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Daytona Beach Condo-Hotels. Understanding The Concept

There are 14 Daytona Beach Condo-Hotels. Understanding the Concept guarantees that you are not confusing apples for oranges. Because condo-Hotel is a confusing concept. And like with everything we do not fully understand, we are not comfortable.

Legally, there is no such form of ownership as condo-hotel, they are condominiums. The term condo-hotel is only used to differentiate between the condominiums where you have rental restrictions and condo-hotels with nightly rents like in hotels. Hence the name.

As for the ownership, in condo-hotels, like in apartment condominiums, you own your unit PLUS an undivided interest in the common elements. And as in apartment condominiums, the building belongs to the condo-owners, and nobody can buy the building, unless the condo-owners decide to sell. (Check your condo docs for the way the Association handles termination of Condominium)

We are often asked what would happen if some developer or big names like Marriott or Hilton decide to take over. In many cases here in Daytona Beach we are just flattering ourselves assuming that most of these properties may attract any big name at all. But if they are, and they take it over, this is your lucky moment. This means you are getting what you wanted for this property, and you get way more than it is worth at that time, or you would not agree to sell.

And if that happens, wouldn't you be ecstatic?

For other post in this mini-series check here:

Understanding Condo-Hotels. Is This For Me?
Understanding Condo-Hotels. A Glimpse At History
Understanding Condo-Hotels. Association Fees
Understanding Condo-Hotels. Simple Math
Understanding Condo-Hotels. Taxes- The Achilles Heel.

FunCoast Realty
Jon Zolsky, your Condo-Hotel guru
www.DaytonaCondoHotel.com

Posted by Jon Zolsky, your Daytona Beach, Florida connection on 01/26/2009 11:20 PM

Comments (10)

Condo-Hotel in Daytona Beach in the Regional (Localism) Channel

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Originally posted at: Jon's Blog: Daytona Beach Condo-Hotels. Understanding The Concept

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10 Comments on Daytona Beach Condo-Hotels. Understanding The Concept

JAN

Jon,

This is an excellent start. So few people understand that condo is a form of ownership not architecture. Nor do they understand that the form and style of management can vary greatly.

I'm looking forward to the next installment.

Bill

JAN

Is this the beginning of a series? First part is interesting. I'd like to know more about how they work.

I haven't really heard the term condo hotels until I started reading your blog, Jon. That's for the explanation.

how is the condo-hotel market?? I know Las Vegas was turning oout thousands of these units , and then the music stopped

Bill - thank you. I feel a bit flattered, I did not expect it, so, thanks again.

Barbara - I did not really plan this series, but I got a comment on my November blog about Plaza Hotel, whihc is a condo-hotel, and I thought that the questions are quite typical, and I thought that answering it in a blog format would make more sense than in a comment. Hence this post. And, yes, I will write several.

Do not worry, though, I will not write 900-series of BS just to get points, I would write just a few to get my point across.

Elizabeth - everything is wonderful and different in your neck of the woods. And even the market is different. Need to go there and touch it to make sure great times are for real (LOL).

I must say that our condo-hotels affect guys from California. I have on a hotel marquee sign one line. In 2003 I had there "Condos from $39,000".

A few times I had Californians (not ever from any other state) coming into my office laughing and saying that we missed a "0" on the sign. To the point that I would even go out to check the sign, and everything is fine with it. But they could not believe that there can be anything on the ocean for that little money

James - The condo-hotel market is not against the grain. Just starts going up last, and falls the first. But in this short time that it is on an up-swing, that swing is phenomenal. Prices increasing 2.5 - 3 times witnin 6-8 months, it is very impressive (in Daytona).

JAN

Jon, thank you very very much for the post. I enjoy learning something every day. Condo-hotel might be popular in FL but not as so in RI. I look forward to your next post on this topic.

Huiting - Even in Florida they are not widespread. You find them in Miami-Fort Lauderdale, then in Daytona. There are some in Orlando, and here and there on the West coast of Florida.

I did not expect it to be interesting, so it is a pleasant surprise for me.

Thanks for visiting

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