Square footage: 260
Year Built: 1997 Remarks: Isle of palms under $250,000! This unit has been totally renovated. This is your chance to own a unit in the first condo tel to hit the charleston coast! The seaside inn has been operating as a hotel for years and has a great occupancy rate and is a proven winner in the hotel industry. The hotel rooms are now individual condos, but the owners and management company (charlestown management) will still be running the property as a hotel ( hence the phrase condo tel! ) over the past year the property has been undergoing a complete make over with major renovations. A window is being added to each unit, new carpet, new tile showers, new fixtures, new top of the line furniture in each unit, new wall coverings, new hvac. The exterior is also being redone with new paint, new fixtures, in place now. The new pool on the 2nd floor deck has been approved to open end of july 2006. In all almost a $1,500,000 in renovations is being done and most are already complete. This is a great chance to get in on the new wave of investments that are sweeping the eastern coast. The condo should be looked at as an investment that you will use some throughout the year for yourself or family and friends. This is not something you can live in full time. Great for a 1031 tax exchange. The regime covers everything you can think of besides mortgage and taxes. The regime is 405 a month (water, electric, cable, exterior insurance, termite bond, telephone, maintenance, light bulbs, etc. for more information rooms are rented on rotation your room will rent as much as any other room. A computer system is in the works so home owners will be able to go online and see what their room is doing. Checks are sent to home owners once a month. These totals are after all management fees are taken out. Keep in mind renovations have been underway the past year and still have a way to go. Therefore hotel has not been operating at its potential. Buyer can choose a wholesale mortgage rate and receive all lender rebates if preferred mortgage lender is used.
