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Auction In Daytona Beach Shores

With the market like this, we are used to see the signs "Auction" while driving along A1A. Never went to one, know that there isn't much success, as people are waiting, and the hype is simply not there.

I can only imagine auctions 4 years ago. I actually remember how we all went to Venetian Bay to make reservations for condos for our out-of-state buyers. The rules were strict and there were 5 of us, because you could not reserve more than one condo for your client.

We came at 3 AM, and there were 3 people ahead of us. We played food for mosquitoes until at 8 AM, when we were let in, and by that time there was a long line of people behind us. I remember being frustrated that they took off the market the best units, as they claimed they were reserved for their employees. The units were over $300K, and now I can go there and buy any unit I want. But it is now.

Anyway, driving past one of the best (and most expensive) buildings in Daytona Beach Shores, I noticed the sign "Auction". I have never seen units there, and this was a perfect opportunity, so I went and registered as an agent. The Condominium building is very impressive. I liked it more than Ocean Villas, it is larger, more open, and it is simply in a better location.

Units from 2/2 to 3/3.5 and from 2,025 sf to 3,005. Well thought of floor plans, comfortable layout, private elevators, huge, and I mean it, balconies, breathtaking views, exceptional quality of construction, high end appliances and cabinetry, high ceilings... terrific units.

The interesting part in this auction is that the developer, once the unit goes for bidding, can't say "no". They set the minimum bids on each type of units (same starting bidding price on similar units no matter what floor), bids start at $255K and go all the way up to $395K. But do not forget that these units were selling from $785,000 to $1,370,000.

If you would like to take part in the auction, let me know, we will register you ,and we can tell you all the details about each unit there, what type of cabinets, and other nuances. We can also represent you if you can 't be here yourself. Call me at 386-405-4408.

FunCoast realty logo Jon Zolsky, your Dyatona Beach, Florida real estate connection
www.AtlanticCondos.com

Posted by Jon Zolsky, your Daytona Beach, Florida connection on 04/28/2009 05:52 AM

Comments (29)

Auction of Condos in Daytona Beach Shores in the Real Estate Market Channel

daytona beach shores condo, ocean vistas, daytona condo, cheap daytona condo, cheap daytona oceanfront, cheap vacation condo, jon zolsky

Originally posted at: Jon's Blog: Auction In Daytona Beach Shores

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29 Comments on Auction In Daytona Beach Shores

APR

2009

What a difference a real estate industry crash makes.

Hmmm...

I can't see many of these units going above the minimum price ... (too many units and not enough qualified buyers" and one has to be careful when buying a "condominium" where there is no commitment from the seller for future upkeep.

With that being said, a deal is a deal. For some, this is a great way to get a beach place "on the cheap!"

Greata price for these beautiful condos, not to mention the location.

And that upkeep could be in question with the economy being in question. I wonder if they will go for the minimums. What happens if they don't get minimum bids?

If they do not get minimum bids the units sit there... that is key when working an auction. You must have a motivated seller and one that can put reasonable minimums on the units. Education is the key.

Darron Meares, MBA, CAI, MPPA, BAS

COO- Meares Auction Group

Jon,

An absolute auction is where one might just get a deal! Jon, if I were in the market for a condo in your area I would definitely let you represent me:)

boy this is a great deal if you want to live in FLA?

Patricia AUlson/Portsmouth NH Real Estate

Wow very nice.

What an incredible rental opportunity for later. What a steal when this market recovers.

Jon, I have never been to one of these types of auctions and I am sure it is highly educational what goes on. And some great deals on some of the units too.

Auctions are becoming more and more popular at the upper-end of the market (have been for years in UK and Australia). Through lots of advertising and marketing, we can bring lots of people through a house and create excitement. By setting a date to sell the property, that creates a sense of urgency that the seller can't get through traditional means. We usually end up with 5 to 10 serious bidders on auction day. The seller gets fair-market value (in cash, with no contingencies or after inspection negotiations!) for his property and relieves himself of the burden associated with carrying costs. From start to finish, the process takes 90 days.

We don't get those views in Oklahoma. Be it Daytona Beach, West Palm Beach, or name your beach, this is the time to buy in Florida. Question, yes you could get a terrific unit for $300K, but what about the dues? I hear they are as large as the balconies.

Hi Jon -- What incredible views. I wish I had tons of cash laying around, this would make for a great 2nd home.

Lenn - don't even say...

Richard - this is a 109 unit building and with more than half sold they should be realtively safe in terms of coverage of services.

Will they be able to generate enough interest to get the price to where they want is a huge question. I agree, 27 is a serious number. And that's where it becomes interesting. I will be there on Sunday.

Rebeccas - this is so true. Would that be 4 years ago that I could get a unit like that at this price, I would feel a happy camper. Now I am not a player. But the units are very nice.

Norma - The upkeep is from $526 a month for a 2/2 to $788 a month for a 3/3.5.

Darron - their minimums are unheard of for these types of units. If the bidders will only go $20K up it actually wold not make much sense to sell.

Right now the lowest price on MLS for a 2/2 is $569K. There is absolutely no reason to sell it for $255K (the minimum bid for that type of unit).

We will see

Mike - thank you. I know you would, and I appreicate it very much

Patricia - it really is. Thanks for stopping by

Heather - actually you are very right, because this condominium building has one of the most liberal rental restrictions - only 1 week.

And considering that there are no that quality condos with that short limit, it may have a better rental occupancy than any other building.

Gary - ht einteresting part is that prior experience is not an indication of the way it will work. And nobody knows

Pat - thank you for this summary.

Joe - as I said in one of the comments, the dues go from $526 to $788 a month. It is in line and even lower than the dues for similar properties in South Florida

Chris - it makes a perfect primary as well. And the views... of, those breathtaking views

APR

2009

Hi Jon, This is remarkable. Times sure have changes haven't they . I often wonder if this is end of the mess or just the beginning of a different type of mess. Just can't get my arms around which way I think it is actually going. Congrats on the feature, well deserved,

William - Of course, there will be another mess, LOL. We just do not know which. If somebody would tell me that 3-4 years ago, I would laugh...Well, maybe somebody was telling me that, but then it was so far fetched, that I did ot take it seriously and it flushed out of my head...we alll do not remember that.

The tell tale signs are always there, but we rarely can read them.

MAY

2009

Jon, I stopped by the auction and had a customer very interested, however he had no interest in the auction itself. So now I am trying to research those days and no have been recorded as of today May 19, 2009 almost two weeks later. Any idea why that is?

Hope - The auction is not a closing, and none of them have not yet closed. And even after they will close, it will take from 30 to 60 daysto see the records.

I did not quite understand why your buyer did not buy on the auction, it could be a good way to pay less.

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