For the buyer who has seen both words on the same price sheet and wants to know which one lets them live there, which one pays them, and what each costs.
This page explains. Whether the building suits you is a separate conversation. Contact the desk at Miami Dossier for the current position on any building we cover.
Two different purchases that share a tower. A condominium residence is a home: the owner lives there, rents it on the declaration's terms or leaves it empty, and the hotel downstairs is a neighbour. A resort residence is usually a home sold with a program: furnished to the operator's standard, placed in or eligible for the operator's rental pool under a rental management agreement, with the owner's nights, the revenue split and the refurbishment cycle written into that agreement. Anantara Residences Miami publishes ~120 resort residences of one and two bedrooms beside ~100 condominium residences of three to six, From $1,800,000. Ocean Terrace publishes ~24 furnished resort residences in one tower and ~52 boutique residences in the other, From $3,250,000. The word on the sheet is the developer's; what it means at that building is in the condominium documents and the rental agreement, which the buyer reads before choosing a line.
Three things, and a building can publish any combination. Furnished: the home is delivered to the operator's specification, with a furniture, fixtures and equipment package the owner pays for and later replaces on a cycle. Programmed: the home may or must enter a rental pool the operator runs, under a rental management agreement that sets the split of revenue, the fees, the owner's nights and the operator's right to use the home as hotel inventory. Serviced: the home receives the hotel's housekeeping and service whether or not it is rented, at a cost in the budget or on a menu. At Anantara the sheet separates resort residences from condominium residences by size, one and two bedrooms against three to six, which suggests the two are sold as separate lines; at Ocean Terrace the resort residences are the ones published as furnished by RAMSA. Read Miami Beach condos with a hotel on site, buying at Anantara Residences Miami: how it works and buying at Ocean Terrace: how it works.
A third shape, and two buildings on our file publish it. ORA by Casa Tua, in Brickell, publishes every residence fully furnished and move in ready with Casa Tua as the hospitality operator of the residential experience, From $952,900, with no hotel published on our file. Cassia, in Coral Gables, publishes 174 turnkey residences furnished by RH, flexible ownership with a minimum three day stay, and optional professional management, with no published entry price. Neither publishes a resort residence line: there is no hotel program on our file for the home to join. They are furnished homes whose declaration allows short stays, and the buyer who wants income reads the lease clause, the city's rule for the address and the management offer as three separate documents rather than one program. Read can you rent out a new condo in Coconut Grove or Coral Gables, furnished or unfurnished and the ORA buyer's guide.
Mechanics, and each reads the word differently. A lender reads a resort residence in a rental program as closer to a hotel room than a home, and many will not lend on it, or will lend on different terms; a condominium residence in the same tower is reviewed with the usual project questionnaire. An insurer writes a home in a rental pool on a different form from an owner occupied one, and the operator's own policy covers some of what the owner's would otherwise. The county grants the homestead exemption only to a primary residence the owner lives in on the first of January, which a home in a rental pool for most of the year is not; the tax questions on short stay income, sales and tourist taxes and withholding for a non resident owner, are for counsel. None of this is a reason against a resort residence. It is the list of people who will ask which word is on your contract. Read cash or mortgage for Miami preconstruction, primary residence, second home or investment and Miami condo insurance.
Four documents, in this order. The declaration, for whether the resort residences are a separate class with their own rules and budget share, and whether a condominium residence may join or must stay out of the program. The rental management agreement, for the revenue split, the fees, the owner's nights, the blackout dates, the operator's standard for the furniture and who pays to replace it, and how the agreement ends. The estimated budget, for what the hotel and the residences share and under which formula. And the brand licence, for what the operator may do if the building fails the standard. A buyer who wants a home reads those to confirm the condominium residence is free of them; a buyer who wants the program reads them as the terms of a small business. Read who manages a new Miami condo and what the management agreement says, from offer to recording at a Miami hotel residence and what the branded residence premium buys.
The condominium residence suits the owner who will live there or rent on the declaration's terms and wants the hotel as a neighbour, not a partner: Anantara's three to six bedroom homes and Ocean Terrace's boutique tower are the published cases. The resort residence suits the owner who will be there a few weeks a year, wants the hotel to run the home the rest of the time, and will read the rental agreement as the terms of a small business. The furnished flexible home at ORA or Cassia suits the owner who wants the furniture and the option without the operator's pool. The desk reads the declaration, the rental agreement and the budget with the buyer before the reservation, and says which word the buyer is actually signing for. Read the Anantara dossier, the Ocean Terrace dossier and the Cassia buyer's guide.
Contact the desk at Miami Dossier for the current plans, pricing and availability as the developer releases them, discussed one to one.
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We hold no listings and we are not the developer. Contact the desk at Miami Dossier and we will tell you what applies to your situation, what does not, and where we would not proceed. Where a question is legal, tax or structuring, we introduce you to advisers who handle that properly rather than answering it ourselves.
Miami Dossier is the private buyer advisory of Metrik Real Estate, built to represent buyers in Miami pre-construction. Principal: Samuel Strauch.
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