Lobby remodeling Phase 1 of the Yacht Club at Portofino starting in 1 month !
We officially received a notice saying that the lobby remodeling will start Phase 1 in less than 1 month on June 3rd. Phase 1 means the commercial spaces located to the left of the lobby are going to be remodeled. Once that phase is over they will close the actual lobby to start Phase 2.
The supermarket is going to get a new facelift and our offices are also going to be remodeled. The flooring will be the same as the lobby flooring and my office storage will actually become part of the lobby.
What I wonder is will the lobby remodeling increase the value of the condos in the Portofino Yacht Club or not?
Some of the residents in favor of the lobby remodeling at the Yacht Club prone the fact that it will make our property values rise.
First, we need to adjust to the market and a lot of new buildings were recently constructed. We are competing with condos which feature brand new amenities, lobby, and architecture. A buyer looking to invest in Miami will compare different condos so we have to compete.
Then the existing older condos remodeled their lobby in the past few years. The Sunset Harbour, the Floridian, the Waverly, the Continuum North to name a few. As a result, we need to be ahead of the game and even if the lobby at the Portofino Yacht Club aged very well, we need to make it look brand new like our competing neighbors.
On the other side, the residents who were against the remodeling state that the condos which had their lobby remodeled in the last few years did not benefit from it in terms of value/sqft. In the past few years, the market evolved into a buyer’s market reducing our property values. As a result, the condos which remodeled their lobby during the growth phase found themselves with a pristine lobby during a market slowdown.
In conclusion, I would say that we didn’t need a new facelift for our Portofino Yacht Club lobby but we would have needed one in the next few years to compete with our surroundings. Above all, the timing couldn’t be better since we are doing the construction during a slow market and during the slow season.