Cosmopolitan Residences hotel lifestyle
Yesterday, (Nov 26th) was the “brokers only” event at the Cosmopolitan Residences Hotel in Downtown Toronto. We received first hand information from the listing brokerage.
Wow! It was a great event held at hotel’s 27th level penthouse suite. This suite is approx. 1500 sq. ft and is offered at $1.8 million. As per the listing brokerage, Kevin Costner and many other celebrities have stayed in this suite. Later, we were introduced to the five different luxury model suites that are offered for sale (there are only five suites per floor) and approx. 80 suites for sale. They range from $220K to $340K.
In my opinion, this niche project makes a sound investment (once the rental agreement and builder disclosure documents are verified).
What is a Condo Hotel?
Luxury hotel condominium combines the comfort of residential condo with the features of a full service hotel. The hotel condo suites come fully furnished. When you buy a suite in a hotel condominium, you can choose to live in it or opt to rent your suite when you are not in residence, providing you with rental income to help offset your operating expenses. In general, servicing and maintenance of the hotel condominium is governed by a rental management agreement.
Cosmopolitan Residence hotel condos for sale
Condo hotel suites Cosmopolitan Residences, atop boutique hotel located at 8 Colborne St, Toronto (Yonge and King Intersection) in the heart of Downtown Toronto’s Financial, Entertainment and Shopping districts. The hotel offers most sought after destination-famous Shizen spa and the popular Eight Wine Bar and Restaurant.
Cosmopolitan Toronto Hotel is a proud member of the Skyline Boutique Hotels & Resorts (the owners of Pantages and Horseshoe Valley Resort). Cosmopolitan Toronto Hotel & Spa are popular to corporate and leisure clientele alike and are known for offering top notch service in the industry.
Cosmopolitan Toronto Hotel is the only Canadian hotel that made the sought after “Conde Nast Traveller Hot List 2006” of best new hotels around the world. Many famous personalities from around the globe have chosen Cosmopolitan hotel as their choice of hotel destination in Toronto. They include Annabeth Gish, Goldie Hawn, Kate Hudson, Kelly Clarkson, Kevin Costner, Kevin Spacey, Til Schwieger, Rihanna, Ne-Uo, Roy Ayers and Queen Latifah to name a few.
Types of clientele: Cosmopolitan hotel condos can be an ideal buy for real estate investors, Downtown weekend getaway seekers, international business executives and international students from affluent backgrounds.
Price: Prices range start from $220,000 approx. for bachelor apartments. One bedroom suites start from $280,000s. All suites are tastefully furnished to meet four star hotel standards.
Finance: You can use bank finance and close in 30, 60 days or 90 days.
Condo fees: Calculated at $0.58 per square foot. They include utilities and up keep of the condominium common elements.
Hydro: Separately metered.
Taxes: Based upon residential rates for owners planning to either live in their condo suites or renting out their suites on a long term basis. The commercial taxes are applicable for owners choosing their hotel suites for guests of the hotel.
Income and expenses (E&OE)
Income: As per the listing brokerage a standard one bedroom hotel suite earned $34,000 approx. in annual revenues (based on 80% occupancy) in 2008. Should you decide to use your condo as a hotel suite and sign a rental agreement with the Skyline group, your earnings will be split 50:50, i.e.; your potential earnings might look like approx. $17,000 based on the last year numbers.
Expenses: Using 35% down payment on $282,000 (model 02, New York suite), 30 year amortization and 5 year term at 3.75% fixed interest rate (you may get even lower rates) your monthly payments will be approx. $847 per month (Principal + Interest). Other costs include condo fees of approx. $0.58 per sq. ft. or $270, suite’s hydro charges (separately metered) of approx. $50.00 per month (estimated) and commercial property tax of approx. $309 per month (residential taxes on a similar suite are approx. $200 per month). Total expenses=$1,476 or say $17,700 per annum.
Buying Your Condo hotel suites at Cosmopolitan Residence
As a VIP Broker, REALTOR® I can offer you a tour of model suites before you buy one of the limited number of condo suites. You will also get a free review of condo hotel disclosure documents by one the lawyers specialising in condominium hotel sales, when you purchase your suites from my brokerage using my services. There is no fee to be paid by you to me as a condo suite buyer. My fee is covered by the sellers.
There are many positive aspects to buy into this hotel condo, some of the advantages include one of best downtown Toronto address, reputed hotel with top notch clientele, an experience hotelier running your day to day operations, future appreciation of your property and above all, What You See Is What You Get.