Most investors pass on the idea of investing in a "Condo-Hotel" and with good reason! The are many restrictions that come with investing in a Condo-Hotel which may be to the buyer's disadvantage. Certain time restrictions, hotel program obligations amongst other rules make it difficult for the investor to capitalize on their investment. The entire idea of investing in a Condo-Hotel is to do away with the very complicated and restrictive nature a traditional condominium imposes on its owners.As a realtor specializing in investment properties, many of my clients are seeking properties that will offer a return-on-investment of 5% or more. Unfortunately, The current rental market values do not allow for a profit and in most scenarios the owner is loosing money! The expenses of ownership for the majority exceed the potential rental income.
With Europe and South America being the prime buyers in the South Florida market, I needed to find a project that would meet and even surpass my buyers expectations. I needed a project that was well priced in a great location and cost effective. If I could find such a investment property I was confidant my buyers would respond quickly.
Fortunately, I received an email advertisement promoting the remaining developers units for sale at the Mondrian in South Beach. What was once untouchable was now a great investment. The Mondrian Residences were completed in late 2008 with average price per square foot starting at $1000!!! To put that into perspective, a furnished one bedroom unit with balcony was selling in the $800,000 range. Today that same unit has sold in mid to $300's to high $500's depending of the floor.
The Mondrian in South Beach was now the perfect investment for my investor clients. The property offered an incredible location at a very attractive price. The Mondrian Residences are unique to any other property in South Beach in that price range. The Mondrian residences fall under the "Condominium" category but with NO RESTRICTIONS!!! A unit owner can occupy or rent the unit as they please with no restrictions. The Mondrian does have a hotel management program available to those whom wish to take advantage of it, as some owners wish to manage themselves or third party management.
The Morgans Group which is know worldwide for their exquisite 5 start hotels accommodations around the world, have been incorporated into the Mondrian and manage the day-to-day operations. What does this represent to Mondrian unit owners? Value! The high-end guest at the Mondrian pay top dollar to take advantage of the 5 start accommodations and amenities which include Asia Di Cuba a five start restaurant with a combination a cuban and asian cuisine, the 4000 Sqft Agua Spa designed by Marcel Wanders, outdoor pool and jacuzzi overlooking the bay, Start Island and the downtown miami skyline, and much much more.
I have sold several units over the past few months and my clients are extremely happy with their investments. My business partner and I manage a number of our clients units at the Mondrian for a minimal fee and needless to say that percent of return exceeds the 4% rate.
If you are interested in the Mondrian Residences or any other property please do not hesitate to contact me directly at 305.924.7798 or ashermia@gmail.com. You can also visit my websites www.celekt.com or www.mondriansouthbeach.co.
Asher Ouazanan - Realtor
The Real Estate Club
Direct 305.924.7798
ashermia@gmail.com
Happy to learn about the Mondrian estate development. The South Beach area is indeed flourished with high-profile properties and family condominiums. My Realtor Mr Mario Ojeda found a perfect one-bedroom condo at the right price and I am very satisfied with the outcome. I came to Miami a tourist but thanks to Mario now I am an official resident here.
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