Frequently Asked Question: What if I Buy A Condo-Hotel?

By
Real Estate Broker/Owner with Daytona Condo Realty, 386-405-4408

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.

Fountain Beach Resort Daytona

 

- 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 $255 to $450 a month.

The difference between residential (apartment) condominium and condo-hotel is that in Daytona condo-hotels maintenance covers not only water, but all utilities, including local telephone calls, Internet (Wi-Fi), plus the usual stuff like upkeep of the property, master insurance, security, pool maintenance, trash removal... In residential condos your electricity, telephone and internet are not included.

- If I do purchase one, what would I have to do for the upkeep and would the resort take care of minimal things while I am not there?

It depends. If you are on rental program, then there is maid service, units are cleaned and taken care every day there are guests there, and if something needs to be fixed, the rental management company would take care of it.

If you are not on the rental, nobody would enter your room. They will keep up with maintaining the building, however, so it does not matter whether you are on rental program or not.

- Is there difference in taxes?

No, taxes are based on values, and in that sense there would be no difference between how condos or condo-hotels are assessed. If the value is higher, the taxes are higher. And while for specific amount you need to check with the County Property Appraiser (or call me). Usually it is about 2.5-2.6% of what you pay for the unit, but this is far from being exact.

Call me 386-405-4408 for more answers about condo-hotels and condos in Daytona Beach Area, and to schedule a showings.

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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Gina - thank you.

May 29, 2012 11:50 AM #11
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Jon Zolsky, Daytona Beach, FL
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Myrl - it has its pluses and minuses

May 29, 2012 11:51 AM #12
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Jon Zolsky, Daytona Beach, FL
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Judi - usually not. Not a retirement place, not a good place for living. Staying a wek or two at a time, that can work. And, of course, prices are enticing

May 29, 2012 11:52 AM #13
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Jon Zolsky, Daytona Beach, FL
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Mike - be my guest. Liteally and figuratively :)

May 29, 2012 11:53 AM #14
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William Johnson
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Hi Jon, I liked this format and you should make this idea a reagular feature of your posts. You did a great job of differentiang the condo and a condo-hotel. I enjoyed this a lot!
May 29, 2012 03:05 PM #15
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Harry F. D'Elia
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I have learned more about a condo hotel interesting concept

May 29, 2012 04:00 PM #16
Rainmaker
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Michael Setunsky
Woodbridge, VA
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Jon, good information for people interested in purchasing a Condo-Hotel. Sounds like they are also good investments.

May 29, 2012 10:30 PM #17
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Jeanne M. Gavish
Jeanne Gavish, Keller Williams Realty Elite Partners - Spring Hill, FL
Keller Williams Realty Elite Partners - CIPS,GRI,S

Good Information Jon.  They became very popular in the Clearwater Beach area when the market was hot.  I agree that you would benefit us all by giving us more info on this concept.  Some good questions in the comments for you to expand on.

May 29, 2012 10:40 PM #18
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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William - thatnks. I am a bit perplexed. In my understanding this shouldn't have been fatured anyway

May 29, 2012 11:15 PM #19
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HI Jon~

 

This is a clear and INTERESTING post! Yes... as Jeanne commented...I'd like to read more about this. THX

May 29, 2012 11:43 PM #20
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Eileen Hsu
Douglas Elliman Real Estate - Manhattan, NY
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Jon, we have some condo-hotel here in Manhattan New York too, the monthly fee is much higher than your market that is for sure.

May 29, 2012 11:44 PM #21
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Laura Allen, Lake Tahoe - Truckee Real Estate for Sale TahoeLauraRealEstate.com
Coldwell Banker, Tahoe City, CA (530) 414-1260 - Tahoe City, CA
Tahoe Real Estate Agent Helping Buyers and Sellers

Jon - Great post.  You've answered a lot of good questions for buyers thinking about buying into a condo-hotel.  We have a few of them here in Lake Tahoe and owners love the amenities that they get, which more than makes up for a higher HOA fee. 

May 30, 2012 06:30 AM #22
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Jon Zolsky, Daytona Beach, FL
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JaneAnne - thanks for stopping by

May 30, 2012 09:56 AM #23
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Jon Zolsky, Daytona Beach, FL
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Thank you, Harry

May 30, 2012 09:57 AM #24
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Jon Zolsky, Daytona Beach, FL
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Mike - it all depends. Not as much as rental properties, but people did very well on the resales

May 30, 2012 09:58 AM #25
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Jon Zolsky, Daytona Beach, FL
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Jeanne - seems like they are now everywhere, but still not that many to be recognized by the major banks, so financing is non-existent

May 30, 2012 10:01 AM #26
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Jon Zolsky, Daytona Beach, FL
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Eileen - what would you expect from Manhattan. Everything is more expensive there :)

May 30, 2012 10:02 AM #27
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Jon Zolsky, Daytona Beach, FL
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Laura - like everything else, there are some limitations, and when developers started building condo-hotels and selling unit for astronomical prices, there later was a problem with rental income not sufficient to justify the purchase.

May 30, 2012 10:04 AM #28
Rainer
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Jon Interesting concept. And the prices are hard to believe.
May 30, 2012 12:58 PM #29
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Inga, and just wait a year and these prices might go up.

May 31, 2012 02:36 AM #30
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