They are getting very close to finalizing many of the details. It’s a condo hotel project (like St. Regis or Stein Eriksen Lodge), which adds another layer of details to iron out. For instance, they need to select who the property manager will be, and once that’s done they can make decisions about common areas and rentals and operations, and once that’s figured out that will inform the final unit sales pricing. New construction is always a lot of moving parts.
In addition to the property management component, the architect and interior designer are finishing the design and renderings for the common areas and the definition of the condos below the rooftop pool area. They are hoping to get all of these things figured out because they want to avoid anything other than subtle changes between reservation and contract.
They’re now thinking early July for a product release, and by that time they hope to have a draft copy of the CC&Rs, bylaws, condo hotel Rules and Regulations. At the product release they plan to have everything ready: here are the units, here is the price schedule, here are the finishes and furniture. Then they are considering a period of 3 weeks for you to review all the info. At the end of those 3 weeks they plan to start accepting reservations.
A lot of the dirt work has been done; here is what the parcels look like today:
If you are interested in this project, let me know right away. Where we don’t know exactly what the reservation process will entail, I want to make certain you have every opportunity possible to own in this exclusive development.
The marketing is also a fluid concept; this link will always bring you to the most recent version of the sales brochure (but right now it hasn’t been updated since March 1).
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Kristina Watkins, Summit Sotheby's International Realty 