Condo Owner

Volume19 Issue3 2015

Condo Owner publishes information vital to the business and pleasure of resort condominium ownership. Topics covered relate to real estate market trends, community association matters, rental management issues, tax and insurance updates and more.

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• condo owner • V O L U M E 1 9 • I S S U E 3 20 special feature ulf Shores City Council members did a very smart thing in the last months of 2009. They approved entre- preneur Shaul Zislin's ambi- tious plans for a new three-day music festival to take place the following May on the public beach behind his recently opened Hangout restaurant. And they issued a permit to allow the musical concert to run an hour later than would normally be allowed under the city's noise ordinances. That decision by the Council has enabled an event, the Hang- out Music Festival (HOMF), to take place in the city, resulting in a $31 million economic impact in 2013, and this is expected to continue in subsequent years. That figure was reached by an independently researched economic impact study done in late-2014. The study, which included numbers from the 2013 festi- val, also indicated that close to 90 percent of all attendees were non-local and 80 percent were from out-of-state--all of whom required overnight accommodations in the area. The study reported "that the occupancy rate, for the weekend of the Music Festival, reached near full capacity (90 percent) versus 30 per- cent reported for the pre-festival years." Condo Contentment Two prominent property rental operations in the area – Kaiser Realty, part of the Wyndham Vacation Rentals group, and Meyer Real Estate acknowledged the surge in occupancy. "Our occupancy is double the rate it was be- fore Hangout Music Festival first began for the time slot of the festival," said Sarah Kuzma, Corporate Relations Director for Meyer Real Estate. "People begin booking that time period for the next year right after the end of the festi- val and, by January, we're booked 100 percent for the duration of the festival." A similar scenario developed for Kaiser Realty, according to Emily Gonzalez, Direc- tor, Marketing/Public Relations. "Prior to the beginning of the festival, we saw a very reg- ular trend with occupancy extremely low between Spring Break and the beginning of the summer. We've seen near-sold-out occupancy every year since." Hangout Music Festival By T. Wayne Waters The successful music festival comes from committed leadership & community cooperation, & everybody wins... including condo owners. Behind The Scenes at Gulf Shores' G Photos courtesy of Josh Rinehart

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