Reviews and reported income, read together

The building is not what is underperforming

Two owners hold the same bedroom count in the same oceanfront building. The middle one reports — a year. A strong one reports —. Nothing about the concrete explains that. This page measures the distance between them at every resort on the beach, and then uses what guests complain about to say whether a buyer could close it.

What is being measured

A number agents type in by hand, that nobody reads this way.

When an income-producing condo is listed here, the agent usually types the unit's gross rental income into the remarks. It is voluntary and it is messy. It is also, across 49 resorts, — separate statements of what a specific oceanfront unit actually earned in a specific year — and the ones from inside a single building, for a single bedroom count, are nowhere near each other.

The asset sets the ceiling. The operator decides how close you get.

Ocean exposure, bedroom count and building are fixed the day you buy. Everything after that — photography, rate strategy, cleaning, how fast a broken air conditioner gets fixed — is the owner. Two units in the same tower with the same view do not report the same income, and the difference is the part you can actually buy.

A bad rating on a building the market pays for is the signal.

A resort guests dislike and will not pay for is just a bad resort. A resort guests pay top money for while complaining about the bathroom is a building that works, run by people who are not trying. The complaints sort themselves: a bathroom, a kitchen, an air conditioner and a television are yours to replace. A location, a parking deck and a security problem are not.

Every resort

Where the distance is widest.

Each resort is represented by its best-evidenced unit type. Typical is the middle reported figure for that type; strong is the ninetieth percentile of them — not the single best, which is one lucky year and one loud agent. Every figure is carried to — dollars first, because the market moved a long way across the window and a 2020 report is not a worse operator. Open a row for the buildings underneath it.

Resort Typical Strong Demand Gap

Demand is where that unit type's strong figure lands against every reported figure for the same bedroom count on this beach. High demand with a wide gap is the case this page is about: the market pays here, and most owners are not collecting it. A wide gap with low demand is a different thing — usually a building where one owner does well and the rest of the asset does not support it.

Honest limits

What this cannot tell you.

Guests review a tower. The listing does not name one.

Several resorts here are more than one building, and guests review the building they slept in. The MLS cannot follow them: every unit lists at one street address, the project codes usually split only a phase from a phase, and the building name is free text that the same resort spells a dozen different ways. A rating earned by one tower is the only rating any listing at that resort carries — which is exactly why a resort-wide rating can sit well below what the good buildings in it are worth.

The strongest numbers are the ones this cannot see.

Every figure here came out of a listing's remarks. An MLS export carries 47 columns and two of them hold free text, so a rental statement attached to a listing as a document does not appear in it at all. One Bay View three-bedroom reported $98,217 that way; it is absent from all — figures below, where it would have been the second highest that building has produced.

The omissions are probably not random. An owner with a strong rental history attaches the statement, because a document persuades where a sentence does not. A weaker one gets “good rental income” typed into the remarks, or nothing. If that holds, what is missing skews high — every strong figure on this page is conservative and every gap is wider in reality than it reads here.

Reported income is not audited, and not everybody reports.

These are figures agents typed into listing remarks to sell a unit, so they lean optimistic and they are not evenly spread: — unit-type cohorts have the eight or more figures it takes to place a ninetieth percentile honestly, and the rest are shown with the range they actually span instead. Nothing is hidden for being thin — a single reported figure is still a statement about what a unit there earned, and resorts resting on one are marked as doing so. Two figures across the whole study were dropped, both large enough to be a whole building rather than a unit.

Reviews are being read in by hand, and are not here yet for most resorts.

— of 49 resorts currently carry guest ratings and complaint topics. The income half of this page covers all of them. Until a resort's reviews are in, its row says what the market pays and how far apart its owners are — it just cannot yet say whether the reason is fixable.

The next step

Which unit is underperforming
a building that works.

This page says where the gap between a typical operator and a good one is widest. It cannot tell you which specific unit is listed this week, what its current owner is actually doing wrong, or what it would cost to fix. Say which resorts you are weighing and we will come back with the units on the market and what each one is leaving on the table.

We use the numbers on this page to answer you specifically. No list, no drip sequence — a person reads it.