Florida Resort Condos for Snowbirds, Beach Lovers & Disney World FansPosted: October 22, 2019
As monthly winter hotel and condo rental rates in Florida soar past $10,000 and $15,000 and even higher, many snowbirds are opting for a new breed of condo development that they own and can use whenever they wish, but are easy to rent to vacationers when they go back home.
The condo-resort-hotel concept is surging in vacation towns such as Miami Beach, Orlando and Las Vegas that offers the advantages of traditional condo ownership but adds the opportunity for substantial rental income when the owners are gone. Although many people are unfamiliar with the concept, it is common in resort areas including the Ritz-Carlton, MGM Grand and Trump Hotels. Many of today’s top luxury brands now offer full or part-time residences with the option of a rental program.
For many people looking for a vacation condo, a Florida condo hotel located at the ocean or near the Orlando amusement parks is a better fit than a traditional condo. The idea is that owners can use it as much or as little as they want and rent it to other vacationers when they are gone, and the rental income will usually cover maintenance fees and property taxes plus frequently turn a profit. With almost 100 million annual visitors from all over the world, Florida has seen a number of new resort condos from some of the world’s top hotel brands. In Fort Lauderdale and Miami Beach, several resort condo projects on the ocean are under construction or recently completed including Four Seasons, SLS Hotels and Conrad Hilton. Prices start around $500,000 but go up to about $3,000,000 for Four Seasons.
According to a study from GoBankingRates, one of the best towns to buy an investment-vacation home is Kissimmee, Florida near Disney World. On average, a vacation rental property in Kissimmee will pay for itself in approximately 11 years. The Grove Resort near Disney World recently opened featuring two and three bedrooms, fully furnished, onsite water park with a winding lazy river, surf simulator and water slides, three swimming pools, spa, fitness center, restaurant and two bars on 106-acre Lake Austin. Prices range from the upper $300s to the $400s. Occupancy rates have been running about 80% – an amazing level for a new condo resort.
The choice of a traditional or condo hotel usually depends on how the owner plans to use it. Many real estate agents say that a condo designed to maximize for easy rentals to vacationers, in addition to possible tax advantages and appreciation, often makes more sense than a traditional condo. A vacation condo that generates good income, is professionally managed and associated with Florida’s top brands and developers also eliminates many of the hassles involved with the maintenance and security worries of a traditional condo.
Visit TopTenRealEstateDeals.com for a look at more of Florida’s best condo hotels.