Peter Mohylsky.   The  Santa Rosa Beach Expert, THE BEACH IS OPEN (PrimeSouth Properties)

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Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

      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.

Oct 15, 2017 06:51 AM
Rainmaker
877,269
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

You know I do - I sell hundreds of them LOL

Oct 15, 2017 05:07 PM
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank for this lesson.

Oct 15, 2017 09:28 AM
Rainmaker
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Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

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. 

Oct 15, 2017 07:24 AM
Rainmaker
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Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

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.

Oct 15, 2017 07:12 AM
Rainmaker
805,767
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

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.

Oct 15, 2017 07:08 AM
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Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

I am familiar and often they are around resort areas like Disney World.

Oct 15, 2017 07:00 AM
Rainmaker
581,369
Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

It sounds like a cross between condos and hotels, which implies a mixture of short-term and long-term residents.

Oct 15, 2017 06:52 AM
Rainmaker
1,406,727
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

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.

Oct 15, 2017 06:50 AM
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Now I know, Peter.

Jun 07, 2018 09:49 PM
Rainmaker
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Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

We must not have them here in Denver, never heard of them.

Oct 18, 2017 06:27 AM
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

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. 

 

Oct 16, 2017 01:58 PM
Rainmaker
4,798,675
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I do.  But, we don't have any in my area.

Oct 16, 2017 07:20 AM
Rainmaker
816,635
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

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.

Oct 16, 2017 05:48 AM
Rainmaker
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Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Roy Kelley nailed this one!

Oct 16, 2017 04:39 AM
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Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

A good way to pay the bills on your vacation home.

Oct 15, 2017 08:43 PM
Rainmaker
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Sybil Campbell
Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia - Williamsburg, VA
REALTOR® ABR, SFR, SRES Williamsburg, Virginia

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.

Oct 15, 2017 08:15 PM
Rainmaker
1,084,404
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

motel-motor hotel

condotel-condo in a hotel like environment

Oct 15, 2017 07:13 PM
Rainmaker
541,650
Hella M. Rothwell, Broker/Realtor®
Carmel by the Sea, CA
Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea

Depends what market you are in. They have been building luxury condotels in Waikiki that are stunning. And of course pricey.

Oct 15, 2017 06:54 PM
Rainmaker
3,985,569
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I had no idea

Oct 15, 2017 06:53 PM
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

I do know what it is. Many time share properties operate this way as well to bring in extra income.

Oct 15, 2017 06:31 PM
Rainmaker
1,301,082
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I'm guessing condos with high non-owner occupancy.

Oct 15, 2017 04:04 PM
Rainmaker
3,648,929
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Yes, I know the term but can't say I have had any experience with them in my market.   

Oct 15, 2017 03:31 PM
Rainmaker
3,593,625
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Not great investments generally

Oct 15, 2017 12:46 PM
Rainmaker
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Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

We have them on our seacoast. They are hard to get mortgages for, mostly local banks and credit unions with 20-30% down though

Oct 15, 2017 11:56 AM
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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

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.

Oct 15, 2017 10:24 AM
Rainmaker
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Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

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

Oct 15, 2017 09:18 AM
Rainmaker
526,070
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Some euphemism for a timeshare?

Oct 15, 2017 09:10 AM
Rainmaker
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Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

 Sounds like another word for timeshare

Oct 15, 2017 09:01 AM
Rainmaker
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Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

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.

Oct 15, 2017 08:46 AM
Rainmaker
206,470
Chuck Mixon
The Keyes Company - Cutler Bay, FL
Cutler Bay Specialist, GRI, CDPE, BPOR

I know of at least two condotel in the Miami area, and I am sure there is more.

Oct 15, 2017 08:37 AM
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

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!

Oct 15, 2017 07:49 AM
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Jeff Dowler, CRS
eXp Realty of California - Carlsbad, CA
The Southern California Relocation Dude

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

Oct 15, 2017 07:47 AM
Rainmaker
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Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

Yes, we have friends who own one in Florida, but there are none in my market. 

Oct 15, 2017 07:33 AM
Rainmaker
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Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

we have no experience with this....we're not in that type of market...

Oct 15, 2017 07:33 AM
Rainmaker
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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

My guess is a condo hotel ... an investment condo that is rented out on a weekly, monthly basis.

Oct 15, 2017 07:32 AM