Hudson County Condo-Hotel Living Options

Hoboken Condo-Hotels - A New Concept in Residential Living

Heard of the new concept of condo-hotel living in Hoboken, Hudson County and the Hudson River area, but not really familiar with what it means? You’ve come to the right place to learn more about this popular trend. As your expert Hudson County team of realtors, we are ready to guide you and explain every step of the process.

The Hudson County Hotel-Condo Residence Option

To simplify, hotels which build and consist of condo units sell these units to buyers wishing to live in a lavish residential suite at a first-rate resort. The buyer can live in the unit or place it into an organized rental program, which allows them to generate income while they are not occupying the Hudson County condo.

Hudson County hotel-condo residents can use this option as a primary residence or as a vacation or second-home retreat. When the owners are residing in the condo they benefit from the hotel’s amenities, such as spa services, concierge, pools, fitness facilities and more. When located in a prosperous area like Hudson County, Hoboken or Hudson River, a hotel-condo has the possibility of generating plenty of rental dollars for part-time residents.

Who Else is Involved in the Process?

There is typically a rental program management company, which handles the marketing of your unit, as well as the reservations. This company provides the service normally for a share in the revenue generated by the unit. Characteristic amenities like housekeeping, concierge, valet and food and beverage are also handled by the management company.

These hotel-condo units were previously found in resort cities and seasonal areas, but are becoming more popular in urban locations like Hudson County. Potential residents may find the idea of living at the Ritz-Carlton, Hilton, Four Seasons, Bulgari and Regent International Hotels appealing. As the trend continues, more upscale hotel chains may offer this option.

What to Look for When Reading the Fine Print

However ideal the situation seems, potential buyers need to explore all the pros and cons before purchasing. Hudson County buyers should read all documents to see what they are investing in. Hotel-condo residents need to know that they will not have as much feedback into the decisions of how the condo community is managed and handled. The residents are often stuck with the hotel management team, whether they agree with their management style or not.

If you explore all the options and decide this is the choice for you, there are some things you should look for on the agreement, which include:

• If you ever sell, what happens to your contract?
• What is the percentage the management company will receive?
• What is the percentage the unit owner will receive?
• What are the deductions that will be taken before each party gets paid?
• Who is responsible for taxes, insurance, debt service, etc…?
• What are the maintenance and management fees and what they cover?
• Is the Rental Management Program voluntary or do you have to use their services?
• What are the occupancy restrictions for the owner of the unit?
• Who is responsible for operating expenditures (housekeeping, administrative)?

When the Choice is Made

No matter what you decide, if you fully explore all the pros and cons of Hudson County hotel-condo living, then you will make the best decision to match your needs.As your real estate professionals, our team of Hudson County Realtors are ready to assist you in the entire process. Contact us today to start exploring this condo-hotel home buying option.