Not Your Father's Second Home
Not your Father's 2nd Home...
"Welcome home Mr. Waun" said John, our doorman, as he directed
Susan at the desk "Mr.& Mrs. Waun are some of our Inn owners" as
we check into our second home.
As owners of a condo hotel, we enjoy our cottage/condo and all
the luxury amenities of a 4-Star Lake Michigan resort hotel
without any of the hassles of ownership, or rental. In fact,
because of the rental income, we were able to buy a third
home/condo hotel unit in Miami for the winter months too.
"We use our condo when we want, and the professional hotel
management rents it out when we are not in residence. Every
maintenance issue is handled, and the all utilities bills are
all included in our monthly condo dues. Best of all we are get
checks (based on room occupancy) to offset our mortgage and tax
expenses" says Nick Wuest about his condo hotel ownership
experience.
Condo hotel is just one of several new forms of second home
ownership that are beginning to catch on with second home
buyers. Could it be the Monopoly phenomenon? In the board game
Monopoly, to win you trade all your houses in to get a hotel.
Wealthy families have always owned hotels and resided in the
luxurious lifestyle they provide. In the early 80's and 90's
"condo-tels" as they were known, enjoyed popularity largely due
to the tax benefits they offered investors. When the tax
benefits went away many projects were scrapped and the trend
died out. Today, Baby Boomers in search of second home
alternatives are again 'recreating' this trend, and today's
condo hotel is much more upscale than yesterday's investor
version.
"The 21st century version of a condo hotel is an upscale 3-5
star hotel in the best second home locations with world class
amenities and luxury" says Tom Balames of Vacation Finance "our
buyers are the well-healed who could afford a traditional condo
but prefer to have a hassle-free vacation home experience, condo
hotel is perfect."
The first phase of condo hotel projects sprouted in Miami and
South Florida, but today projects are being announced in almost
every key second home destination, Orlando, Vegas, Chicago, New
York, San Diego, Sausalito, Scottsdale, San Antonio, even South
Bend have condo hotels. The best part is with condo hotel, you
don't have to select just one place, buy two - hotel
reservations will help you afford your second home(s).