Inman Real Estate News - Condotels: The next big thing... -
[Cached Version]
Published on: 9/23/2004
Last Visited: 9/23/2004
Denise Assersohn, a real estate agent with Orlando Homes Worldwide Inc., said she has begun to specialize in condotel sales.The market "has been a little short on the number of resale houses, and prices have gone up so much on resales.Condos are looking like better deals for buyers," she said, and there has been a particular surge in condotel projects.
Assersohn said that two major condotel projects are already under construction in the Orlando area."We've got several developers that are putting them up," she said."It's like a whole new wave of buildings that are coming up -- it's not something that we've typically seen in the past. (These projects) are all typically looking like a hotel resort, with all the features of a hotel."
Some of the condotels are very near the convention center in the area, which can be key to good year-round occupancy numbers, she said.
Units can sell for as $135,000 to $400,000 or more, she said, and the square footage can range from 700 square feet to 2,000 square feet or more."They're all furnished and equipped," she said, which makes it convenient for out-of-area owners, she said.