Concord Suites Property Overview

The Concord Suites is a condo-motel that is jointly owned and operated and professionally managed. You may choose how to use your unit to suit your needs. This is an excellent opportunity to buy vacation property in Avalon priced well below individual residences.

The units are identical efficiency suites consisting of a living room, bedroom, efficiency kitchen and bathroom. Each suite is fully furnished, has central air conditioning and heat, cable television and telephone. Each unit sleeps six. Common areas include two large swimming pools and four sun decks. The Concord was constructed for summer use, with availability spring through fall.

The structure was built in 1971 and remodeled as condominiums in 1984. All units were sold to private owners at that time, and units currently for sale are those being resold privately by their current owners.

Owner Use of Options

As an owner of a unit at the Concord Suites you have several options regarding use. You may rent your unit as part of the motel Rental Pool, you may use your unit for Private Use, or you may alternate between the options yearly, or even monthly. These options are explained in further detail below.

Option 1 – Rental Pool Participation

A Rental Pool is an ideal way to manage a condo motel:

The Rental Pool is structured on a monthly basis.
All rental income for the month is pooled.
All rental expenses for the month are paid out of the pool.
Net income is distributed equally to those units participating in the Rental Pool for that month.

This method eliminates concerns over whether your unit is rented out as often as others are. The Concord Suites is well suited for this because all units are identical.

If you are a member of the Rental Pool you are still entitled to “Owner Use” as follows:

May – 5 nights, Sun-Thurs @ $25 per night
June – 5 nights, Sun-Thurs @ $25 per night
July or August – 5 nights, Sun-Thurs @ $50 per night
September – 5 nights, Sun-Thurs @ $25 per night

Option 2 – Private Use

Unit Owners may remove their Unit from the Rental Pool permanently, and may make the decision to do so on an annual basis.

Option 3 – Part Time Use

Unit owners may choose Rental Pool or Private Use on a monthly basis during the season. For example, you could put your unit in the Rental Pool for May through July and enjoy it for Private Use August and September.

MOTEL RULES AND REGULATIONS

Regardless of the Owner Use Option chosen, Unit Owners and their guests are expected to conduct themselves in a manner conducive to a rental environment and are subject to the following Motel Rules and Regulations:

Maximum six (6) guests/owners may occupy the unit.
Guests must be 25 years of age or older. Children may accompany adult guests.
Pets are not allowed.
One parking space is provided per unit. Vehicles must be registered in the Motel Office and display a Motel parking permit. Permit must be returned at checkout. Any vehicle on Motel property without a permit will be ticketed and towed.
Barbecue grills or other cooking apparatus may not be used either inside or outside units.
No outside music sources, or other noises which will disturb guests.
Towels or other laundry may not be hung on the railing or anywhere outside of the units.
Beach chairs, baby carriages, etc. may not remain in common areas or obstruct passage of guests. Bikes may remain on decks only if chained to bike racks provided.
Parent/owners are responsible for the actions of their children and guests.
Management may evict any guests who disturb the peace or demonstrate a blatant disregard for other Motel guests after sufficient warning. The Motel will not give refunds.

Condominium Expenses

Condominium fees are $345 per month, payable 12 months per year. The fee covers all utilities, building maintenance and capital improvements. Annual expenses the Unit Owner is liable for, other than the condominium fee, are property taxes of approx. $764, and liability insurance of approx. $350.

Annual expenses (as of 1/1/2008):

Condo fees             $4140
Property taxes          764 (approximate)
Liability insurance    350 (approximate)
                     Total: $5308

Insurance coverage required by unit owner:
Liability, a minimum of $500,000.
Optional coverage – Loss of income.

Condominium fee history:

1992 $220/mth
1999 $265/mth
2002 $295/mth
2004 $315/mth
2005 $345/mth

Special Assessment History:

1995 $225/unit. This was necessary to replace the 25 year old galvanized water main to the building.
1999 $2040/unit charged over a three-year period ($680 per year) starting in1999. This assessment aided in the renovation of the kitchens in all units.
2005 $2224 per unit charged over a two-year period ($1112 per year) starting in 2005. This assessment aided in the renovation of the bathrooms in all units.

2007 $6000 per unit charged over a two-year period ($3000 per year) starting in 2007. This assessment aided in the exterior façade renovation, as well as the window, door and roof replacement.

2010 $13,777 per unit charged over a five-year period ($2755 per year) starting in 2010. This assessment allowed for a conversion to central air conditioning and heat, new sheetrock and electrical wiring in the bedrooms, as well as a complete upgrade of all furnishings, textiles and flooring in the suites.

To find out if there are currently any units for sale or for further information, contact susancawley@concordsuites.com

All of the information herein is believed to be accurate but is not guaranteed
and is subject to change, errors and omissions.