What is a condominium hotel?
Condominium hotels or “Condotels” are the hottest vacation home ownership topic today. Units/Suites/Rooms in the hotel/motel/resort are owned outright (fee-simple). Owners can use their unit whenever they want, and have the opportunity of participating in a rental program to generate revenue the rest of the year to defray expenses.
Will there be an on-site rental program?
There is an optional on-site rental program. Information will be provided by the resort’s rental management company. The goal is to make ownership of your condotel unit 100% hassle-free.
What are the historical revenues and expenses for this resort?
See attached letter from the Hotel Manager.
Will my unit be furnished?
All Suites are fully furnished right down to the silverware in the kitchenette. Just bring your toothbrush. Each room even has a microwave, refrigerator, and stove for guest convenience. For additional sleeping accommodations, the livingroom couch is convertible to a bed.
Will there be a Condominium Association?
As an owner of a unit/Suite, you will be a member of the Condominium Association. It will be professionally managed and take care of the grounds, buildings and amenities. There is on-site management seven days a week. There will be a monthly Association fee as described in the condominium documents.
How will real estate taxes by assessed?
Just like any other condo, taxes will be assessed as fee-simple ownership in a condominium.
What about insurance on my unit?
The Association will carry all forms of insurance as described in the condominium documents. You may wish to secure liability insurance for the interior of your unit as an endorsement to your existing homeowner policy.
Can I obtain a mortgage to finance my purchase?
We can refer you to several lenders who provide financing for condominium hotel unit purchases. Most lenders require a 20% down payment while others require less.
What if I want to sell my unit in the future?
Like any real estate property you own, you may sell your Suite/unit at any time. Once you have established a sales price, the developer has the first right of refusal to acquire your unit. This is more clearly defined in the condominium documents.
How much time are the owners allotted to use their
own unit each year and what are their fees during that time?
Owners can use for 4 weeks in low season and 2 weeks in high season at no cost. Beyond that they pay for hotel services at 40% of the regular rate (the part of the room-rate you would normally pay to the hotel).
What are the tax benefits?
Ask your accountant about all the standard deduction benefits of rental property: interest, real estate taxes, fees, and especially DEPRECIATION. Best of all - TRIPS to "inspect" your property. Let Uncle Sam help pay for your vacation!
What do former guests think?
Read unsolicited unbiased comments at TripAdvisor. Get the truth, then go.
What is the next step to receive more information?
Contact the Realtors - Richard Webb at Coldwell Banker 321-480-5514 webb@4Brevard.com. We will be pleased to email or send you more information including some historical data on occupancy and revenue direct from the hotel manager.
Here are floorplans, and the layout of units on each level.
First and Second Floor:
ANSWERS ARE OUR BEST EFFORT TO PROVIDE CORRECT INFORMATION, BUT CANNOT BE RELIED UPON AS CORRECTLY STATING REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, REFER TO THE CONDOMINIUM DOCUMENTS AS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY THE DEVELOPER.
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