Priority
Pre Sale events about/General FAQS
1.
What is a Condo Hotel?
Condo hotels are sometimes referred to as "condotels." However, they are NOT timeshares. The condo hotel concept
allows you to purchase and obtain full ownership of a
condominium in a luxury hotel/resort. As an owner, you
have the option to use your condo hotel suite when you
choose. When you are not occupying your suite, it will
be placed in the hotel's rental management program and
you will receive a percentage of the revenue. The management
company is responsible for the housekeeping, maintenance,
and rental services. A condo hotel suite is a hassle-free
upscale vacation home which has the potential to generate
rental revenue which can offset many of your expenses.
2.
What are Elite Residences?
Yes, in addition to the condo hotel suites, exclusive
residences will also be available for purchase. The residences
will be located on the floors above the condo hotel suites.
These residences will not be in the hotel's management
program.
3. What Is A Priority Selection
Event?
We implement a Priority Selection Event when the anticipated
demand for a new community is strong. With an enormous
number of serious inquiries and a limited amount of condo
hotel suites and residences, we use a selection system
that is equitable for everyone.
For
Monaco Resort and Spa a lottery is planned for the spring/summer
2005. Once the timing, location and rules of participation
are established all registrants will receive an announcement
via email approximately 3-5 weeks in advance of the event.
4.
Why Register?
By registering online you are not committing to purchase
property nor is the seller guaranteeing you an opportunity
to purchase. Registration is required to receive the most
timely updates via email on new information such as location,
floorplans, renderings, site plan, amenities, included
features, available options & upgrades, pricing, home
owner association documents as well as information on
any planned events, incentives and rules of participation
as soon as they become available.
In
many instances the community is so new little or no information
may be available for distribution to the general public.
By registering you ensure yourself to be the first to
know giving yourself the best chance to purchase your
most desirable property.
5.
How Do You Secure an Opportunity to Attend the Priority
Presale Event?
You can secure an opportunity to attend the priority presale
event by checking your email regularly and providing any
information or fully-refundable deposits requested. As
the date, time, location and rules of participation are
determined emails will be sent out to all registrants
providing the latest up to date information. Those emails
may ask interested registrants to RSVP, pre-qualify for
a mortgage and/or provide a refundable deposit as an expression
of serious interest to participate and attend the presale
event. Often times space is limited due to the limited
number of residences and condo hotel suites available.
Being an early responder is the best way to ensure your
opportunity to participate.
Once
you have been pre-qualified to attend the Priority Presale
Event you will receive an email invitation with additional
pertinent information on what you will need to bring to
the event and what considerations you should make in advance
of the event.
6. What Happens After I
Register for Priority Status?
After you register you will then begin receiving additional
information via email which will assist you in selecting
the unit that is perfect for you! This will include product,
financing, and event information. You should receive email
alerts and notifications every two to three weeks on average.
Registration does not guarantee the opportunity to attend
the event or purchase so we advise you check your email
often for additional information on how to participate.
7.
What Can I Expect At The Priority Selection Event?
If you have RSVP'd to attend the Priority Presale Event
you will need to arrive promptly to sign in. To participate
you must attend the event in person. In addition to yourself
you may bring your spouse and broker/representative at
your discretion. We recommend you arrive promptly to ensure
receipt of all necessary information.
Upon
arrival you will need to provide your name which will
be on a list of pre-registered participants at the entrance
to the event. Once being granted entrance you will need
to register where you will be provided a complete brochure
and necessary materials as well as a card with your name
and number for the ensuing lottery.
Ten
names will be drawn/called every 15-minutes. When your
name is called you will be given (5) exclusive minutes
to select your condo hotel suite or residence. You will
then be escorted to the contract administration room where
you will have another 10-minutes to review the contract,
sign the documents and provide your second fully refundable
deposit equal to between 10%-20% of the unit purchase
price. Upon providing your check, money order or cashiers
check to be held in escrow you will receive a copy of
your HOA (Home Owner Association) or Condominium Documents
as appropriate. You are provided by law a 15-day grace
period to review those documents as well as your contract.
If during that time you wish to terminate your contract
we will void it and fully refund all deposits provided.
8.
What are the acceptable Methods of Payment to secure your
Priority Presale Position?
You will need to mail a personal check, money order or
cashiers check in the amount requested in your upcoming
email to the location stipulated made out to the banks
escrow account as indicated.
A
second deposit may be required the day of the event above
and beyond the initial deposit. The deposits in total
will equal 10%-20% of the residences purchase price.
9.
Are my deposits refundable?
Yes. All deposits are 100% refundable with a signed cancellation
form that will be provided upon request the day of the
event. Information about how to terminate your contract
will be provided in your HOA or Condominium Documents
as applicable. You will have 15-days to cancel your contract
from the time your receive your HOA or Condominium Documents.
WARNING:
Do not expect the Priority Presale Event to be a normal
buying experience! We begin the event process shortly
after closing on the land and we often times don't have
designs, plans and pricing information (including brochures)
until near the actual event date. We do release this information
as soon as it becomes available and you will have all
the information you need in time to make your selections
at the Priority Presale Event.
10.
How are home sites released for sale at the Event?
The Priority Presale Event is considered Phase 1. Not
all home sites will be released immediately during the
event. During the course of the event there will be multiple
releases which will incorporate a variety of homes, locations
and pricing to be determined at the event based on demand.
Please be aware that pricing will increase with the sale
of each phase.
11. If my first choice is not available by the time it
is my turn, what should I do?
We recommend that you come prepared with at least four
(4) additional choices just in case this happens. If you
still do not find a condo hotel suite or residence or
location that appeals to you we can place you on the event
wait list or you can elect not to purchase.
12.
What if I absolutely cannot attend the event in person
due to other commitments?
If you cannot attend you must have a representative attend
on your behalf with documentation showing power of attorney
able to execute the contract and provide the necessary
deposit on your behalf
13.
What happens if I am late to Priority Presale Event?
Once we begin selecting names at the event you will no
longer be able to participate in the lottery. If any residences
are available after all participants have been called
you will be given the first opportunity to purchase. You
will also be given the option to write a "back up" contract on a condo hotel suite or residence already reserved.
14.
What is a back up contract?
At the event after the initial release of condo hotel
suites or residences are contracted we will allow anyone
unable to purchase at the event to write a back up contract.
This means if the individual holding the contract chooses
to terminate their agreement during the 15-day right of
rescission your contact will take its place and immediately
go into effect. You will then be granted any remaining
time within a 15-day window to review the condominium
documents.
15.
What happens if I still want to purchase a condo hotel
suite residence, but I am not ready to sign the contracts
at my appointment?
To maintain the integrity of the Priority Presale Event,
we cannot hold a unit site without a signed and binding
purchase and sale agreement, earnest money deposit, and/or
verification of mortgage approval status.
16.
How much money will be required to sign a purchase and
sale agreement at the event?
This information will be provided via email so please
look for details on earnest money deposits. Generally
10% to 20% of the purchase price of the residence.
SPECTACULAR
RIVERFRONT LOCTION ATTRACTS MONACO RESORT & SPA DEVELOPERS
A
magnificent waterfront location along the Caloosahatchee
River just steps from downtown Fort Myers is the ideal
site for a hot new residential development trend: a condominium
hotel.
After
all, the spot at First Street and Park Avenue immediately
south of the Edison Bridge offers the best of both worlds:
convenient city services in a scenic location. Here, residents
can enjoy high-rise, in-town living close to eateries,
shops and entertainment in a downtown enjoying revitalization
success.
And
so the idea was born for Monaco Resort & Spa, a condominium
hotel in Fort Myers that will offer the finest in upscale
vacation living. "The Monaco will be situated on
a spectacular waterfront location that will let its residents
and guests fully appreciate the charms, excitement and
convenience of downtown Fort Myers as well as the beauty
of waterfront living in a first-class, luxury residence," said Robert Kohn, President of Homes for America Holdings.
With
hotel suites, luxury residences and a full slate of first-class
amenities, the 27-story Monaco Resort & Spa will cater
to the most discriminating buyers. Condo hotel suites,
which can be rented out daily by the hotel's management
program, are priced from the $200,000s. High-end luxury
residences start in the $600,000s.
Amenities
will include a hotel lobby; lounge bar; full-service,
high-end restaurant; outdoor dining area; riverside pool;
banquet/meeting space, and a commercial spa/salon with
treatment rooms, salon, steam rooms, state-of-the-art
weight machines and areas for aerobics and yoga.
Project
developer Homes for America Holdings, Inc., headquartered
in West Palm Beach, is no stranger to Fort Myers. Local
projects include Beau Rivage Condominiums and Riviera
Condominiums (St. Tropez & St. Raphael.) Other projects
are in North Miami, Dallas, TX., Bridgeport, CT. and Yonkers,
N.Y.
Company
founders are Robert MacFarlane, chairman of the board
and chief executive officer, and Robert Kohn, chief operating
officer and director. Both entrepreneurs have more than
$1 billion of real estate transactions and decades of
experience in their combined resumes.
Founded
in 1996, Homes for America Holdings has invested in and
developed projects nationwide, including moderately priced
condominiums, multifamily rental housing, rent-to-own
communities, mixed-use developments and commercial office
buildings.
Virtually
every condo hotel that has come on the market to date
in South Florida has sold out during pre-construction,
and Monaco won't be an exception. Demand already is so
strong that customers must register online at www.MonacoResortandSpa.com
for priority sales information in order to receive the
latest updates via e-mail for what is sure to become Fort
Myers' hottest new address. |
