Market Insights: Why buyers like condos with a 24/7 front desk
The statement above might surprise you if you have never owned a condo in a ski resort community before. It is possible you could be thinking, “Really, who cares when the front desk is open.” The owner cares. That’s who.
There are at least nine reasons why 24/7 front desks are important and only one reason why they are not (this negative is easy to overcome). The positives:
1. These are the highest-quality properties in the market.
2. Usually these properties have much higher gross rental income as compared with other condos.
3. Almost always, the management companies that run these properties are extremely professional; often, they are major corporations.
4. Slam-dunk easy to own. You get a check in the mail each month with your income.
5. Ownership is really a ‘no brainer,’ especially if you have a contract with the on-site management company. They take care of all the maintenance, cleaning, booking, etc., for you.
6. Top-of-the-line facilities. Heated pools, fitness centers, hot tubs, folded towels… all go hand-in-hand with 24/7 front desks.
7. Great locations. 99.5 percent of the time these buildings are in the best location.
8. Lowest prices in five or six years. See the examples below.
9. I have been told by my accountant that visiting your condo, if you follow the rules, can be a tax write off.
And, as I mentioned, there is one downside. It is harder to borrow money against a condo in buildings that are known in the industry as a ‘condo hotel.’ The solution is simple. Most regional banks with offices in Summit County are happy to provide loans on these properties.
An example of one of these properties is Mountain Thunder Lodge (MTL) in Breckenridge. Ski right to your condo and then make the easy walk to the gondola or get a lift from any Breckenridge base-area shuttle bus. At the end of the day, stroll to Main Street for dinner. The location provides ‘the best of both worlds.’
Prices you ask? MTL #1407 is a huge one-bedroom with vaulted ceilings priced at $419,000. MTL #1101 is a superb two-bedroom for $599,000. Both of these condos are in immaculate condition and have views.
Daniel Webster Johnson is a Broker Associate at Resort Brokers Real Estate in Breckenridge. He can be reached at (970) 393-3300 and Daniel@YourMountainBroker.com.
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