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Condo foes aim first at garage (Jen Haberkorn) (The Washington Times)
Local community groups are trying to stop development of condominiums and a new parking garage at the Marriott Wardman Park hotel on Woodley Road in Northwest.

Latest plan calls for Las Olas Riverfront to be replaced with 253 condos, hotel (Sun-Sentinel)
FORT LAUDERDALE -- Las Olas Riverfront, the downtown bar-movie-restaurant complex considered by many to be a flop, will be demolished and replaced with a condo, a hotel and an office tower, under a new plan submitted Thursday to the city.

Deadline set on mobile homes (Wisconsin State Journal)
Residents of a Monona mobile home park that is slated to be demolished for a condo development have been told they must move out by March 1. The announcement was posted on doors this week at the 42-lot Hickory Lane Mobile Home Park by the park's owners, Mansel and Dottie Johns.

2 beachside condo towers proposed for Broadway Bridge (Daytona Beach News-Journal)
DAYTONA BEACH -- Sharp questions about "massive" buildings greeted plans Wednesday to build a $300 million condo-hotel-retail project at the foot of the Broadway Bridge.

Mountain Resort to Be Converted Into Condo-Hotel (Multi-Housing News)
JANUARY 03, 2007 -- Telluride, Colo. -- The Peaks Resort & Golden Door Spa is planning spend more than $60 million to convert the ski resort into a luxury condo-hotel.

Local doctors saw hotel as community investment (The State Journal-Register)
Dr. Glennon Paul never expected to make money when he invested in the President Abraham Lincoln Hotel during the early 1980s. William Cellini, who put the investment group together, pitched the project as a tax shelter and a way to ease unemployment in Springfield, the doctor recalled.

Condo owners say losing incentives no turnoff (The Grand Rapids Press)
GRAND RAPIDS -- Commercial real estate broker Chip Bowling said the city's tax-free Renaissance Zone was a huge incentive when he decided to buy a downtown condominium.

Spinning politics with the Spire (Chicago Sun-Times)
As the home of high-rise architecture, Chicago at first welcomed Santiago Calatrava's design for the Chicago Spire. The 2,000-foot swirling tower of hotel rooms and condominium apartments would anchor the city skyline with a building situated between the Hancock Center and the Sears Tower.

Sarnoff: Condominium sellers throw in some perks (Houston Chronicle)
Is Houston facing a slowdown in the condo market? One sign could be that condo converters who turn apartments into for-sale units are offering buyers valuable perks to purchase condos in their buildings. The developer of Rise, a Midtown building that was converted last year is offering free association dues for a year and help with closing costs.

Condo project vote Tuesday (The Press-Enterprise)
INDIO: The council and city planners will review Polo Square's environmental impact report.

Diversification of Your Real Estate Assets

Real Estate Diversification 101

Your grandfather told you "don't put all your eggs in one basket".
Your stock broker tells you to "diversify".
Your common sense tells you "real estate is regional, when one market is hot, another is not".

Diversification of your real estate portfolio is an essential to a stable plan. But when real estate is regional, how can you best diversify? Owning and managing rental properties in vastly different and distant markets is not always practical. Finding good deals in markets far-flung from your home market is not easy.

Condo hotels may prove to offer a solution to the management hassle, and diversifying in vastly different markets may enhance rental income potential. Condo hotels are a popular new way of owning a whole-ownership condo within a commercially operation hotel. Picture a hotel suite or junior condo within your favorite hotel brand, in a desirable second home destination. The condo is rented by hotel management when the owner is not in residence and the income from the rental is split with the hotel and condo owner. The hassle of rental is taken away from the condo owner, so owning multiple condo hotel units in vastly diverse places is easily accomplished.

Take for example one of my clients who has purchased a Northern Michigan condo hotel and a condo hotel unit in Miami. The best rental season for Northern Michigan is summer months, but this is the worst season for S. Florida. In reverse in the winter months Miami is at nearly full occupancy and rental rates, and Northern Michigan is nearly vacant. The diversification strategy evens out cash flows and allows the condo owner to own 2 great condos with no hassle, and in the best seasonal locations.

Many baby boomers are turning to condo hotel for retirement housing options because the definition of a second or third home is a home in which we spend less than full time. So why have a traditional condo that is either a rental hassle or a vacant financial drain on your resources?

The ideal of real estate diversification is an achievable, noble goal and can be made possible by utilizing the condo hotel structure.

Bob Waun is CEO of Vacation Finance, America's First Second-Home Lender www.vacation-finance.com which specializes in financing unique second home alternatives.