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Updated over 8 years ago,

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1
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Rob Cargile
  • Raleigh, NC
0
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Condominium complex designated as condotel or condo-hotel

Rob Cargile
  • Raleigh, NC
Posted

I am an owner in a condominium complex at a coastal location in NC. One of the difficulties we have is obtaining buyer financing due to being designated as a condotel or condo-hotel. I have done a lot of reading on the subject, and I really don't think our property fits the description. 

We have approximately 240 units.  There are some commercial units, less than 10%.  All units are individually owned.  A lot of the units are rented as seasonal weekly rentals.  There is no central agency or rental requirements.  There is no front desk that takes walk up reservations.  No daily cleaning service, room service, etc.  

The complex was originally designed as a condotel, but doesn't function as one any longer; however, we are on the condotel list for Fannie Mae, etc.

Is it possible to get this changed?  If so, how should we go about doing so?