$225,000
$275,000
18.2%For more information regarding the value of a property, please contact us for a free consultation.
1 Bed
1 Bath
425 SqFt
SOLD DATE : 08/18/2023
Key Details
Sold Price $225,000
Property Type Condo
Sub Type Condo
Listing Status Sold
Purchase Type For Sale
Square Footage 425 sqft
Price per Sqft $529
MLS Listing ID 231608
Sold Date 08/18/23
Bedrooms 1
Full Baths 1
Condo Fees $67/mo
Annual Tax Amount $1,955
Tax Year 2022
Property Sub-Type Condo
Property Description
Welcome to 501 Beach Avenue, The Marquis de Lafayette Condo- Hotel, Unit 400 is located on the fourth floor just off a quiet lobby with amazing views and features a king bed and sofa bed with kitchenette. The Marquis de Lafayette is on the beachfront with amazing water views. Your room has a relaxing private balcony overlooking the ocean with breath taking unobstructed views of the beautiful Cape May beaches and the Atlantic Ocean. The property offers resort style amenities: pool and hot tub with water fall feature, updated restaurant, pool bar, maid service, meeting rooms, fitness room, wireless internet, laundry room, parking and none of the maintenance usually associated with property ownership. The Marquis de Lafayette is a Condo-Tel, you own it as a condominium, but your condo is managed and operated as a hotel by your board of directors, manager, and in-house staff. All owners are required to rent their units, there is an owners usage policy for those wishing to enjoy some time at the shore. This is a very popular hotel, an appointment at least 72 hours in advance is required and can be shown during changeovers. Most changeovers are not ion the weekends as there generally is a 3-night minimum in season. On approved days the unit can be shown between noon and 2 pm during changeover. Room 400 is a Marquis Suite with a king bed and sofa bed in the living room. You cannot move into and live in this like a traditional condo, you do not get to furnish it, you do not get a key. This is a condo hotel unit. Traditional lenders do not loan on these only portfolio lenders who offer condo-tel financing. Locally, Crest Saving Bank and Sturdy Savings Bank lend on this building. Generally, approved lenders are looking for at least 30% down and the rate is a tad higher. Buyers and agents should review the documents in associated docs before calling to set up an appointment. There is a usage policy in associated docs. In season weeknight rates $539, weekend nightly rate $569. Off season weeknight rates $249 a night in Season $279 a night. this information is deemed accurate but not guaranteed. Agents use showingtime app to book a showing. Booked this weekend.
Location
State NJ
County Cape May
Area Cape May
Location Details Beach Block,Beach Front,Cleared Lot,Island,Water Front,Water View
Interior
Hot Water Other Hot Water
Building
Lot Description Beach Block, Beach Front, Cleared Lot, Island, Water Front, Water View
Story One
Unit Location Water View,Pool View
Sewer City
Water City
New Construction No
Others
Acceptable Financing Other Financing
Listing Terms Other Financing
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