Wednesday, September 13, 2023
Friday, January 20, 2023
Four story commercial property in downtown Hannover
Sunday, December 11, 2022
"Today is the Day, Club Wyndham!" Why Timeshares, Fractional Vacation Home Ownerships and Condotels are a Bad Deal
It's the maintenance fees, Stupid!
Constant problems with condotel investments include 1) high maintenance fees, many more than $10 per square foot per year, 2) having to share 35 to 50% of revenue with management without any guarantee of occupancy, 3) having to compete for occupancy with other owners, 4) having to frequently buy new furniture packages to comply with the hotel franchise rules, 5) HOA dues, 6) housekeeping fees, 7) special assessments, and 8) elevated insurance costs. On top of that, this is an investment type that rarely experiences capital appreciation. If capital appreciation was reasonably expected, the developer would never have wanted to sell units prematurely, right?
Twice when I stayed in Manhattan, for instance, the unit was not ready on time, even if I arrived at 8:30 pm, and then I would be handed off to a high-pressure salesperson trying to convince me to buy more points or I would never be able to stay in New York City again.
There were also the mandatory Information Breakfast Meetings I was supposedly required to attend during every stay at any Club Wyndham property. The first time, in Hawaii in 2007, I showed up and was denied admission because I did not bring identification, which was fine with me. They must have thought I was a cheap tourist attempting to steal their orange juice and plastic-wrapped muffins.
Friday, December 24, 2021
This was a litigation situation in Panama in which 3 different Panamanian appraisers had already appraised a group of agrarian properties which were near each other, with the highest appraised value more than 5 times the lowest appraised value. I was asked to make an independent appraisal.
Two appraisals had been done for the respective litigants, and one had been done by the Panamanian government. One of the litigant’s appraisals and the government appraisal quickly became suspect when it became obvious that these appraisers had not visited the properties. One property was actually a revenue-producing rice farm, and another was a residential property, but two of the three appraisers did not know this, casting doubt upon their inspections of the properties. If they had just consulted Google Earth, they would have seen the rice cultivation and the residence.
My appraised value came in second highest because I was only one of the two appraisers to notice a rice farm instead of a vacant agricultural parcel. I elected to use local comps (from the same “corregimiento” which translates as “township”) rather than use superior locations outside of town.
Wednesday, November 10, 2021
A recent marital dissolution trial had me establishing value for proposed luxury lodges near the beach in Puntarenas, Costa Rica, in the Santa Teresa area where famous rich people have also been recently seen vacationing or buying houses, such as Tom and Giselle Brady, Mel Gibson and Matt Damon and family. These types of properties consist of several luxury villas on site renting at $400 or $500 each night, and development restrictions in Costa Rica make these types of properties easier to develop.
Thursday, October 21, 2021
Thursday, June 3, 2021
Where do U.S. retirees really emigrate to? It’s not what international real estate purveyors would have you believe.
Harrison Hot Springs, British Columbia. Canada is the preferred destination of U.S. retirees.
Tuesday, February 23, 2021
The subject is a 14-story office tower in Seoul, built in 2006, with a height of 182 feet. Gross building area is 70,310 square feet (6532.81 square meters), covering most of the site.
Saturday, March 28, 2020
The remaining 15% is leasehold land known as “concession properties”. Concession properties are considered desirable because they are at the beachfront, where titled land is not available.
Wednesday, November 20, 2019
Another Misleading Rental Property Offering From Global Investments Incorporated Through Mondinion (Global Investments)
These groups have the habit of marketing their properties as rented, but the photos they show are of empty properties. If they do have a tenant waiting, why would a tenant wait when there are other vacant homes ready to move into?
Update Dec. 5, 2019:
A list published on AOL today indicated that the 6 fastest depopulating U.S. cities, in absolute numbers, are:
2. Los Angeles
4. St. Louis