Hotel Condos for Sale – Considering buying at the Appalachian Hotel, Minerals Resort, Black Creek Sanctuary or Grand Cascades Lodge at Crystal Springs?
Particularly during ski season at Mountain Creek in Vernon and golf season in Sussex County NJ, I get many calls from potential buyers of these fully-furnished hotel condos that make great vacation purchases. Owners of condos in these resort hotels can opt to participate in the rental program, so many interested parties hope these will “pay for themselves” or be wonderful investments. There are some critical aspects that all must investigate before deciding to purchase a condo for sale at the Appalachian, Minerals, Black Creek or Grand Cascades Lodge – and the answers may vary based on the specific hotel!
Mortgage – A HUGE factor. For a variety of reasons, you’ll find most banks will not consider hotel condos for sale in the same vein as homes. In my experience, the rare lender who will offer a mortgage requires a much higher down payment with different interest rates. Frankly, this rules out a purchase at any hotel condo for many potential buyers. See: FINANCING for Hotel Condos - Alpha Funding Solutions, LLC
Zoning – It might be recreational, which means someone cannot use the condo (legally!) as a full-time residence. For condos where zoning is/became residential, there might just be restrictions on renting with leases limited to short-term. Yes, I know of some who find loopholes but that is never something on which you should count – nor that I suggest!
Kitchen – No facilities at all in Minerals Resort condos whereas you can whip up a gourmet meal at Grand Cascades Lodge or Black Creek Sanctuary. At the Appalachian Hotel, a few have full ovens but many have just a cooktop. Laundry facilities vary too. Not that you necessarily want to cook while on vacation! ;-)
Monthly fees – Fairly steep in relationship to square footage for your hotel condo but they also cover utilities. Determine what else is included and how often the fees have been adjusted.
Renting your Hotel Condo – Worthy of a separate post! Rental Income at Hotel Condos in NJ Vacation Areas: the Appalachian Hotel, Minerals Resort, Black Creek Sanctuary or Grand Cascades Lodge at Crystal Springs
Amenities – While in residence at your hotel condo, you have full use of pools, gym, etc. Think it would be nice to bring your family to enjoy the wonderful pools at Minerals Resort while your unit is rented? Sorry but you cannot “double dip” in the clear waters. Owning a unit doesn’t equal a full-time membership (available but unrelated to ownership.)
Other – Investigate the commercial facilities at the particular hotel resort, such as the restaurant. As with any purchase, explore legal or financial issues. Are there lawsuits pending against an association? Development plans within the complex or the town?
Hotel-Condo Vacation Homes for Sale in Sussex County NJ - Ski resorts, Spas, Swimming and Golf Courses
Sold - Grand Cascades Lodge Unit 124, Crystal Springs Hotel Condo in Hamburg - Hardyston N
Minerals Resort Hotel and Spa - Vacation Ski Condos for Sale, Vernon NJ
SOLD - Short Sale - Minerals Resort Hotel and Spa - Vernon Vacation or Ski Condo - Income-Producing Sussex County NJ real estate for sale
Sussex County NJ Golf Real Estate - Crystal Springs & other Golf Course Communities
Copyright © 2011, Irene Kennedy, all rights reserved. This blog post represents Irene's personal musings.
Considering selling a home or looking to buy a house in Northwestern NJ? I serve the Route 78 corridor of Warren County & Hunterdon County. Benefit from creative marketing, top negotiating skills and vast real estate knowledge by calling or texting Irene’s cell at 973-493-8216.
Irene Kennedy, who is a NJ real estate agent with Weichert, Realtors, lives in Warren County NJ & works from the Phillipsburg office. She also services adjacent areas of Hunterdon and Sussex.
