Condotels and Converted Hotels in the Long Beach Island Real Estate Market
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Condominium Hotels in the LBI Real Estate Market 
Condominium Hotels in the LBI Real Estate Market 
Condominium Hotels in the LBI Real Estate Market
Long Beach Island Real Estate
In the LBI real estate market, a condominium hotel is a hotel or motel that has undergone a condominium conversion to become a legal condo association. When this occurs, paperwork will be filed to transfer the hotel ownership to a newly formed condo association. The individual units will then be put up for sale. Condominium hotels or condotels have notable pros and cons that anyone looking to invest in the condo market on Long Beach Island should understand.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
Condominium Hotels in the LBI Real Estate Market
When looking to buy a condotel or converted hotel in the Long Beach Island real estate market, a prospective homebuyer should understand the pros and cons of this form of ownership. The benefits of these associations are typically having a good location, an attractive price point, and in some cases, common amenities. The negatives tend to have to do with resale potential and the ability (or inability) to finance these types of properties. Location drives the market on Long Beach Island, and condotels tend to have good locations. The smaller size of the units (usually one or two hotel rooms put together and renovated) can also make it more affordable and easier to manage a vacation home. Most converted hotels will have either one or two bedrooms making them a functional beach house. Lastly, many of these converted condos will have a pool or similar amenities from when it operated as a hotel. There are some negatives to be aware of. The size of these units, while appealing to some, will also be a deterrent to others. More importantly, though, many condotels are considered to be non-warrantable condos. This means that they will not qualify for traditional financing. Many times, these types of properties will need an interest-only mortgage or a shorter term of financing. Therefore, it is best to speak to a lender to understand what financing options are available if you consider buying a converted motel with a mortgage in the LBI real estate market.
Condotels and Converted Hotels in the Long Beach Island Real Estate Market
There are many types of properties for sale on Long Beach Island. From single-family homes to condos and duplexes, there are a variety of price points and options. Converted hotels in the Long Beach Island real estate market are but one of them. These properties have a unique place in the market, and for some, they are the perfect beach getaway. It is best to understand any property type’s pros and cons, these included, before investing in the LBI real estate market. If you have any questions about buying, selling or investing in the LBI real estate market, please do not hesitate to contact me.
By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
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