2,704,537
When the downtown Tallahassee condos failed to sell during the crash 10 or 12 years ago, the Developer set up a registration desk, got whatever licenses he needed from State and local, and operated it as a hotel. A number of the people who bought condos and saw prices spiraling downward, also decided to rent their units out, and shared the same front desk.
At least one of the downtown condo towers in Tallahassee continues to operate as a condotel.
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Olga Simoncelli
New Fairfield, CT
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Scott Pope
Panama City Beach, FL
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Anthony Acosta - ALLAT...
Atlanta, GA
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Nina Hollander, Broker
Charlotte, NC
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Peter Mohylsky, Destin...
Miramar Beach, FL
1,007,423
You know I do - I sell hundreds of them LOL
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Fred Griffin Florida R...
Tallahassee, FL
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Peter Mohylsky, Destin...
Miramar Beach, FL
8,125,230
2,229,820
It has been a while since I heard that term, I am also licensed in the state of FL and while there, I came across some condotels during the down turn.
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Anthony Acosta - ALLAT...
Atlanta, GA
5,288,738
Yes, I do know what it is. Can't say I've seen one in my area and have not had to deal with lenders in this regard... but, I suppose there will always be the first time.
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Anthony Acosta - ALLAT...
Atlanta, GA
1,097,545
Yeah, it's a cross between a condo and a hotel. Usually the hotel was converted into condo units, and they can be rented out short-term or long-term or used by the owner.
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Nina Hollander, Broker
Charlotte, NC
1,713,581
I am familiar and often they are around resort areas like Disney World.
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Nina Hollander, Broker
Charlotte, NC
602,025
It sounds like a cross between condos and hotels, which implies a mixture of short-term and long-term residents.
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Nina Hollander, Broker
Charlotte, NC
1,466,257
Peter Mohylsky Worked a deal a while back to put the first one in our area. The buyer's investor didn't come through at the last minute.
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Peter Mohylsky, Destin...
Miramar Beach, FL
4,322,035
5,986,056
3,210,559
A former "holiday inn" at Lake Oconee is now a condotel. I listed and successfully sold one of the units, but it's not something I would want to try to get financed.
4,800,282
921,504
You bet.
But in my location, these 400 SF hidey holes, have not been the most well received real estate investment. It is certainly a niche and someone has to do it.
3,074,289
6,662,159
1,525,616
I understand that it is a condo in a high rise building. The condo is not "fee simple" because the owner of the unit doses not own the land.
1,260,083
637,534
Depends what market you are in. They have been building luxury condotels in Waikiki that are stunning. And of course pricey.
3,986,473
3,988,138
I do know what it is. Many time share properties operate this way as well to bring in extra income.
1,535,414
4,721,936
Yes, I know the term but can't say I have had any experience with them in my market.
5,460,208
3,416,372
We have them on our seacoast. They are hard to get mortgages for, mostly local banks and credit unions with 20-30% down though
1,731,396
If I can limit it to our Daytona Beach market, then I can say that I know quite a bit about condo-hotels. In our area these are mostly old hotels, that at some point in time were converted into condos. Condo is a legal form of ownership. Hotel part here is usage. So, these are condos, which are used (and licensed) as hotels. It is tricky, as they are classified as transient facilities, which limits their residential use. Think about it as owning a room in a hotel, which you can use with limitations for your own vacations, but which otherwise is operated as a hotel.
5,774,095
Peter,
We spoke at a condotel conference 9 years ago in Las Vegas. The only negative we heard there was from some of the developers and marketing firms that did not like real estate agents. A
544,114
1,749,577
756,625
We represent several of these. It has been difficult to get financing, but we have had success with local lenders willing to provide portfolio loans on them.
206,730
I know of at least two condotel in the Miami area, and I am sure there is more.
5,474,939
We do have a condo complex that has a hotel in our Uptown but, the hotel units are owned by one entity. The concierge and other services are available to the condo owners though. So, we can't really call that a condotel...yet!
5,156,208
Yep I know. I think there are some downtown but not out here in the 'burbs. I think Jon Zolsky, Daytona Beach, FL knows a lot about this market
1,027,657
Yes, we have friends who own one in Florida, but there are none in my market.
5,584,478
3,421,649
My guess is a condo hotel ... an investment condo that is rented out on a weekly, monthly basis.