Is a condo hotel in Orlando, Florida a good investment?
I really want to get onto the property ladder and I found a condo hotel that looks very promising.
This actual Condo hotel that I am looking at is in pre-construction and will be finished in 2010. The development is expected to cost $850 million with a Broadway theater, spa, conference halls, restaurants and lots more
My unit that has been offered to me is in the high $300’s and I would have to pay 10% of that by the end of this year and then another 10% at the start of next year. Then I would have to pay the rest (80%) when the construction is finished in 2010.
I was told that the condos will be going up in price in two weeks as the condos are selling out fast. So hopefully I could sell the condo hotel 2010 if it went up quite high for a good profit?
It is a little over my budget but if I work very hard I could afford it. I was just wondering if a condo hotel in Orlando, Florida is a good investment as there are so many hotels in Orlando I am not sure.
This condo hotel is is situated less than one mile from the entrance to Universal Studios, Orlando and only one-and-half miles from the brand new Orlando/Orange County Convention Center.
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Tags: Hotel In Orlando, Hotels In Orlando, Restaurants
sell property | , 9 Nov 09
By FloridaE46, November 12, 2009 @ 3:37 am
Yes its a good investment especially with the housing market right now. But it also depends on where it is located, there are many nice parts of orlando but also many bad parts, as well as the nice parts being right next to the bad parts (metro west for example).. I work in downtown orlando and the condo market is going crazy here, there is so much new developement. If it is in downtown orlando i would say go for it. With a new arena for the magic hopefully being built that will boost prices
By sweetblueyes, November 14, 2009 @ 8:20 am
be careful. Orlando is such a tourist trap. and it all depends on location. the price might be a bit high for certain areas, and a great deal in others.
yes, its a good investment, but you must look at the market and economy of the area first,and the LOCATION!!
orlando’s population quadruples at certain times of the year and plummits others. so there will be some large profit and loss.
if you are willing to take that kind of risk, go for it.
if you cant afford it, i would suggest looking into another one you can afford. its not worth the loss and headache if something goes wrong.
By mbrcatz17, November 15, 2009 @ 8:48 pm
Don’t hold your breath. I expect the Florida real estate market to crash like a stone within the next year – then you can likely buy that condo for $100,000.
The PROBLEM is, the insurance. Flood insurance for large commercial buildings is effectively non-existant, as is wind coverage. The only place you’ll get fire coverage, or unit coverage, is through Citizens. NO ONE is writing Florida property insurance. The ones that are, have doubled their rates over the past two years, and they’ll be doubled again next year, AND the following year. Citizens, the #1 property insurer, took on average 9-12 MONTHS to pay out on claims the last big hurricane that came through – they are WOEFULLY underfunded.
I think now isn’t the time to buy ANY real estate in Florida. Don’t take the builder’s word for it. Think about it, he NEEDS to sell, he’ll tell you anything you want to hear.
If you can’t afford to have the value of your unit drop in half, don’t buy it. If you can’t afford HORRENDOUS insurance rates, don’t buy it. Don’t tell me, “the association pays the insurance” because 1. Where do they get their MONEY? YOUR FEES. ONe way or another, you’ll pay. And 2. The building isn’t going to have full flood or wind coverage – ie, no hurricane coverage, as no one is writing it right now.
Odds are, the building didn’t START OUT as a condo, but the builder is grasping at straws to turn the risk over to other people, and this is the best way for HIM to do it.
By Mustbe, November 17, 2009 @ 8:40 am
Yes go for it
By Tracy B, November 20, 2009 @ 1:00 pm
Yes, it’s a good investment, but again I would be careful. I’ve heard of scams where the company doesn’t always finish the construction, and then everyone that’s invested money into the project were just out their money. Make sure you investigate everything completely before you sign anything.
By Donald C, November 22, 2009 @ 12:09 pm
I’d take a pass. There is a huge glut of unsold property on the market and Florida presently has one of the highest foreclosure rates in the country. With interest rates rising, this will further negatively impact the market. Put that pen back in your pocket and don’t write the check!!