Are Hotel-Condo Projects A Big Gamble? ...continued
...continued...
These condo units will be expensive to maintain and this will be on top of all the mortgage and interest payments that buyers will have to pay for buying these units.
Many buyers expect these units rental values will allow them to recoup their mortgage and monthly maintenance fees. And that the units will appreciate in value and that they will be able to recoup their investments in a few years time. But it is not really clear when they will be able to do so as hotels rates are still not at levels which will allow these ultra luxury units to be rented at levels which will allow their buyers to recoup atleast part of their monthly mortgage and condo fees.
The success or failure of hotel condo projects depends on a lot of factors. So, it is a wait and watch situation for the hotel-condo projects in Chicago.
These condo units will be expensive to maintain and this will be on top of all the mortgage and interest payments that buyers will have to pay for buying these units.
Many buyers expect these units rental values will allow them to recoup their mortgage and monthly maintenance fees. And that the units will appreciate in value and that they will be able to recoup their investments in a few years time. But it is not really clear when they will be able to do so as hotels rates are still not at levels which will allow these ultra luxury units to be rented at levels which will allow their buyers to recoup atleast part of their monthly mortgage and condo fees.
The success or failure of hotel condo projects depends on a lot of factors. So, it is a wait and watch situation for the hotel-condo projects in Chicago.
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