Condo/Hotel Project half completed, needs partner/investor, silent or
active, to complete.
Ideally I would like to keep it as a Hotel, since I own it outright,
and with a like-minded partner the project could be finished for the 2008
January season Kick-off.
The smallest of these housekeeping suites would command at least $125 a
day, and prices go up with more bedrooms, baths, higher floor views, etc.
Caye Caulker is in the beginning of a real estate boom, there are
currently 8-10 large projects underway or finished, with a Mega-project
going in soon. 130 condo units with Marina, resteraunts, etc.
Real estate is already rising fast, and with all this activity, I would
like to hold it for a while, the revenue would pay for it in a short time,
and it will be worth much more down the road.
Getting cost projection now to finish, the hardest part is already done.
Project was appraised by bank for equity loan at $955,000 BZ, and more
work has been done, so it is at $560,000 US. can be documented.
Project completed appraised at 1.8 million.
The project could be completed for less than what I have in it, and I am
willing to live here and manage it as a hotel. The prevailing wisdom around
here is that you can count on at least 180 day occupancy, these units would
be sought after since there are not many comps, most places are small rooms,
no kitchen, private bedroom, etc. You do the math!
Good investment for right person, contact Dennis if interested! Email for comparisons on this property.
Contact Dennis Gelinas |