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Condotels

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Wm. Hattaway

Thread Starter
Senior Member
Joined
Mar 18, 2006
Professional Status
Certified Residential Appraiser
State
Florida
Some of you will have my cell phone #863-661-3976 on your caller ID. I was trying to find someone with the definition of a condotel. Thank you Mr. Gregoire for providing the Fannie Mae document of the definition. I was asked to appraise a condo at Villas at Reunion Square. It seems to fit the definition of one. Can anyone else confirm theses are condotels? Thank you, Bill.
 

444nutman

Senior Member
Joined
Jun 20, 2007
Professional Status
Certified Residential Appraiser
State
Florida
I have not done anything in Reunion except SFR. The thing with some of those complexes is they know that the lender will not lend on a condotel so they are less than honest with the information. I have found is before your appraisal call and act like a buyer. I tell them I am from out of state and ask the appropriate questions. Can I live here year round , can you help me rent the unit out. The other thing I do is look for a front desk. When I see a sign for daily rates I don't care what they tell me. I had some problems with some properties on North 27 in Davenport. I forgot the name of them but they were trying to tell the lender that they weren't. They offered daily rates and had daily maid service. Their web site even stated that you could not stay there year round. The sad part is you have to play games with these builders.
 

Wm. Hattaway

Thread Starter
Senior Member
Joined
Mar 18, 2006
Professional Status
Certified Residential Appraiser
State
Florida
Elvis has left the building

I'm forwarding my findings to the lender. Thanks to all. Bill
 
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