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What Is A Condotel In Myrtle Beach

by Jerry Pinkas

What Is A Condotel In Myrtle Beach, SC

There is a lot of bad advice on the internet about condotels. I hear countless stories of confusion and people being ripped off by real estate agencies, who don’t have correct or ineffective information. Because I’m a good citizen of the real estate world, I’ve decided to give this information to the general public so they don’t get in trouble when buying a condo in Myrtle Beach, SC.

What Is A Condotel In Myrtle Beach

So what’s the difference between a condotel and a condo

 When people start looking at condos on-line, the common misconception, all condos are the same and their arn't any other categories for properties in a complex. The fact is most consumers have no idea that they may, in-fact, be looking at a condotel property listing. Nowhere in the listing or description does it use the word condotel. If you’re the average person, it’s impossible to know what you’re looking at. There are several big issues you will discover. For example; when you go to your hometown lender, (whom you may have dealing with for years) and then you tell them you’re buying a ‘condo at the beach’. They say great! ...fill out this application and you get a pre-approval letter. The problem arises when you take that pre approval letter to your real estate agent in Myrtle Beach. If find a property you wish to purchase, then get the seller to agree to a price, take the contract to the lender… everything seems normal and smooth. Until, you find out, usually the week before closing, the underwriter for the lender, says they don’t do condotels, they only finance condos! Seen it happen hundreds of times with unexperienced real estate agents and consumers. Many national, big named banks will not finance a condotel. Locally, we have a handful of local lenders, with very competitive rates, that know the market and will finance these properties. Having the Jerry Pinkas Real Estate Experts help you when you’re looking can save you thousands of dollars and tons of aggravation.

difference between a condotel and a condo

How can you tell if it’s a condotel

A condotel is a property that can be rented by the night, week or month. So you say; most properties at the beach are that way. Well, when you look closer, some of the condominium projects have a front registration desk. Just like a condo, but run like a hotel. The property may run with housekeeping, cleaning service, linens towels etc. Each “unit” or condo is owned individually. The unit owners have the option to put their condo on the hotels rental program where it is rented out like a hotel room. Reservations are booked on line and even walk up customers can rent the room by the night, week or month.

condotel for sale

Pros and cons of Condotel ownership.

Pros include rental income that may help offset the costs of ownership; like mortgage, homeowners association fees and real estate taxes etc. As an owner, you’ll also have the advantage of rental rates going higher with inflation,(extra income) and the potential price appreciation of the condo.

Condotel vs Condo

On the down side, even though you own the unit you may have to “book” your time in advance. Once you put it on a rental program, you have hired the rental company to rent it out, and you may have to block your personal time. (so no one uses your unit during your vacation time) Also many rental contracts read you cannot use your unit any more that 2 or even 3 weeks during the peak season. (See the individual agrement) As an example; if you’re purchasing at the beach, peak season (highest rental dollars/income) come in during the summer months. So if you’re looking for income, the more you use your unit in the summer, the less income you will have. Many people let people renting their condo “pay for their place at the beach” with big rental dollars coming in during the summer and banking money for the slower seasons. Many owners will use their condo personally in the shoulder seasons or off seasons.

Pros and cons of Condotel

Are Condotels in Myrtle Beach a good investment?

The truth is, not all condotels are good investments! The best condos give off massive amounts of income! Some units are what we call alligators and they will eat you alive. On the other hand, some units are Rental Machines and continue to produce high revenues, year after year and historically increase in value with both high rental income and condo unit appreciation.

Condotel Video

What are condos in Myrtle Beach so Cheap?

With 65 miles of pristine beach and hundreds of resort complexes near the beach, there are well over 10,000 oceanfront resort and golf condos in the area. Basic rules of supply and demand, have kept prices low. But it won’t stay this way for long. Prices and rental income are going up. The lure of the beach and ocean is strong! Many baby boomers and retirees are using their investment for income and diversifying into rental income!

Myrtle Beach Cheap Condos For Sale

Rentals, Income & Management Fees

The main thing that makes a traditional condo different from a condotel is the setup of short term rentals. A typical condotel is going to feel like a hotel, with rent on a short term basis, one night,  a week, weekend, etc.

A front desk or a check in/out facility on site, daily maid services, central phone system, electronically programed key systems, linens and towels and even the furnishings have the feel of a hotel.

In the best resorts and properties have occupancy rates that exceed 80% annually, and produce fantastic rental proceeds for the owners.

HOA fees are typically budgeted and setup as all-inclusive HOA fees. The interior electric, water/sewer, cable, internet, insurances and more, are all covered in your monthly condo/HOA fee. If you never used your property, or had it booked year round, or lived in your unit full time, you would pay the exact same monthly fee either way.

It is not uncommon to find rental management companies with commission in the range of 20-40% range  with condotels. Onsite operations with huge marketing budgets, daily maid services, maintenance and 24hr front desk staff take acre of any situation that arises very quickly.

best investment property in myrtle beach

Financing a Myrtle Beach Condotel

Financing exists! It may be hard to find it, with all the changes in the programs on a weekly and monthly basis, but that is why you need an expert to guide you.  Today condotels are not Fannie Mae approved properties, they are what the lenders &  banks call “non-warrantable”. Meaning, your typical mortgage broker or lender cannot provide you with a loan. The reason they don’t finance; most banks are backed by an entity like Fannie Mae,  and these properties don’t meet government backed loans. With limited amounts of condotel financing, many people end up paying cash, or do a home equity loan, find creative financing or work with a local expert that can guide them through the process. Jerry Pinkas Real Estate Experts helps their clients be the pro in the market.

Financing a condo in Myrtle Beach

Who is the best Realtor for buying a condo in Myrtle Beach

If you would like to know more about condotels, or if you are thinking about buying one, you absolutely must work with a real estate professional that understand the ins and outs of the local market. Knowing the difference between a rental machine and an alligator… is a skill. We put our money where our mouth is! We personally own units at the beach, we have helped thousands of people make educated decisions and helped many avoid the pitfalls that are costly. This is what we do. We do it every day and we’re good at it.

Pick up the phone and call 843-839-9870

Best Realtor in Myrtle Beach

Condotels Myrtle Beach for Sale

Why pick average, when you can have an expert?

Which condo or condotel is right for you?

Give us a call 843-839-9870


PS: Get The FREE Myrtle Beach Real Estate App for Iphones or Android

Myrtle Beach Real Estate App For Iphone     Myrtle Beach Real Estate App for Android

Myrtle Beach Condos for Sale

Carolina Dunes Is the Ideal Place to Buy Your New Condo

by Jerry Pinkas

As we get into the winter months, you may be wondering why you would want to buy a condo in Myrtle Beach now? Well as they say, the early bird gets the worm.  And there are some great condos for sale right now in Carolina Dunes.  If you’re the type that loves to visit Myrtle Beach oceanfront regularly, then buying a condo is a great idea.  And you can rent it out to other vacationers and bring in extra revenue.

You have all the comforts of home here at Carolina Dunes. All the condos here are designed with comfort and convenience in mind.  Right now there are 3 units available, 2 units with 2 beds, 2 baths, and one unit with 3 beds, 2 baths (availability subject to change). You also get a fully equipped kitchen with all the major appliances along with washer and dryer.  And don’t forget the stunning oceanfront view from your balcony!

Not only are these condos some of the cleanest and most convenient condos in the Cherry Grove community of North Myrtle Beach Condos, but they have the best amenities.  You’ll be right on the oceanfront.  And you can enjoy the indoor and outdoor heated pools, along with a kiddy pool for the kids!

Take a look at these fine units available right now at Carolina Dunes. And if these condos don’t fit your needs, we have many more available for your review.

Check Out Our Latest Videos

by Jerry Pinkas

As any of our regular blog readers know, Jerry creates quite a few videos featuring tips and information about buying and selling real estate and condos here in Myrtle Beach and the surrounding area, as well as tips about living a great life.  Take a look at his YouTube Channel and subscribe for continually updating videos from Jerry.

Here are 3 of his latest videos for your review.  Jerry talks about how to find the best deals on Myrtle Beach houses for sale, how to find pet friendly condos, and how to sell your house in Myrtle Beach.

How to Find the Best Deals on Myrtle Beach SC Houses For Sale

 

How do I Find Pet Friendly Condos for Sale in Myrtle Beach SC

 

How to Sell Your Myrtle Beach House Fast for Cash and get Top Dollar


Several Prime Condos Available in Caribbean Resort and Villas

by Jerry Pinkas

If you’re thinking about vacation plans for this coming spring, then now is the time to think about whether you want to buy or rent a condo in Myrtle Beach.  If you come to the beach on a fairly regular basis, then have you thought about buying a condo? It makes sense, as you will have your own private accommodations ready for your vacation.  And you can make residual income by renting your oceanfront condo to people vacationing in Myrtle Beach.

Caribbean Resort and Villas has several condos available for sale right now.  There’s a variety of sizes and layouts available, all fully furnished and decorated. All condos come with a full kitchen with all the appliances.  There’s also HDTV, onsite laundry room, free Wi-Fi, and private balcony areas.

And the on-site resort amenities are just as impressive.  There’s water attractions for the entire family  such as the Oceanfront Waterpark, the Pirates Plunge Waterslide, Indoor and Outdoor Lazy Rivers, and the Silly Submarine Pool, along with an indoor and kiddie pool.  And that’s not all! Other amenities include the Game Room, which boasts an air hockey table, a claw toy machine, a car racing game, and more. There’s a fully equipped fitness room where fitness enthusiasts can use treadmills, elliptical machines, stair climbers, cardio step benches, and more. For visitors who have work to conduct, the resort provides a meeting room that can be rented out, a conference center, and a business center.

Take a look below at the units available now.  And make sure to check out the full list of condos for sale in Myrtle Beach!

What Does Thanksgiving Mean to You?

by Jerry Pinkas

For many of us, the meaning of Thanksgiving usually includes feasting, four-day weekends, football games, floats, family reunions, or a forerunner to Christmas festivities. The “first Thanksgiving,” however, was neither a feast nor a holiday, but a simple gathering. Following the Mayflower’s arrival at Plymouth Rock on December 11, 1620, the Pilgrims suffered the loss of 46 of their original 102 colonists. With the help of the natives living there, the remaining Pilgrims survived the bitter winter and yielded a bountiful harvest in 1621. To celebrate, they had a traditional English harvest festival, lasting three days, which brought the Pilgrims and natives to unite in a “thanksgiving” observance.

It is important for us to remember that the word thanksgiving is composed of two words: thanks and giving.  Through the Holiday of Thanksgiving we are reminded to give thanks and to share and give. The Holiday reminds us to share our economic and material wealth, and to share also our time and talents with other people who could use our help.    In terms of thought and deed, the Holiday of Thanksgiving gives us an enriched perspective on the abundance in our lives.

We want to Thank all of our clients for the opportunity to partner with you on all your Real Estate needs and the trust you have placed in us year after year.

We wish you all a wonderful Thanksgiving with family and friends.

Fantastic End Unit Condo in South Bay Lakes for Sale

by Jerry Pinkas



Fantastic 2 bedroom and 2 full bath first floor End Unit condo is Priced to Sell and is located just 1.5 miles to the beautiful beaches of Surfside Beach. This unit is in wonderful condition and shows like a model and has new carpeting and has been well maintained and has tons of upgrades such as crown molding, upgraded light fixtures and fans and tile in the foyer, kitchen, bathrooms and much more!!! This condo is nestled in the back of South Bay Lakes which makes sitting in your screened in porch area with custom tile work very quiet and peaceful over looking the wooded preserves and lake. South Bay Lakes has beautiful pools over looking the lake and is located near golf, entertainment, restaurants, airport and major highways which makes getting around a snap.

This condo is a perfect piece of Paradise so don't miss your chance to get your piece of Paradise at a Great Price!!!

Not what you're looking for? Take a look at more of our Featured Properties. Here's a preview of some of the great condos and homes for sale in Myrtle Beach.

Opportunity Awaits at Caravelle Resort

by Jerry Pinkas

There’s a great opportunity right now to own a piece of paradise right here in Myrtle Beach.  There’s a number of affordable condos available for sale at the Caravelle Resort, starting at only $61,000.  This popular resort has the quality rooms and great amenities that make owning a condo on Myrtle Beach pay dividends, both in your own personal vacations, but in renting the condo out to other vacationers who come to Myrtle Beach.

The condos at Caravelle Resort offers a variety of room layouts.  Some of the options include oceanfront executive suites, oceanfront efficiencies, oceanfront Jacuzzi suites, oceanfront deluxe suites and more, as well as options for number of bedrooms. Most condos also come with full kitchens complete with a microwave, refrigerator, stove, coffee maker, and more.

The resort amenities are also impressive.  There’s a number of different water attractions, including a large heated pool, lazy river, kiddie lazy river, whirlpool, and wild water pool.  There’s also dining options including the Santa Maria Restaurant and the Marco Polo Pool Bar and Grill.

Search for a Caravelle Resort Condo today and start owning your own piece of Myrtle Beach Oceanfront paradise!

Here’s a preview of condos available for sale.

Tiny Houses In Myrtle Beach Becoming More Popular

by Jerry Pinkas

Tiny Houses in Myrtle Beach are getting very popular as people are discovering that when it comes to houses, bigger isn't always better. Smaller homes are becoming a big deal and it's clear the tiny house is an affordable alternative. Jerry Pinkas Real Estate Experts has sold quickly to a mix of retirees, young families and vacationers seeking second homes. These colorful beach houses are just one of the many communities we can show you when your looking for a tiny house in South Carolina. Being close to the beach these small homes offer many advantages considering that they are cheaper over the long term in taxes, utilities and maintenance. Give us a call and set up an appointment...We will pick up the keys and show you many properties that you just cant see online or in the MLS listings. This is what we do and we're good at it!

If you want to start your search online for a home in Myrtle Beach, then check out our Myrtle Beach Featured Properties, or use our powerful property search tool to find the home or condo that has just what you’re looking for.

Own Your Own Piece of Paradise at Camelot

by Jerry Pinkas

Now is the time to start thinking about buying a great condo by the sea in Myrtle Beach. And Camelot By the Sea has several beautiful units available right now.  Why buy a condo? If you visit Myrtle Beach on a regular basis, then owning a condo rather than renting can be a great advantage, as you don’t have to worry about booking a room in advance.  Plus you can rent out the unit to other vacationers and make extra revenue!

Besides being an oceanfront hotel that’s located near many of the city’s restaurants and attractions, such as the Lost Mine Miniature Golf course and the Awakening Spa, one of the biggest draws of the Camelot by the Sea resort is the amazing room accommodations. Choose from 1-3 fully furnished bedrooms. Each room comes with a fully equipped kitchen, as well as an LCD TV and free Wi-Fi. You’ll feel right at home, especially when enjoying the gorgeous views from your outdoor balcony.

The amenities at Camelot by the Sea are also something to consider. You can go for a run on the beach by simply stepping out of the resort, or spend some time in the state of the art fitness center. There’s also full laundry facilities, a convenience store, and a seasonal outdoor snack bar. There’s also a 16-person indoor hot tub, an indoor kiddie pool, as well as an outdoor kiddie pool with a mushroom water fountain for the children to enjoy. For on-site water fun, chill out in the heated indoor lazy river or go for a swim in either the indoor pool or the outdoor pool.

Take a look at these fine units available now.

Home For Sale in Bellgrove Oaks Preserve

by Jerry Pinkas

If you’re looking to move to Myrtle Beach, then here’s a well maintained 3 bedroom, 2.5 bath for sale in Bellgrove Oaks Preserve.  This beautiful home features laminate flooring throughout, along with new tile in the kitchen, bath, and laundry.  Also features new vanities in the bathrooms.  Large family room downstairs with fireplace and dining room. 

So many more features to discover on our property detail page, along with photos.

Watch the video below for a virtual tour.

Here’s a preview of some of the many great homes you’ll find for sale in Myrtle Beach.  And make sure to use our Listing Alert feature to get regular updates on homes available for sale that match what you’re looking for.

Displaying blog entries 1-10 of 512

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