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Vacation Variations
Maryann Hammers
05/03/2004
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Most prevalent in ski resorts,
condo-hotels are also becoming increasingly popular in metropolitan areas and in
Florida; moreover, they are springing up nationwide, from Lake Las Vegas, Nev.,
to New York. “South Florida is experiencing a tremendous boom in condo-hotels.
All the major luxury hotel brands—Ritz-Carlton, Four Seasons, Mandarin Oriental,
Fontainebleau—are playing in this space,” says Ron Molko, a principal of South
Beach Resort Development, which is developing the Regent South Beach in Miami.
“The concept is also very popular in Colorado, with properties in all the major
cities. Manhattan is also seeing growth in this sector.” As with any real
estate transaction, prices vary according to location, size, construction cost
and quality, but tend to come in somewhat higher a square foot than freestanding
homes in very popular areas. “These properties typically fetch a premium price,
since they are located in the most desirable locations and blend the best
aspects of a traditional second home and luxury resort,” notes Ogilvy. “A mature
resort will fetch a higher price, as opposed to one that is in its infancy. In
Vail or Whistler you might be looking at a $400,000 to $500,000 starting range,
whereas at an up-and-coming destination, you have the opportunity to get in
early and be part of the evolution while prices are relatively
affordable.” (Click chart to enlarge)
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