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ORLANDO PROPERTY STOP PRESS!

Condos and Condo Hotels

While holiday homes (or vacation villas) continue to be highly popular buys in central Florida, the prices have gone up in the last year or so and people have started looking for alternatives to fully-fledged homes. The big new development that has really taken a quick hold in the past 12 months is that of Condos and the more novel Condo-Hotels. Typically, a condo is an owned apartment (not leased or rented), and they can come in units of two, four and, more usually these days, several hundred. They can be in high-rise blocks or two-storey terraces; they can be brand new or in older buildings. In Orlando (and other parts of Florida), they can also be in hotels.

These purpose-built 'condo-hotels,' which originated in the Miami area, have had a lot of publicity recently as there has been a big rush by developers to add some seriously large high-rise developments to the tourist scene, thus adding a whole new variety of holiday and property investment to an already busy scene. With a condo-hotel, the prospective owner buys a fully-furnished room (or series of rooms - typically, a condo-hotel will offer one, two and three-bedroom units) in the property, which can then go in to the hotel's regular rental programme and be rented out to individual holiday-makers in much the same way as they would book a normal hotel. However, the new breed of condo-hotels also command the highest price in property terms as they come with the most extensive range of facilities and services (as you would expect with a luxury hotel), hence they don't necessarily represent the best value for money (unless you are looking to buy and sell early to take advantage of the usual initial value growth burst, as many sell out in the pre-construction phase). Many of the big hotel chains - notably Starwood, Hilton and Four Seasons - now include condo-hotels in their property portfolios. More versatile than timeshare, less hassle than a vacation home, condo-hotels are definitely the big new property sensation.

A typical Orlando condo development

However, while the more traditional condos don't offer quite as much in the way of facilities, and many are conversions of existing apartments (rented units), they are highly valuable investment opportunities. Downtown Orlando has seen huge growth in condos in the last couple of years, but there are also several condo developments and conversions in the more tourist-orientated areas which are well worth keeping an eye out for. These latter are the ones we monitor most of all as they tend to be more small-scale and slightly better value and, in terms of location, are usually found away from the bigger developments. Two in particular have caught our eye in recent months, although we are still awaiting full sale details of the second (which is in an amazing location just off South International Drive).

What to look for in a condo: most condos come unfurnished but with a fully-equipped kitchen, and occasionally with some tempting 'extras' like TVs, washer-dryers and microwaves. The better properties will feature a gated entrance with a clubhouse and pool; some also offer jacuzzis, tennis courts, fitness centre, volleyball and other amenities. If you are buying from new, the developer should also have a furnishing package that they can offer (or various grades of package), to remove the time and worry of having to go furniture hunting yourself. In many respects, they are like mini resorts where each unit is owned and sometimes sub-let on a longer-term basis, but there is a genuine feeling of community, and a more sedate, refined pace (which is extremely valuable after a day at the theme parks!). Not all allow short-term rentals, but for the property investor in particular, they represent solid, long-term value, as well as avoiding many of the hassles associated with vacation villas (no arguments over pool heating, ground maintenance and entry codes). Like vacation villas, they still provide a home away from home on your holiday.

Just 5 minutes from Universal Orlando but beautifully tucked away in this more residential neighbourhood is what we believe to be one of the hidden gems of the current Condo mania. Grand Reserve is currently already half sold but represents terrific value for those looking either for a small-scale home in Orlando or somewhere to lease out (for a minimum of seven months at a time). This is not short-term holiday community where you can let out the units for a few weeks at a time but it is a genuine five-star property investment.

The Clubhouse 

Grand Reserve is also one of the smartest and most beautifully converted condo units in Metro Orlando, with a top local architect called in to oversee the transformation, using individual styling, lush landscaping and some fabulous internal decor and finishing. A gated community, it also boasts a large pool with extensive open decks, a covered, heated spa, tennis court, business centre, full gymnasium (fitness centre, aerobic area and tanning area), and a choice of one, two, three and four-bedroom units. The clubhouse offers its own meeting and gathering space, right down to the large-screen TV and home theatre system for films and big sports events.

The tennis court, community pool and other features

The condos themselves feature ceramic tiling, plush carpeting, a full array of light fittings and fixtures, crown mouldings, nine-foot ceilings and vaulted ceilings (in select properties), washer-dryers, microwaves and (in some cases) Roman bath-tubs. There is a choice of seven floor-plans (see diagrams) and you can see a full virtual video tour on their website, www.orlandocondohomes.com. The variety of furnishing packages are truly deluxe, and even the one-bed units are surprisingly spacious, with a light, airy feel fully in keeping with that open-air Florida ambience. It all adds up to one of the best condo developments currently on the market, in our opinion, and their marketing is backed up by the expertise of the Coldwell Banker Condo Store real estate brokerage. Developer the Capital Resources Corporation have an excellent recent track record, most notably Park North at Cheney Place in downtown Orlando and The Sanctuary at Imperial River in Bonita Springs (on the Gulf Coast, just north of Naples).

Typical furniture package inside a three-bed unit

Prices currently start as low as the $170,000s (for a one-bed condo; around £95,000 at today's exchange rate - a bargain by anyone's standards) up to the $300,000s (for the grand four-bed, two-bath unit), and all Brit's Guide readers are guaranteed personal service from the Grand Reserve sales team, who we know well as a highly professional and personable bunch. There is no high-pressure sales technique (unlike some of the timeshare and other property sales in the area) and they are happy just to show you around on spec (although reservations are recommended - just call 407 521 0072 for an appointment).

NB: This is a great investment opportunity in a unique part of Orlando, but please consult your professional financial advisor to make sure it is the right deal for you. We still see too many people dive in to the Florida property market without thinking it through fully. That said, we rate this development very highly indeed. For a look at the different floor plans, see this link - Floor Plans.

Brit's Guide partner the British Homes Group have a new offer for all Orlando holiday-makers who would like a glimpse of the Great Property Boom in Central Florida. They (and we) are well aware there is often a great deal of sales pressure brought to bear these days, most notably in the timeshare business, but also, sometimes, in home sales, and they have an alternative which we think is fresh and innovative (as well as a great way to have a mini-tour of the area for free!).

Basically, if you have any interest at all in seeing what the vacation home phenomenon is all about, they will pick you up from your hotel/resort/vacation home and take you for a personal look at some of the latest developments. There is NO big sales pitch, NO high-pressure 'you-must-buy-this-or-you're-an-idiot' approach; instead, BHG let their product do the talking for them, as they currently have some of the best new properties in the area to show you. Whether you are considering a condominium, a town home, a condo-hotel or a single family pool home, simply let them know your budget and they will customise a home tour to fit your criteria.

Typical standard single-family vacation homes

A tour around a typical Orlando show-home is also a grand and eye-opening experience, especially compared with the UK equivalent (Simon is very well qualified to judge both, as we bought a home here in 2004). Every new home you visit will be furnished impeccably as the home builders employ the top local interior designers to make it all look as inviting as possible; everything is laid out - from dining room tables to bedside tables - as if waiting for the new owners to move straight in, and you can be forgiven for thinking you have walked into a luxury mansion in some cases rather than a typical family home.

You will also be amazed at the amount of space which Florida builders design into every house and the main bedrooms in particular are almost unrecognisable by UK standards (all come with spacious, en suite bathrooms, walk-in closets and all light fittings). In fact, there is so much extra detail that security systems, garden sprinkler systems and fully-fitted kitchens (with built-in microwaves and dishwashers) are all par for the course. And, when you consider the overall quality of fixtures and fittings throughout every new home, the value for money in Florida property is quite staggering.

 Each show-home is magnificently furnished

The only thing your BHG representative will require of you in return for your home tour will be to answer some questions on what you do - and don't - like about the home(s) you see. This first-hand feedback is invaluable for their sales campaigns as it means they can fine-tune the product and make it even more appealing in the future.

Even if you are not quite ready to purchase a house, it is a brilliant way to spend an alternative few hours in the Sunshine State. After all, who can resist the chance for a good nose into a new show-home?! And, when they are this appealing (and we can vouch for the fact they are all set out to very high standards), it is doubly attractive.

We must warn you however, once you have seen what's in store - and how much home you can get for your money - it is going to be VERY tempting to take the plunge - just like thousands of other British families have. As ever, we would advise you to consult your professional financial advisor to make sure it is something you can afford.

 Larger, more executive-style homes are also available…..

If you DO decide to go ahead and join us in the property market here (even if just as an owner rather than a resident), please be aware that BHG offers a full ‘one-stop-shop’ experience for all your Florida home-buying needs and they have a great British team to be able to advise you on all the ins and outs of the purchase process. They can also help with up-to-the-minute mortgage advice. Whether you are considering a UK, a US or even a brand new Lloyds-TSB multi-currency mortgage they have the programme to best fit your needs.

Our top tip? Make sure you get comprehensive termite treatment and insurance for your home - the little *******s are a serious pest!!

For more details, look up BHG on their website - British Homes Group website - or email them at British Homes Group customer services or call them for free (from the UK) on 0800 096 5989. Their website also includes a lot of essential details on home-buying in Florida, including an Advisory Panel of insurance, tax, immigration and visa experts and a helpful glossary translating the vast array of differences between UK and US real estate terms. Make sure you read up in advance, and then just sign up for your tour and enjoy the show!

  Or you can go for the truly Deluxe touch!

PS: We had the MOST fun imaginable furnishing our Orlando home; it is so much easier and more enjoyable than shopping in the UK. Feel free to email us at britsguide@yahoo.com for our top furniture shopping tips, and we'll be delighted to let you in on another unique Florida experience!