condohotels: Frequently Asked Question: What if I Buy A Condo-Hotel?
- 05/29/12 02:19 AM
What if I Buy A Condo-Hotel? This is frequently asked question. While buyers have the general understanding of things when they are buying a condo, the hotel part confuses people a lot. These questions are real questins asked by real people. The questions below came today in two e-mails about oceanfront Fountain Beach Resort in Daytona Beach, a 149-room hotel converted to condo-hotel in 1998-1999.
- I see there is a maintenance fee of $350, but is that monthly? Yes, this is monthly. And $350 a month for a condo-hotel unit is about average. Maintenance fee varies from … (30 comments)
condohotels: Frequently Asked Question: Why I Can’t Retire In My Condo-Hotel Unit?
- 05/21/12 12:06 PM
- Why can't I retire in my condo-hotel unit? The simple answer is “because it is a condo-hotel”. If you see the word "Condo", please also note the word "Hotel". I am always tempted to ask why is the question in the first place. But I know the answer. It is because the price for condo-hotel units is so attractive. So, it is very tempting to start considering a condo-hotel unit as a place to retire. It is on the ocean, there is a pool, some other amenities. Plus even though Association Dues are relatively very high per sq. ft., but … (12 comments)
condohotels: Price Is Great. Can The Owner Finance?
- 03/23/12 12:38 PM
I received e-mail: “Jon, I am reading your blog and I am interested in these condo-hotel units in Daytona Beach area. Prices seem to be very attractive. You say that the Lenders do not finance them. What about owner financing?” Excellent question. Big banks never financed Daytona Beach Condo-Hotels. With 13 relatively small condo-hotels in the area, this is such a tiny niche for the Lenders. Small lenders who specialized on condo-hotels were the first to go belly up when the housing crisis knocked on our doors. Today there is practically no financing on condo-hotels, except those larger … (12 comments)
condohotels: Condos, Condo Conversions, Condo-Hotels... What is the Difference?
- 01/28/11 02:46 PM
This e-mail came from Richard D. "I am reading your blogs and I do not quite understand the difference between condos, condo conversions, and condo-hotels. Are there safe condos and how to find them?" Excellent question. First and foremost: Condominium means ownership. You own the unit plus undivided interest in common areas. All of them have Association fees, Board of Directors, meetings, elections, budget… As for conversions, they can be either residential (or apartment condominiums) or condo-hotels. All it means that they have been converted from what was not what they are now. During the boom years a lot of multi-family … (10 comments)
condohotels: Buying a Unit in Condo-Hotel?
- 10/16/10 06:49 AM
Here’s the definition I found on the Web: Condominium HotelsCustomers purchase fee-simple equity in the units - the hotel's guestrooms. Unit owners may live in the hotels permanently or use them as second and third homes. Depending on the hotel's policy, unit owners may rent their units independently or through the management company's rental program and derive income through a revenue-sharing arrangement. Unit owners also incur budgeted maintenance and operating expenses. Depending on the management company, unit owners have varying degrees of access to their hotel's amenities and services. We sell condo-hotels in greater Daytona Beach Area and here are a … (10 comments)
condohotels: New Mercedes for $60. Only in Florida
- 04/05/09 01:15 PM
Our office is in Fountain Beach Resort, which is a condo-hotel. On the Marquee sign we have one line. Today it ways "Condos fr $35K". People walk into the office and ask us about these condos. We give them the printout, brochure, and take them to this $34,900 (we shorten it on the sign) unit. A foreclosure unit, nothing wrong and nothing great about it, a decent size hotel room. Not rented because the lender / owner does not know that they can rent it. When they come and ask about the condo, I often ask them what they are looking for. … (4 comments)
condohotels: Fountain Beach Resort.
- 04/04/09 02:49 PM
It is April already. Time to check on the Fountain Beach Resort - a condo-hotel in the heart of Daytona Beachside. This oceanfront 6-story condo-hotel is home to 149-room resort right on the Atlantic Ocean. Not much changed in the time that I wrote about it last. The Board made some new rules making life of the condo owners a notch more complicated, which is why the Boards are there, or that is what the owners believe. Sales pretty much died in the Fountain Beach Resort. They got one foreclosure listed at $34,900. Yes you got it right, $34,900. The most expensive similar unit in the … (2 comments)
condohotels: Understanding Condo-Hotels. Taxes- The Achilles Heel.
- 02/22/09 08:13 AM
Taxes are the Achilles heel not only for condo-hotels, but for any property in Florida. With the next cycle of skyrocketing prices, which is not out of sight, the tax burden would again come into play. January 29, 2008 there was adopted a Constitutional Amendment, that changed the way the property taxes are paid in Florida. For homesteaded properties the homestead exemption is increased from $25,000 to add another $25,000, however, school tax is still assessed on the second part, so it is not exaclty $50,000 exemption, but still a good one at about $39K - $40K of just value, whihc … (1 comments)
condohotels: Understanding Condo-Hotels. A Glimpse At History
- 02/07/09 09:02 AM
Understanding Condo-Hotels. Part IUnderstanding Condo-Hotels. Part 2 Started in South Florida in early 80s, the condo-hotel concept went into hibernation after the change in tax laws in 1986 and rebounded in the second half of 90s. In Daytona first condo-hotels started when owners of oceanfront properties (BTW, from South Florida) cold not sell them as hotels in the stagnant market (the today's is not the first in history), and found it much easier and more profitable to sell units to individual owners. Those few properties were older hotels, the Sellers/Developers spend minimum to remodel, which was required to convert. These properties … (1 comments)
condohotels: Understanding Condo-Hotels. Association Fees
- 01/31/09 02:20 PM
To read Part 1 go to: Understanding Condo-Hotels. Part I Maintenance Fee. The simplest but the most confusing issue. The first question is always about the association (or maintenance) fee. Sometimes I would even get "give me the fees for different condo-hotels and we will make our decision based on that". On our street smart scale the less the maintenance fee, the better. Let's look into that. Maintenance fee is a sum of the expenses needed to run the property plus the reserves (not always). Cost of KWT of electricity is the same, cost of gallon of water is the same, cost of labor in the … (4 comments)
condohotels: Ocean Walk Resort. A Market Snapshot
- 08/30/08 04:58 PM
To read about the Ocean Walk Village - a billion-dollar oceanside vacation and entertainment destination place in the heart of Daytona Beach, Florida, click HERE. Here we are only looking at the resort component. Two towers, one 19 story South tower with overwhelming majority of one-bedroom oceanfront units, some 2 bdr units and even a few 3 bdr units. The North Tower has mostly 2 bdr large units, and about 50 one bdr units. Both towers have more than half as time share and the rest wholly owned condos (or condo0-hotels). 26 condo units are available for sale on Daytona MLS. Price … (0 comments)
What if I Buy A Condo-Hotel?
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