“Guaranteed rentals, freebies aplenty for property buyers” plus 1 more

Guaranteed rentals, freebies aplenty for property buyers

Posted: 07 Aug 2010 12:58 AM PDT

Emirates Business 24-7, 07 August 2010

In a bid to attract property buyers, developers have started to offer "guaranteed" rentals to multiple unit buyers and even free maintenance for their properties, Emirates 24|7 can reveal.

Dubai-based Vakson Real Estate is offering investors eight per cent guaranteed gross rent for two years if they buy three or more apartments in its University View Apartments in Dubai Silicon Oasis.

"The units are ready for occupancy and not many are left to sell. There is demand for units in good location in Dubai," a company official said.

Post-dated rent cheques are handed over to investors after their contract is signed. The developer even offers options of financing, which is from "own" finance of two years to bank finance for long-term period.

While in Ras Al Khaimah, Al Hamra Real Estate is offering free furniture to one-year free maintenance to property buyers along with developer finance.

For those opting to rent, units are being offered with three months' free rental with free electricity for three months.

During the property boom, a number of developers, especially in Dubai, were offering a number of freebies to entice buyers, ranging from islands in the Caribbean to private jets and luxury sedans to vacation trips. However, these offers faded away as the property sector was hit by the slowdown.

Experts believe that property buyers are no longer interested in the sales gimmicks of companies, but are very cautious when making a decision. It is the quality, location and reputation of the developer that concerns them than freebies.

CB Richard Ellis, the global real estate consultancy, expects 31,194 news properties to come onto the market this year in Dubai and in excess of 10,000 in Abu Dhabi.

A Reuters poll has also predicted house prices in Dubai and Abu Dhabi are set to fall a further 10 per cent and 13 per cent in 2010 respectively as residential supply increases in both markets.

By Parag Deulgaonkar

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Condos for lovers of powder, not powder rooms

Posted: 06 Aug 2010 04:16 PM PDT

Click photo to enlarge

Todd Hageman shows off a unit with flat screen televisions and iPod docs overlooking Payday Run at PCMR. Photo by Grayson West/ Park Record

Park City has vacation rentals fit for A-list celebrities and heads of state, but the founders of Park City Crash Pads felt the needs of regular people weren't being met.

Todd Hageman, Darryl English and Jennifer Sletten Sachs started the company last fall to offer high-quality condominiums with modern amenities to people looking for value.

Hageman has 14 years of experience in hospitality management in resort towns. He's worked for corporations like Marriott, and local firms like the now-closed David Holland Resort Lodging.

He said he has an intimate understanding of what skiers are looking for in lodging and what draws them to the consistency of corporate hotel chains.

As the name implies, Park City Crash Pads isn't trying to attract luxury travelers. The company serves vacationers wanting modest, affordable and high-quality units, he said.

"It's a different name to stand out from the vanilla-sounding names in town," he said. "We're trying to do things differently."

Park City Crash Pads also guarantees the same level of cleanliness and amenities travelers expect from corporate chains.

"Cleanliness is No. 1 in the value market," he said.

For example, the housekeeping staff only uses washable duvet covers so every piece of bedding is cleaned before each arrival.

The guaranteed amenities include flat screen televisions, iPod doc alarm clocks and high thread-count organic sheets.

"I'm at a point in my life where I don't want to stay in a dump to save

a buck," he said.

Unit owners have jumped on board with this program because they see the benefit, he said. Park City is not a new town; it has hundreds of older units that no longer fetch $1,000 per night but are still in great locations with quality furnishings.

Hageman said many owners feel they get second-rate service from vacation-rental managers prioritizing the luxury units. targeting a specific kind of traveler and guaranteeing high-quality amenities, Hageman is able to keep their units booked.

When a traveler visits a company's website and sees a full range of units, it's hard for them to find what they're looking for, he said. Hageman is developing the brand so people know they'll find what they want. That helps marketing dollars go further, as well, he added.

"We're not going after the people who wear fur and want Viking stoves and sub-zero freezers. We want the mountain enthusiasts looking for a clean place to stay but who also want nice amenities," Hageman said.

Most of the condominiums are in the Prospector, Old Town and Resort Center neighborhoods.

The website is advanced with custom content and is updated frequently to stay current with market rates and specials, he said.

Park City Crash Pads is not trying to be everything to everyone, he said, but it is guaranteeing amenities no one else is so guests know what they can expect with their stay.

Park City Crash Pads

877-711-0921

Reservations@parkcitycrashpads.com

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