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An oceanfront condo for only $40,000? What’s the catch?
We get calls and internet inquiries all the time from people looking for a condo on the beach and they see oceanfront condos listed for sale in Daytona Beach for $40,000 - $60,000. So what’s the catch? It is most likely a condotel.
Condotels are basically hotels or resorts in which the units are individually owned condos. Most people checking into the hotel or resort would never know that they are staying in a room that isn’t owned by the resort. They often have a kitchenette in the unit and most are a studio or like the typical hotel room. Some may have a separate bedroom or even combined double units with multiple bedrooms.
The first question is usually, “Can I live there year round?” There were a few buildings that allowed you to homestead the unit and use a primary residence but the cities have tried to stop that. Condotels are better suited for someone looking to invest in a condo that they will use part of the year and rent out when they are not using the unit.
Some buildings like The Hawaiian Inn or Daytona Beach Resort allow you to manage your own unit while other buildings like The Plaza in ... more
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