jan 30, 2010

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Wenceslao Fe…, , 33130
Thu May 6, 2010
Hey, Chris.

Although Mott is mostly right, make no mistake about it, condo-hotels, though not for everyone, offer great advantages for the right buyer.

This concept of shared ownership or similar rental program is also used in the mega yacht, private airplane and helicopter world.

First, these buyers (typically 2nd, 3rd or Nth vacation homeowner or thrill seeker), want to make sure a perfect pad is available on a whim (often with minimal planning), at their favorite destination(s).

The right project, will provide all the amenities of a hotel in a private setting, often including perks or discounts to some of the clubs, restaurants or services offered by the hotel.

Second, the property may be placed in a rental program. Although restricted by SEC rules to discuss the details of how this works, owners who place their property in these programs can be assured a (usually in-house), professional hand in charge of renting the unit, collecting the fee, cleaning and maintaining the unit for the absentee owner.

Rather than keeping the unit vacant while not in use, the owner is able to leverage some of the vacancy costs against the potential income received, often helping their bottom line. Their personal belongings can be stored in the building and often, in a special closet inside the unit while the unit is vacant, providing easy access and enjoyment to them with a mere phone call before arrival.

Of course, they need to pick the right place (in South Beach and downtown Miami, we have excellent condo-hotel products), with the right panache, services, network and well...location, location, location.

Most importantly, these buyers (specially when buying their first condo-hotel unit), must ask every conceivable question, as many times and in as many ways as they see necessary to fully understand the concept and begin to visualize and enjoy the lifestyle.
Web Reference:  http://ISellMiamiBeach.Info
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Mott Marvin…, Agent, Sunny Isles Beach, FL
Sat Jan 30, 2010
There are very few- if any banks that are willing to finance a condo-hotel. Some developers may consider seller or in-house financing. Private lenders are a better source. It seems like the condo-hotel concept has been harmed due to the difficulty in getting them mortgaged.
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