Condo-Hotel... Are There Any Condo Fees?

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

Here's what I got in the e-mail a few days ago: "Jon, the condo-hotel idea sounds interesting. Are there any condo fees?"

Well, yes. Condo-hotels are condos from the ownership point of view, and the term “hotel” only indicates that condos can be rented on a nightly basis, and that there is a Front Desk usually 24/7.

And for as long as we deal with condos, there are condo association monthly fees.

These fees vary from property to property and they depend on the actual costs of maintaining the condos’ common areas. The more amenities the condo has, the higher the Association (aka Maintenance fee).

In Daytona Beach area the condo-owners Association fees in condo-hotels go from $255 in Castaways to $450 in Hawaiian Inn.

The Association fee is derived at by creating the budget and then dividing it fairly among the condo-owners. Some properties divide evenly between the owners, so each room has the same maintenance fee no matter what the size of the unit is. Examples would be The Plaza Resort & Spa, Hawaiian Inn, Fountain Beach Resort…

Some charge by the sq. ft. There the fee depends on the size of the unit. Example would be Oceanside Inn, Ocean Jewels…

Besides Association fee, there are property taxes, and… Special Assessments, that nobody know when they come and how much they would be. Special Assessment is when there is the expense, for which there is no money in the budget.

Everything I said here about fees for condo-hotel owners is the same as for any condo owner. They are condo specific, not condo-hotel…

Call me 386-405-4408 if you are interested in this very affordable alternative to having a vacation getaway in Daytona Beach area.

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Topic:
ActiveRain Community
Location:
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Condo Specialists
Condos, What you need to know?
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Tags:
daytona condohotels
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Rainmaker
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Fred Griffin, Your Real Estate Broker for Tallahassee, Florida 850-339-4861
Call Fred 850-339-4861
Frederick Griffin, Licensed Real Estate Broker

A clear and simple explanation, Jon.  Thank you.

   In Northwest Florida, we have many high-rise Condos that went "Bust".   Unsold empty units, none of the retail space was filled, etc.

   A lot of the Condos shifted to the Condo-Hotel concept.  This allow the owners (or developers or Bank REOs) to get some income from the property.

November 13, 2011 11:59 PM
Rainmaker
986,528
Evelina Tsigelnitskaya
www.SIBRealty.com 305-931-6931
SIB Realty
Jon, most condo-hotel's fee in our area for studio double.
November 14, 2011 12:01 AM
Ambassador
1,304,124
Jon Zolsky
Selling Daytona paradise for heavenly good prices
Daytona Condo Realty, 386-405-4408

Fred - here we also have these unsold units, but here the trick is that if you are not on the ocean, you can't rely on this concept to work. So, they just sit empty

November 14, 2011 09:45 AM
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1,304,124
Jon Zolsky
Selling Daytona paradise for heavenly good prices
Daytona Condo Realty, 386-405-4408

Evelina - I know that your fees are higher. not that I know why, though. And not only for condo-hotels, same is with residential condos.

November 14, 2011 09:46 AM
Rainmaker
126,267
Vadim Zolotarevskiy
FunCoast Realty & Management, LLC

Jon, sometimes people think that they could buy a 2 bedroom uit for $50,000 on the ocean, and there are no fees. Simply because it is Florida.

November 15, 2011 10:47 AM
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