Condo-Hotel Rental Potential is Very Appealing to Buyers

July 18, 2012

These aren’t the only reasons people are flocking to South Florida these days to purchase their third or fourth home though, they also like the fact that in many cases they can rent their vacation home when they aren’t here.

Many Miami buyers  are from Europe and South America and find this prospect very appealing. You might as well make money off of your property while you can. It seems that sales in the ultra-luxury condo-hotel area of real estate have been strong this year. One example is Penthouse B at The Setai, which sold for $15 million last month. This unit should be easy to maintain and is ideal for renting.

The rental units go fast in The Setai. Most of the units are rented by September for the season. Apartments go from $10,000 per month for a two-bedroom to as much as $20,000 per month for larger units. The price range for purchasing condos at The Setai has gone down recently, making them even more appealing to buyers.

Source: The Real Deal