It is April already. Time to check on the Fountain Beach Resort - a condo-hotel in the heart of Daytona Beachside.
This oceanfront 6-story condo-hotel is home to 149-room resort right on the Atlantic Ocean. Not much changed in the time that I wrote about it last. The Board made some new rules making life of the condo owners a notch more complicated, which is why the Boards are there, or that is what the owners believe.
Sales pretty much died in the Fountain Beach Resort. They got one foreclosure listed at $34,900. Yes you got it right, $34,900. The most expensive similar unit in the resort is $99K.
I am even tired to be fascinated by both the falling prices and ... I better stop here not to get sued. If I had not spent all the money I had, I would have snatched this unit in a heartbeat. Not because it is terrific rental unit, as the rentals in the Fountain Beach Resort are not great, to be diplomatic, but simply because within just a few months when the market heats up, the price will reach $120K as it was 4 years ago. I am sure that the price would go higher, as it always happened in cycles before, or at least that's what I read, but even it it only gets to where it was, someone would walk away with cool $90K in, maybe only 12-18 months, if not earlier than that. I remember 2004, same time. We leaped from the $30s to $100s in just 8-9 months.
So, whoever says "it can't happen" the only answer I have is: "It happened just 5 years ago". It happened before, so don't tell me that this time it is going to be different. Because that what everyone was saying in January 2004.
Nothing new under the sun, and even the fact that I do not have the money to buy it, is not new.
If I only had money at the right time... I would not have written this report about Fountain Beach Resort, and unpretentious condo-hotel in the heart of Daytona.
If yo have not spent all of your money and need help (LOL), drop me a line or call me at 386-405-4408.
It is a terrific time to buy in the Fountain Beach resort or in any other, as thhis is a historic low, and we may not see it again in 30 years, and I am not going to wait for you annother 30 years, even if I would love to do it.
Jon Zolsky, your condo hotel guru
www.DaytonaCondoHotel.com
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