OT- Lakeside Lodge
- Thread starter TigerJR
- Start date
They have taken the down payment on a bunch of these. i think it’s a great idea and the fact the Clemson is growing at the rate it is I think it’s a good deal and smart investment.
I was thinking about buying one but a car wash close to me hit the market so I put my money towards it( and got a nice shinny 5 star recruit out of the deal)
I was thinking about buying one but a car wash close to me hit the market so I put my money towards it( and got a nice shinny 5 star recruit out of the deal)
You are responsible for maintenance and upkeep including furnishings when renters destroy. And you buy from their vendors.
I've read two articles on it and I have yet to figure out what piece of dirt this is going to be built on. My initial thought was where the old Holiday Inn used to be, but the renderings don't look like that.
Anyone know?
Anyone know?
and for that reason, im out
I was going to say "screwed" but your response was nicer. The units will be located extremely close to Highway 123, I do not have to imagine what the road noise is going to be.
The condos, which will range from 465-1,502 square feet and will cost anywhere from $200,000 to $700,000, will be part of a hotel-style facility that's both family- and pet-friendly. $400 + a square foot. No thanks.
Yeah I’m not dumping half a mill plus into a condo in clemson that tells me where to buy my furniture.
And their website says then you rent your unit out, the owner of the unit only gets 60%. The property management company gets the other 40%. That's BS
Not sure. The website cites over 30 private investors for the $45 million development. I can't believe they are actually going to get people to agree to that.
Leighton Cubbage and Steve Mudge. Owners of Serrus Capital, and former players (not sure how much they played, but both are great guys). I believe they did something similar in Asheville and it was successful.
I think it is a cool concept, but they only way it will make money for the investor would be if you allowed it to be rented during game weekends, which kind of misses the point. I think most of the hotels in the Clemson area average about 40-50% occupancy other than game weekends, move in, and graduation. Renting it the other 45 weeks of the year, at 50% of the time (and only getting 60% of the income), you would probably get enough to pay your taxes and insurance...not a bank note. I am assuming the property taxes would be based on point of sale, and at 6%.
Probably have heard on the radio but Tajh Boyd is the main salesperson for this project which is interesting
Yes, Tajh told me he was wanting to get into real estate, I don't know whether he meant as a hobby or a career, but he is doing a really good job for Lakeside right now, from what I have heard.
I heard there will be no dock access for the condos either. I would never dream of buying a place on the lake if a having a dock (even a shared community dock) was not permitted.
Oh my goodness these things sound, essentially, like a pseudo scam.
Sounds like you could buy a house nearby and make a LOT more money.
Sounds like you could buy a house nearby and make a LOT more money.
I laugh at how the potential of this could be so great and all of weird rules make it not attractive or smart.
I have to assume it’s the City of Clemson causing these issues versus the business partners behind the deal.
If they have made enough money in their lives to do the project there is no way they would be dumb enough to choose to add these negatives to their stratey.
I have to assume it’s the City of Clemson causing these issues versus the business partners behind the deal.
If they have made enough money in their lives to do the project there is no way they would be dumb enough to choose to add these negatives to their stratey.
I've thought about looking at a unit there as well. It looks like they will have a "tie up' dock for use during the day.....you would have to keep your boat at Clemson Marina which I believe is currently out of slips. These units make sense if you want to have a place in Clemson for games and events and enjoy the lake and other amenities while you're there. Folks who are out of town die hard fans and or active alumni etc. The rental opportunity just helps alleviate, not cover the cost. The question is, will they appreciate significantly over the next decade. With the University's growth and the football program on what looks like a long term roll there is a good chance that they will. The long term concern for me are all these socialist millennials possibly starting to vote and what that will do to any kind of economic investment except beans and rice.
Area is zoned yellow right now. I heard they were working with the Corp to get a dock, but don't know.
They struck a deal with incentives, on paper, to annex in to the City of Clemson, but then Oconee County stepped up with some incentives to keep all the taxes in Oconee. There are all kinds of ways to annex property across county lines, so it could have been in the City of Clemson, but in Oconee County.
I haven't researched but I assume the initial financing will be offered through a developer preferred bank. Thereafter it will be extremely difficult to find traditional financing for a condotel.
I guess the “Condotel” model is recurring revenue for the developer in perpetuity versus the individuals making all the money from renting them out after the sale.
Just seems like the terms and conditions would restrict sales but maybe they are confident they can sell out regardless of those bad terms for the buyer.
Just seems like the terms and conditions would restrict sales but maybe they are confident they can sell out regardless of those bad terms for the buyer.
Just think of what kind of house you could build on Hartwell for 500-700k. A hell of a lot bigger than 1500 sq.ft. This is not an investment, it’s throwing money out the window. There is no way these things are going to increase in value. They are already over $400 a sq.ft. I mean I guess there are always some idiots that will pay 200k for a condo the size of my living room.
I can guarantee you, even if I had the means to buy one of these for half a million dollars, I wouldn't do it. And neither would an intelligent multi-millionaire. These things won't be worth the paper the contract is written on with all the rules in place. I'd rather take my $500,000 and buy a place on Keowee that has a dock.
Can you honestly say these would be a good investment?