Condotels vs Condos | What is the difference?
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Hello, everyone! Brad Emond, Real Estate Professional, coming to you from Myrtle Beach, South Carolina. As I work with clients, I am often asked, what is a condotel and how could one benefit me? A Condotel is a hybrid of a condo and a hotel. How popular are condotels in Myrtle Beach? Hundreds of them line the beach, so, yes, they are popular! And, no! This is not a timeshare. A condotel is operated as a commercial hotel even though the units are individually owned. What’s the advantage of owning a condotel? Condotels make great investment properties. Some of the benefits of owning a condotel include: convenient on-site services such as a reservation desk, cleaning services, and food services, just to name a few. There’s a lot more about condotels that I’d love to share with you. Reach out to me and let’s discuss if a condotel could be a smart investment for you. I’m here to help. 843.503.0033. Tune in next week... I’ll be defining another popular real estate term and what the benefits are to you. Happy investing!
WHAT IS A CONDOTEL VS A CONDO?
I work with a lot of clients who are interested in purchasing a condotel. There often can be confusion as to which condos are true condos, and which are condo-tels. While definitions can be complex, simply put, if a condo building or resort allows for nightly rentals, then that building is 99% of the time considered a hotel or condotel. A condotel will have a check-in desk in the lobby of the building. If a minimum 3-night rental is present, then it usually passes as a condo.
Here is a list of Condos in Myrtle Beach, SC and the surrounding area. Local lender, Korbin Causey, from Residential Mortgage Services, has pulled together a list of true condos in Myrtle Beach, South Carolina and the Greater Myrtle Beach area. “Below is a list of all of the buildings and condos that I have closed loans in recently that I know are already approved as true condos and meet all the Fannie and Freddie guidelines. There are, of course, more condo buildings that I can approve that are not on this list, but this will give you an idea of what has been approved recently. All of the ones below allow for a quick closing since the building is already approved.”
Arcadian Dunes
Colony Club Horizontal Property Regime
Cypress Bay Golf and Tennis Resort
Finestere
Ironwood
Magnolia Point
Myrtle Greens
North Myrtle Beach Golf and Tennis Resort
Northshore Villas
Paradise Pointe
Quail Marsh
River Oaks Golf and Tennis Villas
Seawalk Villas
Southbridge Villas II
Stafford Row at Berkshire Forest
Sunrise Pointe HOA
The Fountains Condo
Tupelo Bay Gold Villas II
Windsorgate
The Fairways at Wild Wing
Park West
Garden Sands
Berwick at Windsor Plantation
Clay Pond Village
Seamark Towers
Ocean Forest Plaza
Sawgrass East
Shorewood Condo
Fairwood Lakes
Beach Walk Place
Windsor Greens II
A Summer Place
Beach Cottage at Ocean Drive
Blue Water Keyes
Retreat Bungalows at Barefoot
Inlet Point Villas
A Place at The Beach
Tidewater Clubhouse
Carolina Keyes
Villas on the Green
Deerfield Links
Sea Cloister II
Sea Grove
Ocean View Towers
If you would like more information on condos or condotels in the Myrtle Beach, SC area, reach out to me. Here to help. 843.503.0033, Connect@MyrtleBeachCustomHomes.com.