[sunrico90]

More than 15,000 condo-hotel rooms could flood the Central Florida housing market during the next several years in one of the biggest, and possibly riskiest, building booms ever to sweep the region’s lodging industry.

“If all these rooms are built, the [Orlando housing market] would have the greatest concentration of condo hotels in the country.


Orlando will continue to be the tourist capital of the nation!!!! But at what cost to the community?

[jhlcomp]

Man - you are on a roll this afternoon. Tourist dollars rule in areas such as Orlando. Anyone who moves there needs to be aware of this. It is doubtful developers will back down once they set their sights on a given plan.

To really make an educated response to this would require looking at the numbers, numbers of visitors, required hotel rooms, seasonal spikes, etc. etc.

[sunrico90]

Originally Posted by jhlcomp

Man - you are on a roll this afternoon. Tourist dollars rule in areas such as Orlando. Anyone who moves there needs to be aware of this. It is doubtful developers will back down once they set their sights on a given plan.

To really make an educated response to this would require looking at the numbers, numbers of visitors, required hotel rooms, seasonal spikes, etc. etc.

Look at this numbers WOW....
Calendar Year Visitor Numbers for 2006
Visitors Percent of Total Most Recent Value Change Total Visitors 100.0%


January-December 84.6 million* +1.2%
Air Visitors 50.5%


January-December 42.7 million* +0.2%
Non-Air Visitors 49.5%


January-December 41.9 million* +2.3%

[jhlcomp]

That's a few people. :-) I wonder if Orlando ever experiences a shortage of rooms (hotel, motel, condo, etc).

[sunrico90]

Originally Posted by jhlcomp

That's a few people. :-) I wonder if Orlando ever experiences a shortage of rooms (hotel, motel, condo, etc).

I don't have any figures handy, but during the superbowl someone mentioned the lack of rooms (Miami). I was also reading the WrestleMania (WWE) will be in
Florida in 2008, this will bring a large amount of visitors...

[Ladywithafan]

We've never even made reservations in Orlando when we go to the parks (staying in cheap motels...that is) as there's a GLUT!!!

Now, that my children are allergic to mold, when they come to town, they stay on the properties...& reservations there, of course, are necessary

Orlando is full of hotels...lol!

[sunrico90]

Interesting article: After averaging 26,300 newcomers a year between 2000 and 2005, the county’s population increased by only 9,057 between 2005 and 2006, according to census data released Thursday. And 829 people left this Florida housing market for other parts of the state and the country, bucking a trend long fueled by golf-playing retirees and middle-class families escaping congestion farther south.

The numbers of outwardly bound residents are more dramatic in Broward County, which lost 18,459 people between 2005 and 2006. They have their sights on Atlanta, the new mecca of affordability for those fleeing South Florida’s exorbitant costs.

Is Atlanta the new mecca for housing?

[sunrico90]

ARE CONDOTELS ALL THE SAME?

No, condo Hotel units vary greatly in size, amenities, and operating rules. Some are two-bedroom suites with full kitchens while others are simple economy hotel rooms with a micro fridge/microwave. Prices can range from $ 100,000 to over $1,000,000 per unit.

Many people often confuse time shares with Condotels which are very different property types. When you own a Condo Hotel, you own a piece of real property or real estate. A condo hotel owner has a mortgage and is required to pay real estate taxes just like they do on their own primary residence. Time Shares are more like rental agreements.

The Condo Hotel concept has been around for decades in many countries all over the world, including the U.S., but did not start truly catching on in the U.S. until the late 1990's. Since then, demand for Condo Hotel units has increased dramatically and so have their values.

WHY HAVE CONDOTELS BECOME SO POPULAR?

Condotels offer a very unique "investment" opportunity as well as a great second home/vacation home destination for you and your family.

Headache Free Investment - Most units are attached to hotel projects with a veteran property management team that take care of everything from maintenance to renting your unit.

Very low monthly cost - Monthly rental revenue generated from your unit can offset your monthly ownership costs or may even provide you with a positive cash flow.

Vacation Destination - Your condo hotel unit can be used as a great get away destination for you and your family. On average, most people stay in their units about two weeks a year. The amount of time that individual unit owners are allowed to occupy their units varies from complex to complex. This can range from two weeks a year to 6 months a year depending on the complex and local zoning ordinances.

[sunrico90]

Update on Condo Sales in Lee County:

Fewer homes and condos sold in Lee County in February 2007 than in February 2006, and the prices they sold for were lower than a year ago as well, according to numbers released Friday by the Florida Association of Realtors.

For single-family homes, there were 423 Realtor-assisted home sales in Lee County in February, compared to 682 in February 2006, a 38 percent decrease. The median price of a single-family home in Lee County went from $280,300 in February 2006 to $256,100 in February of this year, a dip of 9 percent.




Statewide, 3,172 condos sold with the help of a Realtor in February, compared with 4,397 in February 2006, a drop of 28 percent. The sales price held steady, dipping just $800, from $213,000 in February 2006 to $212,200 in February 2007.

[dreamofmonterey]

Originally Posted by sunrico90

ARE CONDOTELS ALL THE SAME?

No, condo Hotel units vary greatly in size, amenities, and operating rules. Some are two-bedroom suites with full kitchens while others are simple economy hotel rooms with a micro fridge/microwave. Prices can range from $ 100,000 to over $1,000,000 per unit.

Many people often confuse time shares with Condotels which are very different property types. When you own a Condo Hotel, you own a piece of real property or real estate. A condo hotel owner has a mortgage and is required to pay real estate taxes just like they do on their own primary residence. Time Shares are more like rental agreements.

The Condo Hotel concept has been around for decades in many countries all over the world, including the U.S., but did not start truly catching on in the U.S. until the late 1990's. Since then, demand for Condo Hotel units has increased dramatically and so have their values.

WHY HAVE CONDOTELS BECOME SO POPULAR?

Condotels offer a very unique "investment" opportunity as well as a great second home/vacation home destination for you and your family.

Headache Free Investment - Most units are attached to hotel projects with a veteran property management team that take care of everything from maintenance to renting your unit.

Very low monthly cost - Monthly rental revenue generated from your unit can offset your monthly ownership costs or may even provide you with a positive cash flow.

Vacation Destination - Your condo hotel unit can be used as a great get away destination for you and your family. On average, most people stay in their units about two weeks a year. The amount of time that individual unit owners are allowed to occupy their units varies from complex to complex. This can range from two weeks a year to 6 months a year depending on the complex and local zoning ordinances.

Thanks for the info, sunrico. They seem a better alternative to time-share. Do you foresee these being built further north in Florida also?

sunny