Real Estate Investing in Tremblant - Is it Worth a Look?
August 22, 2008 by David
Looking for a blissful winter wonderland vacation home in a location that most people have never heard of? Up until a few days ago, I have never heard of it either but now I’ve got the urge to go.
For those of you not familiar with Tremblant, it is located about one and a half hours northwest of Montreal, Canada. It’s a large year round resort and Mont Tremblant is best known as a ski destination, but also features a lake suitable for swimming, and a golf course in the summer months. The name of the mountain, Mont Tremblant, means “trembling mountain” in French.
For Mont Tremblant Real Estate to be an attractive place to invest, the prices need to be in an affordable range. After doing some searches online I found a nice site which lists all types of Mont Tremblant Properties. Some of them are rather high which are out of most people’s price range ($1 million +) but this site also lists Mont Tremblant Condos in the $175k + range. These are called condo/hotels which is a fairly new concept.
Condo hotels are usually large, high-rise, luxury hotels operated by big names including Fairmont, Westin, Four Seasons, Ritz-Carlton, and more. Condo hotels have condos that are sold to individual investors who may use their unit as a vacation home whenever they like. When they’re not using their unit, owners have the option of placing it into an organized rental program. Rental revenue, which is shared with the operator, helps defray the owner’s expenses.
This is a wonderful way to own real estate and that’s why I started looking for vacation-type locations that offer condo hotels. The best way to better understand how it works is to actually visit one. That’s exactly what I did in Lake Tahoe and toured the Marriott Grand Residence condo hotel. It was a wonderful property in a great south shore location and I almost ended up buying a one fourth share.
What stopped me you ask? Well, at the end of the day when I ran the numbers, it just wasn’t coming out cash-flow positive. In most cases it probably wouldn’t anyhow but I didn’t want to lose $500+ a month especially when I thought the prices were a bit high at the time (2007). I’m glad I didn’t buy b/c the prices have dropped so I might reconsider again. What really gets you is the fee the Marriott takes out each month. Of course they rent it out for you but at a steep cost.
So if you’re interested in this condo hotel concept of real estate investing, I recommend checking out a location near you. I really love the pictures of Tremblant and will hopefully get a chance to buy a place out there soon!
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Real Estate Investing in Tremblant - Is it Worth a Look? | Real Estate Investing Blog…
David has a great read on investing in Canada - thought everyone might want to check it out - Cheers! Matthew…
I am an investor and have two properties and am looking to pick up some more. I am always watching the market now that it is so turbulent. The question I had is what is the best way to advertise my properties for renters? I found a free site RentalSpaceNetwork.com that has free lease exchange and property listing advertisement. What is the best way to advertise my property, create lease agreements, handle payments, and verify credit with limited cost?
David, As a realtor and owner of a few rental properties myself, I would say the best way to advertise is definitely online. I have used rentalspacenetwork.com and think it is a fantastic service, this is a company to look out for because electronic signatures are the way of the future. If I were you I would also post on Craigslist.
Thanks for the tip David…I just went to the rentalspacenetwork.com and posted a free listing. I called to find out more info and they said they are about to launch a new product on their site in conjunction with TransUnion. They said it will let landlords check credit without having to mess around with all fcra laws like the onsight inspections. I’ll be keeping my eyes posted for that.
Yeah I’ll be looking for that too…the FCRA has made it very difficult to screen tenants. I can understand because of ID theft and all but it’s about time someone came up with something better than what’s out there.
Hey David did rental space network say how long before that credit product comes out??
I’m sorry…guess that was Jake that posted that…. Any idea???
They said about a month?
rentalspacenetwork.com gets my two thumbs up! Bout time someone did something techy for the real estate industry!
I roger that…why are we stuck in the dark ages!!!
I’m gonna interject here if you don’t mind. I got approved for tenant screening and it costs me $75 and took two weeks. If rentalspacenetwork.com can really offer something like than it’s definitely worth it.
It is really good, i have never listen about these “Condo hotels” before.but it is good for investment. Thnx David ….
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No doubt those condos are good for investment but is there any possible market for home builder, too.
I thought this post was very useful, thank you. I read something similair on Don Tishman’s blog: http://tishmangroup.com/
He is a real estate developer with 40+ years experience, and he writes about investing in the market. I recommend the site to readers who want to an alternate perspective.
Yes i am interested in this “condo hotel concept of real estate ” But before going ahead I need even more information. can anyone do this to help me.
There is no doubt about investment in No condos are good for investors i think it is best for investment,but is there a honest builder is available or not any body want to tell me about it.
Our market in Summit County Colorado is still strong and investing in our market still yields 10-17% per year. There are few reasons for that:
1. Limited land availability
2. Summit County is reaching build-out in 2012
3. Breckenridge is a very popular destination for skiers from all over the world and vacation rental income is great. Most properties produce 10% of their value in annual rental income.
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