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Investment Condos or the Florida
Real Estate Market in general - Call 727-399-1347
Jan 2008- Clearwater Beach Update - From 2002 to 2005 it was a hot condo market in
Pinellas County Florida. Many investment condos were flipped only months after being
purchased many for 35 to 50% gains. In late 2005 the frenzy stopped and many were caught
holding units that remained on the market without buyer interest. It remains a buyers
market. Prices have fallen and may soon stabilize.
Sept 2007- Financing has been secured and Hyatt Corporation will manage the 4 star resort
condominium complex. Foundation construction has been completed and the tenative opening
date is targeted for December 2009.
Feb 2007 -Upon signing a purchase contract, prospective buyers will be required to make a
non-refundable deposit of 15% for their unit. An additional deposit of 10% will be due
upon commencement of construction. These fully furnished residences will be located within
a four-star resort managed by Hyatt Resorts with resort style amenities and services. Each
unit will have data/telecommunication/entertainment technology, including flat screen
televisions, high speed internet access, WIFI access, cable television, in-room PPV movie
systems, door access control systems and fully integrated telephone system.
As required by the City, the condominium units will be licensed as a “public lodging
establishment” and have a zoning classification of “hotel” or “resort
condominium.” Due to zoning classifications, unit owners may have certain
restrictions on use, including occupancy limited to stays of thirty (30) consecutive days
or less, and unit owners may not use their units as primary or permanent residences.
What is a resort condominium?
“A resort condominium is a condominium unit owned in fee simple that is located
within a resort property."
What is the difference between a hotel and a resort condominium?
“The typical distinction between a traditional hotel and a resort condominium is
two-fold.”
First, the resort rooms that are available to stay in and rent at a hotel are owned by the
hotel operator, while the rooms available at a resort condominium are owned in fee simple
by individual owners. Secondly, owners of a resort condominium are free to use their
condominium units at their own leisure or, alternatively, place their unit into an
organized hotel rental program.
What resort services are available to the owners?
“All resort services will be available to you for your use and enjoyment.”
Resort services will include: Room service - Maid service - Resort concierge -
Covered valet parking
What are the amenities of the Resort and Residences?
Owners will have every imaginable amenity typical of a Hyatt four-star resort including:
Two resort-style pools - A signature Hyatt restaurant - Poolside bar and
grill
A premier fitness facility with cardio vascular and weight equipment - Beach
concession area with towel and beverage service-
A professional Spa with treatment rooms & massage services - Exclusive
membership in the White Orchid Beach Club -
Meeting rooms, ballroom and business center - Secured parking area for unit Owners -
Private poolside cabanas with A/C, cable television, lounge chairs & bathrooms
Does each resort condominium unit have a view of the Gulf?
All 250 resort condominium units will have direct and elevated views of the beach and
Gulf.
What is the “White Orchid Beach Club”?
“The White Orchid Beach Club is an exclusive owner’s beach club that gives
members access to the private beach club facilities and amenities.” Specifically,
members will have access to the magnificent private club room which may include:
Bar & lounge - Locker room - Business center - Game tables - Media area
In addition, the Club will also provide beach level towel service and storage facilities.
What are the benefits of owning a resort condominium?
Location “The resort condominium will afford its owners with the opportunity to
own a vacation or second home located on a premier Florida beach destination with
four-star resort services and amenities.”
Maintenance - “The resort staff will take care of all aspects of your unit’s
maintenance needs.”
Rental Management Program - “As an owner of a resort condominium, you may have the
opportunity to place your unit in the Rental Management Program, thereby allowing your
unit to be marketed and rented by Hyatt Resorts when you are not in residence.”
Who will operate the resort?
“Hyatt Resorts, one of the most prestigious hotel and resort operators in the
world.”
Hyatt operates and maintains more than 213 hotels and luxury resorts in forty-three
countries.
Is a resort condominium a “timeshare”? “No.”
The owner of a resort condominium has the same traditional ownership rights that any
condominium owner is granted by the state of Florida, including voting privileges and
membership in a condominium association.
Is a resort condominium a “fractional ownership” property? “No.”
Owners of resort condominium have complete ownership of all real property aspects of their
units.
Can an owner allow family and friends to use the owner’s unit? “Yes.”
Owners may allow family members, friends or other designated guests to use their unit
during any time periods that the owner is entitled to use their unit. However, occupancy
of the unit by family and individual guests of the owner will count against the
owner’s annual usage limitations and may be subject to certain administrative fees.
What are the expenses of owning a resort condominium?
“Expenses for a resort condominium are described in complete detail in the
Condominium Prospectus and HUD Property Report.” Expenses will include traditional
condominium assessments, as well as resort expenses and typical fees for resort services,
such as, room service, spa treatments, housekeeping, on-site dining, and valet &
concierge services.
Are the units sold furnished or unfurnished? “All units will be sold furnished.”
Furniture, fixtures and equipment will be selected and coordinated by the interior
designer of the Developer. Purchasers will not have the option of buying a unit
unfurnished.
How are the resort condominiums furnished?
“The Resort and Residences has engaged a leading interior designer to select and
coordinate all furnishings and fixtures for each unit.” Upon the opening of the
resort, all units will be “live-in” ready. Based on each individual floor plan
and subject to vary, the furnishings will include seating arrangements with a couch and/or
chairs, granite kitchen & bath countertops, tile floors & carpet, dining table
with chairs, granite bar countertops with bar stools, balcony furniture, artwork,
silverware, linens, plates, towels and similar items. In addition, each unit will have
data/telecommunication/entertainment technology, including flat screen televisions, high
speed internet access, WIFI access, cable television, in-room PPV movie systems, door
access control systems and fully integrated telephone system.
Can an owner finance the purchase of a resort condominium? “Yes.”
Purchasers are free to finance the purchase of their units through their own lenders. Each
lender’s decision to make the loan will be based on the creditworthiness of the
individual purchaser, value of the unit being purchased, and other criteria established by
the lender.
When is the scheduled opening of the resort? “The tentative opening date for the
resort is September 2007.”
However, this date is subject to change.
When can an owner begin using their unit?
“Owners will be able to stay in their units upon the Grand Opening of the resort by
Hyatt.”
What is Beach by Design?
“Beach by Design is a comprehensive development plan adopted by the City with the
intent of revitalizing and redeveloping the majority of the south beach by implementing a
redesigned systems of roads, public parking, landscaping, public attractions, walking
promenades, street-level shopping and four-star hotel and resort developments.”
What is “Beachwalk”? Beachwalk is planned to be approximately ½ mile in length
and contain a walking promenade, retail shops, new landscaping, new streetscape features
and public attractions.
How will Beachwalk enhance Aqualea Resort and Residences?
“Aqualea Resort and Residences was designed to be the central focus of Beachwalk, and
as such construction of Beachwalk will coincide with construction of Aqualea Resort and
Residences.”
Upon completion of Beachwalk, a walking promenade will be inserted with lush
landscaping and walking shops and cafés will be setup. Beachwalk, The Resorts and
Residences and other hotel developments will transform the Beach into an upscale beach
resort destination. Construction has begun with Phases I & II scheduled to be
completed by August of 2007.”
Will The Resort and Residences offer a rental program? “Yes.”
Every purchaser will have the opportunity to place their unit in a rental management
arrangement.
Purchase contracts for the
units Began in October of 2005.
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