Condo Owner

Spring 2017

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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S P R I N G 2 0 1 7 • condo owner 39 development By Marcia Bradford Construction Update Along The Gulf Coast TRANSCENDENCE Construction on Transcendence, a 166-unit luxury condominium development in Orange Beach, Ala., is scheduled to begin in the sum- mer of 2018 and is expected to take 24 to 28 months to complete, according to Nathan Cox, founder and CEO of Bellator Real Estate and Development, based in Spanish Fort, Ala. Prices for the beach front units, which will range in size from 2,210 square feet to 4,174 square feet, will start at $1,275,000 and go up to $2,750,000 (before incentives), Cox said. After officially releasing the project in Febru- ary, Cox stated that approximately 20 units had already been reserved. Among the interior fea- tures will be double ovens with a convection steam oven and microwave, six-burner gas-top stoves, gas grills and sinks on the balconies, gas fireplaces in the living rooms, laundry rooms and prep sinks. Located along the beach highway, just east of Highway 161, the 27-story project will fea- ture: • A 900-foot lazy river on the sixth floor, which will go all the way around the building and include a swim-up tiki bar. • Rooftop amenities, including a restaurant with panoramic views, a spa, an indoor pool and a fitness room all overlooking the Gulf of Mexico. • An Indoor barista bar in the main lobby with restaurant-style seating and TV's to create another gathering place for guests. • A game room, golf simulator room, play- ground, and water slides in three different pools. "There has never been anything built in our area with these kinds of amenities," Cox said. "We have designed this place to truly have a resort feel, as opposed to being a con- dominium development. There is something for everyone here and it will be the spot that both locals and tourists seek out to spend their time. The amenities included in Transcendence rival those found in South Florida and raise the bar to a whole new level for the Gulf Coast." Cox added that rentals will be allowed with no restrictions. "Another unique thing about the Transcendence design is the ability for owners to utilize the lockouts we have designed to create different rental combina- tions to generate additional rental revenue," he said. "For example, some of our five-bed- room end units could be rented as either a five-bedroom (whole unit), a four-bedroom / one-bedroom combo, or a three-bedroom / two-bedroom combo. This should add a tre- mendous amount of upside to those buying for the purpose of renting it out either all the time or a portion of the time." Speaking to the current market demand for luxury condos in this area, Cox said, "We have received an incredible amount of pos- itive feedback, but we have always known this one is going to take some time due to the high price points. The biggest challenge at this point is creating any sense of urgency for buyers. I honestly believe if we had it com- pleted we could sell every one of them in 30 days, but when there is a project this big with such a long build-out, most say they will pick a unit later down the line as it gets closer to becoming a reality. We are currently offering developer discounts that tier down as unit reservation agreements increase to reward those that act quicker than others. We will get there though, because the market needs the product and the area wants to see this hap- pen. It is simply too great a project not to get done. The buyers so far have been extremely passionate." ► We are the coastal experts! Furniture • home Decor • outdoor lamps • Mattresses/Bedding • Media consoles Window treatments • art • Mirrors • rugs total home resource For condo owners c all today! 850-492-0406 13886 perdido Key Drive • pensacola, Fl 32507 • 5 Miles east of Flora-Bama (al/Fl line) c omplimentary Design services c ondo p pricing over 35 years furnishing condos on the Gulf c oast conDo FurnishinG Furniture & accessories De'c or

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