Maui Blog - Georgie Hunter R(S): Maui Real Estate Q&A - What's a condo-tel?

Maui Real Estate Q&A - What's a condo-tel?

Maui Real Estate Q&A - What's a condo-tel?

A Condo-tel is short for Condo Hotel, where a condo complex is run like a hotel or resort, with a front desk that greets guests and takes walk in bookings.  Not all condo buildings will have a front desk for customer service.  Here in Hawaii, condo-tels are quite common in the resort areas where we get a lot of off-island owners.  Absentee owners means a lower percentage of owner occupants.

Maui HI condotels, vacation condos for sale

What does this mean to buyers and sellers?

Buyers need to be aware that their lender will probably require a greater amount of down payment if the complex is determined to be a condo-tel.  Maybe even as much as 40%.  Buyers should work with a Hawaii lender who understands the nuances of condos and resorts here in the islands.  Be prepared to bring as much cash as possible to the table.

Sellers need to understand that this tougher qualification for a loan means that fewer buyers will be in a position to complete the purchase of their desired Maui condo.  That means longer DOM and maybe even only cash buyers will step up to buy.  

Maui HI condotels, vacation condos for sale

 

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Some Maui condo-tels are:

 

 

Maui HI condotels, oceanfront vacation condos for sale

Thanks for reading My Maui Blog!  Georgina M. Hunter R(S) e-Pro  

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5 commentsGeorgie Hunter • December 07 2010 05:48PM

Comments

I have always wondered what that meant, Thanks Georgina!
You have a friend in Tacoma,Washington!
Paul

Posted by Paul Henderson, I always put my clients first in any transaction! (RE/MAX Professionals.) about 4 years ago

Great job explaining condo-tels and what they mean to both buyers and sellers alike, Georgina.

Posted by Craig Rutman, Raleigh, Cary, Apex area Realtor (Helping people in transition) about 4 years ago

Thanks Paul and Craig!

Posted by Georgie Hunter, Maui Real Estate sales and lifestyle info (Hawai'i Life Real Estate Brokers) about 4 years ago

More great photos, Ahh, it is so refreshing to come to your blog. 

Posted by Nestor & Katerina Gasset, Realtors, Wellington Florida Homes For Sale (International Properties and Investments LLC) about 4 years ago

Georgina - we have them here as well - condo hotels. They are great for investors but often don't allow the owners to use the place very much.

Posted by Barbara-Jo Roberts Berberi & Corinna Birgit Cromartie, Palm Harbor & Dunedin FL Residential Real Estate (Charles Rutenberg Realty) about 4 years ago

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