The Grove Resort & Waterpark
Suit types from $ 360,900:
Current units for sale:
Please see link below.
http://groveresidences.com/siteplan/
Leasing/renting opportunity:
The rental prices vary depending on the size of the units, the view, and the season. New management company took over the management of Grove Resort from January 14, 2020. The first and previous company was Benchmark Hospitality, one of the country’s largest management companies, managing hotels and similar properties in Florida and other states.
Income:
There is an option for the “Leaseback” program, when Grove is paying the rental income to the owners monthly, which is 10% of the purchase price starting from ownership of the unit until Dec. 31, 2020. Also pays the monthly HOA fee which includes the condominium’s electricity and water fee, the roof and exterior of the building with insurance, maintenance of all of the common areas (i. g., Surfari Water Park, pools, garden, fitness center, restaurants, game room etc.). The owner needs to pay the property tax and home insurance annually. Monthly payments by owner include 4% for the future refurbishment and occasionally some maintenance, for instance Air Conditioner maintenance, once a year. The owners can spend 14 days in their units in a year, except two period in high-season.
Example:
The other option for the owner is not to choose the “Leaseback” option, but getting the rental monthly income based on the units’ lease which can be somewhat more or less than the leaseback, and will vary a bit month to month. Also needs to pay the monthly HOA. However, the owners can spend as much time as they want in their own condominium and at any time.