The Blue: Luxury living taking root next to Doral's Blue Monster
By William K. Wolfrum,
The condotel business continues to grow unabated in Florida, and business appears to be getting better and more luxurious with these luxury golf vacation residences.
"The concept of hotel condominium originated in the South American and European markets. It is now enjoying great success in key American markets such as South Florida," said Kevin Wright, a licensed mortgage broker and realtor with EXIT Ocean Realty, Inc. "Florida leads the nation in the creation of hotel condominiums."
"Out of all the other resort condos in Florida, we felt that that resort really exemplified what we wanted to represent," said Wright.
Construction began at The Blue in the spring, and it is closing in on 50 percent sold out, said Wright. The Blue is being designed as a series of 15 grand old Floridian style mansion, and is the only property to be built adjacent to the legendary Blue Monster golf course at the Doral Resort & Spa, and will be situated along the 12th and 13th fairways."Each suite will face the legendary golf course that every true golfer around the world knows intimately," said Wright.
The Blue Monster, the course from which The Blue gets its name, is home to the PGA Tour's Ford Championship at Doral, and has hosted the event for the past 40 years. The Blue will also offer a world-renowned golf school as residents will be able to take full advantage of Doral's five championship courses, as well as have the opportunity to attend tour events at the course.
The buildings will consist of 240 units ranging in size from 705 square feet to more than 2,070 square feet. Pricing begins from $564,900.00 to $680,000 all the way to $1.5 million for a large three-bedroom unit that comes with 3.5 bathrooms.
Owners will have the option of allowing their unit to be placed in a rental management program when they are not using it themselves. When their home is not in use, a resort hotel condominium could generate hotel income.
"We think that a lot of the purchasers do it mostly for the golf, in addition they like the aspect of the revenue they would get for renting these properties out," said Wright. "But then there is also the opportunity to get that return on your investment. Generally speaking the net revenue, after expenses, generated from the rental of an owner's suite is paid directly to the owner by the hotel management company."
The Blue will be managed by an experienced hotel management company that will This manages the hotel's reservation and rental program, as well as other responsibilities including maintaining the property.
Owners at The Blue have full use of the hotel services and amenities including, maid service, dry cleaning service, valet parking, pool, spa, concierge, business center, health/fitness center, fine dining, tennis, and most importantly golf.
"Resort hotel condominiums are at the high-end, luxury segment of the market. All amenities are presented in an upscale, luxurious manner," said Wright.
Typical finishes at this luxury resort include contemporary guestroom and suite furniture, luxury bedding, marble and granite baths, and technological perks, including flat screen TVs, DVD and CD players and wireless Internet access.
October 25, 2006
Any opinions expressed above are those of the writer and do not necessarily represent the views of the management. The information in this story was accurate at the time of publication. All contact information, directions and prices should be confirmed directly with the golf course or resort before making reservations and/or travel plans.