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daytona condohotels: Frequently Asked Question: What if I Buy A Condo-Hotel? - 05/29/12 09:19 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)
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daytona condohotels: Frequently Asked Question: Can I Homestead a Condo-Hotel? - 05/23/12 09:55 AM
Homestead in Florida is a great thing. It is more than just a reduction in Property tax, but even this is a great benefit for any homeowner in Florida. If you have asked me this question a year ago, my answer would be “No, except for Castaways and Ocean Jewels”. And this answer was based on my conversation with the people in the Property Appraiser’s office, who told me that if the condo docs prohibit use of the condo as primary residence, then you could not Homestead it. We represented the Seller in the sale of a unit in the Fountain … (8 comments)
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daytona condohotels: Frequently Asked Question: Why I Can’t Retire In My Condo-Hotel Unit? - 05/21/12 07:06 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)
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daytona condohotels: Going Once, Going Twice, Going Three Times... - 05/20/12 08:56 PM
The agent called me at 9:30 in the evening on Sunday, just couple of hours ago. She apologized for calling so late, but she said she desperately needed the exact Association Dues figure for the property that her buyer has under contract with my Seller. OK, I have my laptop with me, so it is not a problem. I gave her the amount. She called back in 5 minutes and asked for the exact amount of taxes. I delved into the Property Appraiser site and calculated the taxes based on the taxable value and knowing the millage rate.
She told … (35 comments)
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daytona condohotels: Hawaiian Inn in Daytona Beach Shores. May 2012 - 05/15/12 03:14 PM
In the last 5 years the resort went through difficult time. It was originally built in 1965, and then the 5th floor was added in 1974. The Association tried to keep up with preventive maintenance, and as a result the Maintenance fee in the resort was usually higher than in other condo-hotels, but the age is something you can't fight.
The time came when they needed to do major concrete restoration, consisting of replacement of balconies and partial replacement of concrete in walkways.
It came at a time when the values were on decline, which made it very difficult for … (5 comments)
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daytona condohotels: Life of a Condo-Hotel or Things Happen - 05/13/12 11:58 PM
A few weeks ago all owners in Oceanside Inn, a premium condo-hotel in Daytona Beach Shores, have received a letter that the Association was very excited to announce that they have decided to replace the second level of the garage at a tune of $250,000. This was not the best news for the owners, I guess they were less than excited, but Special Assessments are part of condo-hotel and condo living, and there is nothing really unusual in having them time to time. Owners knew the garage was in need of repairs, and turned out maintaining it was so costly, that … (4 comments)
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daytona condohotels: Nothing Against You But... - 05/12/12 10:43 PM
I ran into this while surfing through emails. It is by far not the only one. People (and agents) contact me about condo-hotels, and demand that I provide condo docs, minutes of the Board Meetings, financial statements of the Condo owners Association, their budget, proof of reserves... And when we do not volunteer all that without the accepted offer, they get upset. This one is is from the Buyer.
"Nothing against you but this is one of the many problems I have with realtors. Ashley (Owners Realtions Manager - J.Z.) said the realtors could help me get the financials from the … (12 comments)
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daytona condohotels: Treacherous Word “Market” - 05/03/12 10:15 PM
Treacherous Word “Market” It is such a beaten word that we all feel that we know what it means. In economic terms “Market” means “the coming together of a buyer and seller” So, if the Seller sells the property for certain amount and the buyer buys this property for this amount, it is a fair market. This would be true when we talk about big numbers, like regional market. For local markets it may not be always the case. Circumstances can play a big role. Take the latest twist in condo-hotel market in Daytona. Someone working for American Auction Network came … (24 comments)
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daytona condohotels: How To Pay More or The Lure of the Auction - 05/01/12 11:13 PM
- Why do I need you when I can buy at an auction?
Ever heard it before? And it comes from someone, who calls an agent (me) to ask about the property, which he is planning to bid for. Funny, isn’t it? The latest hype in Daytona is that inexpensive condo-hotels are now on the Auction channel on TV. How they got the inventory? They are buying the least expensive units. I have 7 condo-hotel units under contract with them, and plus several where my Sellers have countered and the auction network is still thinking. Other agents are doing the same, … (24 comments)
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daytona condohotels: Is It Really Busy? - 05/01/12 07:06 AM
And the answer is astounding “Yes”. I know it because customers tell me this. Well, not exactly. But lately I got several customers complaining that they contacted the agent and asked information about condo-hotels, and never heard back. - It seems that if you are looking to buy a property for less than $200K, the agents do not want to deal with you – complained Leslie from Illinois. So, yes, it is darn busy if agents do not want to deal with small stuff. A year ago I had agents from Orlando willing to drive an hour for a $35K condo-hotel. … (12 comments)
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daytona condohotels: What Is The View? - 04/29/12 07:23 PM
I spent good part of my Saturday with clients looking to buy a condo-hotel. They have very clear preferences, and the only problem is that it was much easier a year or two ago to meet. It was when there were over 360 condo-hotel units on the market. Now, that there are 124 condo-hotel units, it is still possible, but the price is higher for those with great view, etc. So, showing all the goodies fitting the parameters doesn’t really take much time. And then there is that moment, when we sit quiet, and the question comes “Are there any other … (6 comments)
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daytona condohotels: Pirates Cove. Daytona Beach Shores Condo-Hotel - 04/24/12 10:09 PM
Pirates Cove. Daytona Beach Shores Condo-Hotel
This 164-room resort in Daytona Beach Shores is the farthest condo-hotel, about 6 miles south of Main Street. Easy access form I-95 via Dunlawton Avenue Bridge.
Pirates Cove was built in 1973. It has completed a major concrete restoration several years ago and a lot of money in special assessment has been paid, and for the next several decades they should be safe. Actually this was the most expensive renovation for a condo-hotel in the area.
About 5 years ago the restaurant in Pirates Cove went out of business, and this beautiful oceanfront … (8 comments)
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daytona condohotels: Fountain Beach Resort. What Are The Prices? - 04/01/12 05:06 PM
Fountain Beach Resort. What are the prices?
I received an e-mail about Fountain Beach Resort . There was a question about prices.
The prices in Fountain Beach Resort, a condo-hotel in the heart of Daytona Beach, start from $36K and the highest price is $79K.
This usually brings a series of question like these:
- Is the unit priced at $79K much bigger than the one for $36K?
No, they are the same 343 sf plus an ocean view balcony.
- Does the unit for $79K have a better view?
No, not necessarily.
- Is the unit … (2 comments)
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daytona condohotels: FSBO Buyer - 03/29/12 08:27 PM
I am used to a scenario when my clients after buying a unit in a condo-hotel, stay there, become very active in anything about this condo-hotel. They now know personnel and get into any room they want to look at, and get any information about any unit or unit owner…
Our clients, who bought a couple of units in Fountain Beach Resort, wanted another unit, but something where they could just step outside. The best unit for them would be in Oceanside Inn in Daytona Beach Shores. Units on the second level on the south side have a sundeck built on … (23 comments)
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daytona condohotels: A Deal Is A Deal. Oceanside Inn. Foreclosure Unit. Only $47,900 - 03/27/12 09:33 PM
I received a call earlier today from an agent who sells foreclosures. He told me that tomorrow he is putting on MLS a listing on a double unit in Oceanside Inn in Daytona Beach Shores. He always calls me when he gets the notice from the Bank, because I sell more condo-hotels in Oceanside than everybody else combined.
This is a double unit on the south side, good view of the pool and the ocean, and exceptional price of $47,900. Look at the list of units in Oceanside Inn. The lowest priced double room on the south side is unit 803 and it is … (13 comments)
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daytona condohotels: Good Family Man - 03/25/12 01:10 PM
It happens time from time, especially with condo-hotels, when a Seller would walk in my office and ask me to bring a buyer for his unit.
- You, guys, are in this building, and there is a sign outside, so I thought you are the ones who can bring a buyer for my unit.
- Do you want us to list your unit?
- No, I listed it with my niece, she has a license and needs practice, but what’s the difference? You bring the buyer and you will get the commission anyway. Right?
Wrong.
I do not have buyers … (6 comments)
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daytona condohotels: Price Is Great. Can The Owner Finance? - 03/23/12 07:38 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)
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daytona condohotels: Is Jail A Great Place for Retirement? - 03/19/12 12:19 PM
"I am Looking for a Condo-Hotel in Daytona..."
I get these calls and e-mails every day. My first question is always about the way the Buyers plan to use it.
Are they seeing it as their future retirement place? Are they going to spend just a few weeks during the year, or they would stay longer periods of time, like 6 months or more...
It always surprises them. Because they tend to see two things only: price and location.
Sure, it is tempting. Under $50K, and right on the beach.
Why I am not living in a condo-hotel myself, if … (12 comments)
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daytona condohotels: Fountain Beach Resort in Daytona Beach. March 2012 - 03/18/12 09:48 PM
Fountain Beach Resort in Daytona Beach. January 2012
It is Bikeweek in Daytona, which means that we can't show any condo-hotel units. Every hotel is booked.
Many people think that hundreds of thousand bikers is great time to sell real estate, but it is the opposite. Last year we took a vacation. It is a paradox. We have half a million bikers crowd, and it is our slow time.
But it is a fun time. This year they started later, two weeks later than they used to, and the rythm is broken. We have spring breakers and we have bikers at the … (0 comments)
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daytona condohotels: Oceanside Inn. Life Means Change... - 03/11/12 01:06 PM
I have posted about Oceanside Inn, a premium condo-hotel in Daytona Beach Shores, on March 9, just 2 days ago. At this moment I knew about a big change for Oceanside Inn, but did not know the details, and, what is even more important, what it means for the owners of condo-hotel units in Oceanside Inn.
Several months ago Integra Resorts, owner of commercial units in Oceanside Inn, and who were running the Front Desk operations, have sold their Orlando holdings to Wyndham Resorts.
Wyndham did not want to include Oceanside Inn in the purchase. They tried to sell on their … (12 comments)
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Jon Zolsky, your Daytona Beach, Florida connection
Daytona Beach,
FL
More about me…
Jon Zolsky, Daytona Beach, FL. FunCoast Realty, 386-405-4408
Address: 313 S Atlantic Ave., Suite A, Daytona Beach, FL, 32118
Office Phone: (386) 255-5355
Cell Phone: (386) 405-4408
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