The over-supply of hotel condo suites could prove to be a big deal for baby boomers.
As another auction of a hotel condo suites takes place, one property specialist says now is the best time to snap up these luxury units.
Speaking to CREW, Carl Langschmidt, president of Condos.ca, says there is now little difference between hotel condo suites and other premium units.
“Last year, you could get a unit in the Ritz Carlton for $696 per sq. ft. With so much stock on the resale market, there is a huge opportunity now to downsize to a high-end property,” he says.
At the end of the month, the owner of a unit in the Four Seasons will put his property up for auction. He bought the property for $11m, according to Langschmidt.
According to condos.ca, it will take 18 months to sell all of such luxury units currently available on the MLS system. As of May 2013, there were 27 units for sale in the Four Season after only eight were sold in 2013. There were also eight sold in the Ritz Carlton and 14 in the Shangri-La last year.
“Many people did not see the value in buying a unit that was the same price as their home, except small,” says Langschmidt. “Now, I think we are seeing the real value of these properties and hence the spike in interest.”
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