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How
does owning a condotel (condo-hotel residence) differ
from owning a traditional vacation apartment or condo? |
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As
a condotel unit owner, you are privy to the opportunity
of using the hotel and resort amenities. At a normal condo
project or vacation apartment site, you have to find things
to do with your time and plan a vacation within your vacation.
In addition, there is no worry or hassle involved in condotel
investments. Housekeeping, maintenance and inspections
are handled by the management team at Quality Inn Heritage
Park. |
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How
do condo-hotels differ from timeshares? |
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Condotel
investments are not like buying a timeshare. You possess
whole-ownership in a Quality Inn Heritage Park unit. At
a timeshare vacation destination, you are a very small
owner with only a right to a use. When you own a Quality
Inn Heritage Park unit you are the only owner and receive
an actual deed to your property. |
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Who
is buying condotel investments? |
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Individuals
interested in worry-free investing. People examining the
condotel concept are also interested in an entity that
could appreciate in value and potentially pay for itself
in their portion of rental revenue. It is a vacation destination
and one of the best real estate investments. |
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Is
there any reason why a buyer should purchase a condotel
unit today rather than waiting for a few months or years? |
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First,
you should want to take advantage of the mortgage rates
available at this time. Second, the potential appreciation
could put condotels at Quality Inn Heritage Park at a
much higher rate of sale in the future that will increase
the cost of your unit. Future real estate development
may spur this as well. |
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What
are the future amenities coming to Quality Inn Heritage
Park? |
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August
2006 The VIP Owners Suite will open. This is a brand new
2-bedroom suite with a full kitchen, computer, printer
& living area. This unit will not be rented out. Will
only be used for unit owners. |
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What are the other Condo Hotels in the area selling for? |
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All other projects are selling for $130,000 and up. |
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How does the Lease Back program work? |
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The developer will sign a 3, 6, 9, 12, month lease with you and will pay your HOA fees and will send you a check for $600 each month. |
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What
are the plans for future condo development? |
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In
the near future there are plans for the development of
additional real estate projects in Florida that owners
of Quality Inn Heritage Park will have first opportunity
to purchase before being offered to the general public. |
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How
will the management decide which condotel to rent and
how often? |
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The
computer system automatically balances the room inventory
i.e. it will rent 101, 102, 103, etc. |
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How
do I reserve my unit or units? |
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Simply fill out the reservation for and mail it along with a $5,000 check to the escrow agent, Richard Bryan, Branch Manager at AmSouth Bank, 125 Wekiva Springs Road, Longwood, Florida 32779. The funds will be placed in an interest bearing account in your name. The Bank will send you a confirmation letter and a receipt for your deposit. Condotel documents will be mailed to you within three (3) days. Review, sign and return these documents within ten (10) days. Your deposit is fully refundable at anytime you decide this real estate investment opportunity is not for you. |
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What
is the expected closing date? |
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The
project is about 90% sold and should be completed by September.
Closings are taking place each day. If we sell out early,
we will create a list of back up buyers. With our experience
with the low pricing of these units we will have less
than 2% cancellations. |
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