By the way, for clarification, Dan Catafumo was never involved in The Resort at 3800 N. Ocean Drive. Catafumo was the developer/owner of 2700 N Ocean Drive. WCI was the original owner/developer of the Resort complex,which is now owned by Marriott, with URGO handling the hotel management and rental program. Marriott purchased 3800 N Ocean in November 2009 and it is now known as Palm Beach Marriott Singer Island Beach Resort & Spa.
Judy McAdams, Realtor & Singer Island Resident
Keller Williams Realty of the Palm Beaches
There will never be a better time than now to buy into this great condo/hotel investment property. The current owners invested in this property in 2004 (pre-construction), at or near the top of the real estate market bubble. The promises for return on investment were severely damaged from the very beginning when the developer, WCI, failed to open the property as scheduled in the fall of 2006 - the beginning of the peak season for tourists in Singer Island.
The development, in fact, did not officially open until April of 2007 - the very end of the peak tourist season. Accordingly, registrants who would have generated immediate returns for the unit owners were diverted to other locations for accommodations, thus causing the new owners to lose the momentum they had been promised if The Resort had opened when scheduled.
Accordingly, investors had to wait until the next high tourist season, 2007-2008, to expect the highest return on their investment. The exception to this were the few special high tourist periods during the year that included spring breaks, Easter week, Memorial Day, Fourth of July, Labor Day and Thanksgiving.
The good news for current investors is they now have the opportunity to buy into this high-end Five-Star Resort with cash at a 60%+ discount on the original prices investors paid (there are no known lenders at the present time who will give a mortgage on condo/hotel properties). The original owners who have mortgages are now â€œupside downâ€ and no longer financially able to carry a mortgage, property taxes and the HOA, which is the reason there are so many units listed for â€œshort saleâ€ in this premier luxury oceanfront resort!
The McAdams Team (Jimmie & Judy)
Singer Island Resident Specialists
Keller Williams Realty of the Palm Beach
All condos for sale in Singer Island can be purchased by Canadian citizens. We have owned condos in Singer Island for over 22 years and many of our neighbors are Canadians who own their condos. The $10,000 has to be the monthly rental rate as units in this complex, Oasis, sell for $2,000,000 plus. Each unit is an entire floor. Visit our website: www.SingerIslandLifestyles.com for information and photos of Oasis.... more
That would be $10,000/mo for a rental! Condos in this complex sell for $2,000,000 plus. Each unit is an entire floor! For photos of this condo complex, Oasis, visit our website: www.SingerIslandLifestyles.com... more
They are condo/hotel units that can be purchased for full ownership. Marriott owns the building and the amenities. The luxury branch of Marriott, Urgo, manages the complex. Owners of the individual condo/hotel units can place them in the rental program for income or use them as a second home or vacation home. If the unit is placed in the rental program, the owner can use the unit approximately 48 days per year. The taxes would be approximately 2% of the purchase price and the HOA fees are based on the square footage of the unit. HOA fees on a 2 bedroom/2 bath unit would be approximately $2,000 per month (plus or minus based on the square footage).... more