Staten Island, NY · Member since 2017 · 5 posts · 4 votes
I was looking at Orlando-area investment properties and noticed a few 1 or 2 BR condos for sale inside the Melia hotel in Celebration, FL. Apparently a developer sold a few condos in that building before the hotel bought it and took over/.
The condos are priced in the 100-130k range with high $1,200/mo HOA fees, but you're allowed to have the hotel put guests in there when you're not there. You can occupy it up to 26 weeks a year. I couldn't find any more details yet, but has anyone heard of anything like this before? Does it seem like a good deal, as long as you can get guests in there the majority of the time? It would be good for my family as we go to Disney often and could stay there at no charge, and collect money the remainder of the year, depending on of course if people stay in the room.
Vendor · New York, NY · Member since 2017 · 217 posts · 88 votes
9y
1200 HOA fees are incredibly steep, not including a mortgage, insurance, taxes, don't you think?
When you say that you can only occupy it 26 weeks/year, its effectively a timeshare right? If so, people have rented out timeshares before as investments so it would make sense - and w/ the rise of Airbnb, this might actually work. I would check the bylaws of subletting/renting it out. I would also triple check then numbers bc the HOA fees are a bit high
1200 HOA fees are incredibly steep, not including a mortgage, insurance, taxes, don't you think?
When you say that you can only occupy it 26 weeks/year, its effectively a timeshare right? If so, people have rented out timeshares before as investments so it would make sense - and w/ the rise of Airbnb, this might actually work. I would check the bylaws of subletting/renting it out. I would also triple check then numbers bc the HOA fees are a bit high
They are high, but if the HOA fee effectively pays for hotel services (furnished room and daily housekeeping) it might be a fair price.