Those who book motels in the Wildwoods would notice that over the past few years it’s getting harder to find motels in the area that haven’t become condos.
The motel/condo conversions, which we call Condotels, have happened so frequently lately that we are losing about 2 handfuls of motels every year.
From 2004-2006 there was a renaissance of motels being sold to be demolished so that condos could be built.
Now we are in a new renaissance, the rise of the Condotels.
Proof this comes by looking at the past 12 months. In this time the Surf Motel became a Condotel, the Mark 1 became a Condotel, the Singapore Motel became a Condotel, the LuFran is becoming a Condotel, Harbor Mist Motel is in the process to be become a Condotel, the Lamplighter, while partly demolished, the other half is becoming a Condotel, the Oceanview, in the process to become Condotel… and there are 3 others in process of selling or had sold which will become a condotel.
Every week we here at the Wildwood Video Archive, keep an eye on the public records and property transfers to see what has been sold. These past two weeks have seen three motels sold.
Two weeks ago 500 Ocean Ave sold for 1.64 Million to 500 Ocean Ave LLC. This address is for the legendary Isle of Capri Motel.
We reached out to the contact on file for the LLC to see what would happen to this property but no one responded back. Their website still had 2021 summer rates.
Last week we saw two motels sold.
5010 Ocean Ave sold for $605,000 and 4906 Ocean Ave sold for $596,000.
These are the addresses for the Rus Mar Motel and Rio Motel and Suites respectfully.
While at this time there are no confirmations on if all three motels will become Condotels, them all being sold to a generic LLC would normally indicate such a move.
