Wednesday, July 02, 2014
"Homebuyers Avoiding Chores Fuel U.S. Condo-Hotel Revival - Bloomberg:
"Developers across the U.S. are reviving a concept that collapsed with the real estate crash in 2008: combining condominiums and hotels. In cities including Miami, New York and Los Angeles, a rebounding hospitality market is joining with rising demand for luxury homes, spurring developers to construct new full-service hotels and ask premium prices for residential units associated with a high-end brand."
Many middle class home buyers don't understand what condos are all about until after they move in. Rich people, however, generally know exactly what they are getting into, and apparently there is a renewed demand for amenities such as "...a restaurant that can provide room service, a concierge, maintenance, a person that can clean your place, valet parking,” and somebody to slowly lower a bunch of grapes into their mouths while they recline on a divan.