The Trump Sonesta is no longer the “Sonesta”
Sonesta moved out in APR 08 and now it’s managed by a rookie company which belongs to a powerful worldwide network Leading Hotels of the World. Based on the weak dollar, tourism is at a record high so even without Sonesta, they have done a fantastic job in their first year. However, I believe the name sells itself. Unit #1102 is in the final 30-40 days of short sale progress. The appraisal has been done and my calculations show it to be worth around $235 to $250,000 based on 2008 closed sales. This #1102 Trump Resort Jr. Suite (667 Sq Ft) faces West over the new school and Bay with very pretty sunset views.
There are 2 offers on the table and the buyer’s have been surprisingly patient on this slow approval process. It should be a slam dunk approval as the sellers total debt is slightly above asking price. The original asking price (with another agent) was above $300k and the seller has chased down the Sunny Isles Beach real estate
market to meet my pricing suggestions (Disclosure: this is my listing). It will soon sell within (or above) the price point disclosed
and I would be happy to receive additional offers for the seller & bank after answering ALL questions…
The hotel administration system is complex. Here is information based on my knowledge. I would suggest checking with management also to confirm if this is right on track and 100% accurate.
Option #1- owner chooses to rent out on own. No services offered other than pool. If you or your guests want towel service, beach service, fitness center privileges or any services it is an additional 35 dollars per day per person. They make it most attractive to place your property with them to avoid these fees.
Option #2- 70/30 split. 70% goes to the hotel and the owner may use up to 6 months per year.
Option #3- 60/40 split- 60% to the hotel and the owner may use certain weeks per year.
Option #4- 50/50 split- (most common) 3 weeks per year including 1 week as holiday rental (ie. Christmas)
There are other hidden
miscellaneous fees such as the Trump name usage, travel agency fees, corporate/group discount fees, which add to another 12% approximately. What is most important is your net and you will soon find no one will quote you on this as it can change at any time based on season, events,
Trump Beach Resort Pool
holidays, acts of God (ie. Tropical Storm FAY). 2008 Income for 3 MO INCOME on #1102 show $2,147 – $1,172 – $1,883 (Averages $20,808 Year End NET). My understanding is a 70% occupancy for 2007 with the number estimated higher this year based on the weak dollar. Sunny Isles Beach is rated as Americas top emerging travel destination by TripAdvisor and we are seeing a great demand pent up for purchasing in this price point. When priced at today’s market value such as #1102, I do not see the Trump International Beach Resort prices dropping any more than 10% below where they are today. If you’d like to receive new blog postings & updates once available, you can easily be notified by RSS feed (see upper left column) or by email every time a new posting occurs. Have a productive day and call any time toll free 1.888.383.7326.