It's been a dry spell for Collins Lake sales in Government Camp since January. Although the market is quite saturated with inventory, finally two units have closed in November. Both were cash sales but the prices a bit surprising.

Collins Lake Condo Sales

Both of these units were foreclosures. The one selling for $234,000 was originally sold in November of 2005 for $439,000.

Financing is difficult for units, that is, if you can find it these days. Conventional lenders are placing these units under the "condotel" umbrella.

From Wikipedia: A Condo hotel, also known as a hotel-condo or a Condotel, is a building used as both a condominium and a hotel.

Condo hotels are typically high-rise buildings developed and operated as luxury hotels, usually in major cities and resorts.[1] These hotels have condominium units which allow someone to own a full-service vacation home. When they aren’t using this home, they can leverage the marketing and management done by the hotel chain to rent and manage the condo unit as it would any other hotel room.

So it goes with Collins Lake. This might be a hard pill to swallow for unit owners but until financing loosens up, this will be the hand dealt.