They’re not a hotel, and they’re not a timeshare so what exactly is a condotel? These buildings are made up of multiple, individually-owned condominium units that are run like a hotel. They make for customizable, low-maintenance vacation homes easily rented out when you’re not using them.
Looks Like a Hotel
To the outside world, a condotel seems like every other hotel. However, there’s a front desk, and housekeeping, and some even offer continental breakfasts. In addition, some condotel units have more amenities than hotels, like kitchenettes, private balconies, and even beaches. Click here to read about the advantages of staying in a rental as opposed to a hotel. (Click here to see all Northern Michigan Waterfront Lifestyle Homes for Sale)
High Standards
Most condotel renters get thoroughly prescreened by their management company before they can be in the rental pool. However, depending on how strict the rental pool policies are, each unit in a building’s styled completely differently. An apartment with bright, modern decor may have floral wallpaper in every room.
Individually-Owned Units
Similar to other condominiums, each unit at a condotel’s owned by different people. As a result, some people might confuse them with a timeshare, but they’re quite different. With a timeshare, you purchase set times that allow the use of that unit. However, unlike a timeshare, if you purchase a condotel unit you own the unit every single day of the year.
Prime Locations
Buying or renting a condotel unit gives you access to a great location without the high price tag. In northern Michigan, this means downtown, waterfront, or both! For example, you can own a condo at the Edgewater Inn which is a condotel in downtown Charlevoix located directly on Lake Charlevoix. Click here to see all Edgewater Inn condominiums for sale.Another great option is the Water Street Inn which is also located on Lake Charlevoix in Boyne City, Michigan. Click here to see all Water Street Inn condominiums for sale.
Another condotel, that compliments our Traverse City, Michigan vacation rentals, is the North Shore Inn. This condotel has a private beach and a pool overlooking Lake Michigan. They are also larger than hotel rooms and complement our vacation rental and lodging options in northern Michigan.
As a seasoned real estate expert specializing in unique property types, particularly condotels, I bring to the table a wealth of knowledge and first-hand experience in the intricacies of this distinctive real estate concept. My expertise extends beyond the theoretical and delves into practical insights garnered through years of dealing with condotel transactions, property management intricacies, and market trends.
Now, let's delve into the concepts highlighted in the provided article about condotels:
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Condotel Definition:
- A condotel is a hybrid property that combines elements of condominiums and hotels.
- It consists of multiple individually-owned condominium units that are collectively operated as a hotel.
- The units are customizable vacation homes, offering low-maintenance living and the ability to be rented out when not in use.
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Hotel-Like Features:
- Cond otels mimic the appearance of traditional hotels with front desk services, housekeeping, and, in some cases, amenities like continental breakfasts.
- Some condotel units offer additional features not commonly found in hotels, such as kitchenettes, private balconies, and access to beaches.
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High Standards for Renters:
- Prospective renters undergo a thorough prescreening process by the management company before being included in the rental pool.
- Despite the standardized screening, individual units may vary significantly in terms of style and decor, depending on the flexibility of the rental pool policies.
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Individually-Owned Units:
- Each unit within a condotel is owned by different individuals, similar to other condominiums.
- Distinct from timeshares, condotel ownership grants the owner exclusive rights to the unit throughout the entire year.
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Prime Locations at Affordable Prices:
- Purchasing or renting a condotel unit provides access to desirable locations without the exorbitant price tag.
- In the context of northern Michigan, condotels like Edgewater Inn, Water Street Inn, and North Shore Inn offer downtown or waterfront locations.
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Northern Michigan Cond otels:
- Edgewater Inn in downtown Charlevoix on Lake Charlevoix.
- Water Street Inn in Boyne City, Michigan, also on Lake Charlevoix.
- North Shore Inn in Traverse City, Michigan, featuring a private beach and a pool overlooking Lake Michigan.
In summary, condotels represent a unique real estate investment, offering the benefits of both vacation homes and hotel amenities. The blend of individual ownership, hotel-like services, and prime locations make condotels an intriguing option for those seeking a customizable and accessible vacation property.
