Real Estate Junkie

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A Little Fraction of Heaven

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Siesta Key’s new Hyatt property lets you own a slice of  paradise. By Robert Plunket   Click here to watch our Real Estate Junkie discuss the new Hyatt Siesta Key on ABC7.   The new Hyatt Siesta Key Beach opened last week, and since there is nothing quite like it in the area perhaps I […]

August 12, 2009


Siesta Key’s new Hyatt property lets you own a slice of  paradise.

By Robert Plunket

 

Click here to watch our Real Estate Junkie discuss the new Hyatt Siesta Key on ABC7.

 
The new Hyatt Siesta Key Beach opened last week, and since there is nothing quite like it in the area perhaps I should first explain what it is. It’s a relatively new type of real estate called fractional ownership, which might best be described as a fancy version of a time share. You get to use your unit for certain weeks of the year, but the units are not the hotel rooms of yore but rather big, luxurious million-dollar condos, with all sorts of perks and amenities attached. The typical buyer is somebody who wants a high-end second home but doesn’t want the bother—and expense—of the upkeep on a place he will only use several weeks a year.
 

 

 
The new Hyatt certainly is luxurious. The 44 units range from 1,800 to almost 3,000 square feet and are beautifully decorated. Everything—including dishes, etc.—comes with it, and there is a spa, club room that serves breakfast, pool and cabana club, concierge, valet parking. Although there is no restaurant per se, they have an arrangement with Morton’s that functions like online room service.
 
 
Prices start at around $135,000 for a three-week share. It is deeded and you can leave it to someone—perhaps me—in your will. You also get access to the Hyatt’s other properties—if you don’t feel like the beach, you can spend your three weeks in Sedona, or Carmel, or Colorado, or Manhattan.
 

 
I had a tour of the place yesterday and was suitably impressed. There was a spacious feel to the units, the kitchens are enormous, and the master bath is a knockout. The location is excellent, just north of Point of Rocks.
 
 
And there are several interesting possibilities for us locals. If you own a unit you get access to the cabana club all year-round. And for the near future, you can rent the units on a nightly basis. They start at around $450 a night—pricey, perhaps, but keep in mind they sleep six or more. They are perfect for family reunions. And Siesta Key, land of the dated condos, finally has a place to stay that matches the quality of its famous beach. For more information go to HyattSiestaKeyBeach.com.