FunCoast Realty has an office in the condotel building, and we know them literally from the inside. Choosing the right condo-hotel depends on how you plan to use it, your preferences, expectations, rental and other restrictions, and a lot of other factors.
CONDOTELS: What the heck is that? |
Condo-Hotel (condotel) is a relatively new concept. As a company specializing in condominiums and condo-hotels (our main office is in the condotel), we literally know them from the inside, and we are getting a lot of questions about condotels (or condo-hotels). So, we put the most common questions and answers together. You can order our free report with no obligations by filling the order form below. Our expertise is limited to Daytona Beach area, so it is quite possible that there are questions or situations not addressed here. Do not rely solely on this information while shopping for a condotel. This is a niche market and there are few agents or brokers, specializing in condotels. Do not assume that you are talking to a condotel specialist just because he/she has a real estate license. Do not assume that an agent, who helped you buy a residential condo or a house, would do well with condotels. Find one with a strong record of selling condotels. Find a Professional. Buying a relatively inexpensive condotel unit could be more complicated than purchasing a million-dollar residential condominium. The professionalism of your agent is key to your success. You would be surprised how many deals failed because the agents were not familiar with the specifics of the condotel market or a particular property. What you need to know about Daytona condo-hotelsWith rare exceptions, you can't claim condotel unit as primary residence, homestead it, and live in it permanently. This may or may not be enforced in each property, so check the Condo Docs. Florida Statutes do not set the length of stay, but check Rules & Regulations for each property, as they can set the limits Except for Castaways and Ocean Jewels Club, no pets are allowed You usually can keep your unit off rentals, rent yourself, or rent through the Front Desk. Check the rental policies as they vary from no short term rentals in Oceanside Inn to no long term rentals in Fountain Beach Resort. Also, rental companies sometimes set heavy fees to put the unit on rental program, thus deterring from renting yourself, as every time you put it back on rental, you are charged. Maintenance Fee varies from $230/m per studio in Castaways to $350/m in Hawaiian Inn. However, while in Hawaiian Inn you pay the same $350/m for a studio and one-bedroom unit, you will pay 2 maintenance fees ($570) for a one-bedroom in the Fountain Beach Resort. Well, at least they are true one-bedrooms with two baths (one is with JACUZZI) and 768 sf plus two balconies. In some condotels the fee is tied to the size of unit Property Tax varies widely depending on the price for which the unit was purchased; the tax is higher for direct oceanfront units. Management companies "rotate" the units so that the owners have rental income, however, there are many other factors that result in some units rented more often than others. Maintenance Fee covers all utilities, basic cable, insurance, upkeep of the property, security, and reserves towards major repairs. Everything inside the unit with the exception of the AC unit (except Hawaiian & Daytona Inn) is the responsibility of the owner. Everything inside the walls and outside of the unit is the responsibility of the Association. However, if the shower mixing valve got stuck, you will be charged for replacing it even if it requires to go behind the wall. Check with your association how they treat balcony doors and windows.
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