I have been reading about time share hotels and was wondering why can't that be done on an individual level. For example, we are moving out of NYC, but my job will keep me coming back for about a week every month. I was thinking that if I could find 2-3 other people who don't live in New York but want to have their own place when they visit, the 3 or 4 of us can buy a decent size one bedroom condo... [more]
I have been reading about time share hotels and was wondering why can't that be done on an individual level.
For example, we are moving out of NYC, but my job will keep me coming back for about a week every month. I was thinking that if I could find 2-3 other people who don't live in New York but want to have their own place when they visit, the 3 or 4 of us can buy a decent size one bedroom condo and each would get let's say 80 to 100 days a year to use it. (Co-op board would probably not approve of such an arrangement, but a real estate agent I spoke to said that it could be done with a condo).
This way I can keep my bike, TV, etc and have a place to store my work clothes (otherwise I have to travel with a very large bag to have enough business attire for the whole week).
I don't yet know anyone who wants to time share with me, so one major issue is finding other co-owners. But since the time share hotels are somewhat popular, there must be demand for such an arrangement.
Any thoughts for or against this approach?
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Response by Riversider
about 12 years ago
Posts: 13572
Member since: Apr 2009
Most condominiums have rules that prevent short term sub-lets. They do not want to see a unit become a condotel or similar.
So basically you want a pied-a-terre but you really can't afford it.
Absolutely would not fly with a co-op board, and it's extremely unlikely that a condo association -- with its limited power -- wouldn't do everything it could to prevent it as well.
And I'd take anything a real estate agent says with a grain of salt. They're just trying to make a sale.
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Response by deanc
about 12 years ago
Posts: 407
Member since: Jun 2006
its also against NYC rules to rent out short term (less than 30 days) unless you are a hotel etc.
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Response by lovetocook
about 12 years ago
Posts: 171
Member since: Sep 2010
West, what you are saying is you want to go into partnership with 2 or 3 other people and together buy a condo so that all of you will be part owners of the condo and be on the ownership papers and therefore have the right to use it and it would not be a sublet. It probably can do done like the realtor stated. After all you are not subletting or renting out the condo since each of you own the apartment. But it can get very complicated in the long run and messy.
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Response by NYCNovice
about 12 years ago
Posts: 1006
Member since: Jan 2012
Have you explored The Phillips Club at 155 West 66th? May not fit your needs, but it worked well for us when we were looking for what you describe.
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Response by fieldschester
about 12 years ago
Posts: 3525
Member since: Jul 2013
Rules won't allow 4 people to share a 1 bedroom.
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Response by selyanow
about 12 years ago
Posts: 132
Member since: Dec 2007
condos have specific rules against this type of scenario and it would violate any building by-laws. This would also violate NYC hotel law if less than 30 days. Pretty much a no win situation. There are condo hotels that allow this scenario but they are much more cost prohibative. If you google condo hotels in NYC you will find them easily. They are also on SE.
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Response by needsadvice
about 12 years ago
Posts: 607
Member since: Jul 2010
Lovetocook is right.
It's just an assemblage of owners, not strangers.
It will get messy, though.
Just get a roommate who's never there, like a medical school resident.
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Response by Flutistic
about 12 years ago
Posts: 516
Member since: Apr 2007
Rent a storage space and stay at a hotel in Brooklyn.
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Response by NYCNovice
about 12 years ago
Posts: 1006
Member since: Jan 2012
Agree with needsadvice and lovetocook; when we were contemplating it, we analogized it to family property, where conflicts arise over who gets what dates; what happens when one member is perpetually late in paying their share of taxes, common charges, housekeeping fees; how to agree on price when one member gets fed up and others want to buy member out, etc.
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Response by vic64
about 12 years ago
Posts: 351
Member since: Mar 2010
Who would want to be that minority owner if the closets are filled with the other guy's clothing, or has to sleep on someone else bed, etc. He has to commit a big chunk of money and tons of problem when he want to liquidate his ownership.That is why we have hotels for people want to live in a place for a few days only.
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Response by fieldschester
about 12 years ago
Posts: 3525
Member since: Jul 2013
>Who would want to be that minority owner if the closets are filled with the other guy's clothing, or has to sleep on someone else bed, etc. He has to commit a big chunk of money and tons of problem when he want to liquidate his ownership.That is why we have hotels for people want to live in a place for a few days only.
I could imagine an ownership and operating agreement drafted by Sheldon from the Big Bang Theory.
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Response by TimeshareLawyer
about 12 years ago
Posts: 0
Member since: Nov 2013
at a minimum, you would need an upfront commitment on ownership costs, including reserves for when things go wrong. Other occupants would also need space for their personal items, so you would have to designate personal "lockers" of some sort. As far as usage goes, you would have to implement a calendar that ensured that the space was available when you were there. And then there would be the messy ownership issues if you went with something beyond a lease.
Better bet to review applicable condo regulations and, if possible, rent through a AirBnB type service. Much more calendar flexibility, and I believe that the court decision against using those services has been reversed, at least temporarily
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Most condominiums have rules that prevent short term sub-lets. They do not want to see a unit become a condotel or similar.
Buy a second suitcase, it will be cheaper.
try this thread: https://streeteasy.com/nyc/talk/discussion/1321-hotel-condo?comment_id=297062
"Any thoughts for or against this approach?"
So basically you want a pied-a-terre but you really can't afford it.
Absolutely would not fly with a co-op board, and it's extremely unlikely that a condo association -- with its limited power -- wouldn't do everything it could to prevent it as well.
And I'd take anything a real estate agent says with a grain of salt. They're just trying to make a sale.
its also against NYC rules to rent out short term (less than 30 days) unless you are a hotel etc.
West, what you are saying is you want to go into partnership with 2 or 3 other people and together buy a condo so that all of you will be part owners of the condo and be on the ownership papers and therefore have the right to use it and it would not be a sublet. It probably can do done like the realtor stated. After all you are not subletting or renting out the condo since each of you own the apartment. But it can get very complicated in the long run and messy.
Have you explored The Phillips Club at 155 West 66th? May not fit your needs, but it worked well for us when we were looking for what you describe.
Rules won't allow 4 people to share a 1 bedroom.
condos have specific rules against this type of scenario and it would violate any building by-laws. This would also violate NYC hotel law if less than 30 days. Pretty much a no win situation. There are condo hotels that allow this scenario but they are much more cost prohibative. If you google condo hotels in NYC you will find them easily. They are also on SE.
Lovetocook is right.
It's just an assemblage of owners, not strangers.
It will get messy, though.
Just get a roommate who's never there, like a medical school resident.
Rent a storage space and stay at a hotel in Brooklyn.
Agree with needsadvice and lovetocook; when we were contemplating it, we analogized it to family property, where conflicts arise over who gets what dates; what happens when one member is perpetually late in paying their share of taxes, common charges, housekeeping fees; how to agree on price when one member gets fed up and others want to buy member out, etc.
Who would want to be that minority owner if the closets are filled with the other guy's clothing, or has to sleep on someone else bed, etc. He has to commit a big chunk of money and tons of problem when he want to liquidate his ownership.That is why we have hotels for people want to live in a place for a few days only.
>Who would want to be that minority owner if the closets are filled with the other guy's clothing, or has to sleep on someone else bed, etc. He has to commit a big chunk of money and tons of problem when he want to liquidate his ownership.That is why we have hotels for people want to live in a place for a few days only.
I could imagine an ownership and operating agreement drafted by Sheldon from the Big Bang Theory.
at a minimum, you would need an upfront commitment on ownership costs, including reserves for when things go wrong. Other occupants would also need space for their personal items, so you would have to designate personal "lockers" of some sort. As far as usage goes, you would have to implement a calendar that ensured that the space was available when you were there. And then there would be the messy ownership issues if you went with something beyond a lease.
Better bet to review applicable condo regulations and, if possible, rent through a AirBnB type service. Much more calendar flexibility, and I believe that the court decision against using those services has been reversed, at least temporarily