Snowbirds Flocking To Florida Condo HotelsPosted: January 24, 2015
Snowbirds who travel from the East Coast, New England, Midwest and Canada for a couple months every winter to Florida know that peak season rentals are getting more expensive every year. Anything nice near the ocean is going to run a couple thousand per week and much higher.
Condo Hotels a Better Idea
Many people who are looking for a combination of rental income and a vacation home that offers first class services in a spectacular location prefer a condo hotel over a traditional condominium. And some of the best condo hotels in the world are in South Florida.
If you are a snowbird looking for a nice place to stay in the Sunshine State for a few months each winter, a Florida condo hotel might be the perfect solution. Owners have a first class hotel suite to live when they come to Florida which they can easily rent through the hotel the rest of the year. The rental income frequently covers most or all of the owner’s condo expenses such as HOA, maintenance and property taxes, often also providing a good annual profit for the owner. Of course, you can sell your condo hotel unit at any time just like any other condo and enjoy whatever appreciation may have occurred.
There are several first class condo hotels in Fort Lauderdale including the Ritz Carlton, W Fort Lauderdale, The Atlantic and The Ocean. Our favorite is the Hilton on the Fort Lauderdale Beach. It is highly rated with occupancy rates near 90 percent. The current rate for a standard room is $379 per night, if you can even find a room this time of year.
Prices for a deluxe unit at the Fort Lauderdale Hilton were over $400,000 during the condo boom but, like everything else real estate, went down during the condo crash. Prices are now going back up but still good. Several private owner resales are currently available starting at $262,000.