Who said this is a stagnant market? Take, for example, Oceanside Inn in Daytona Beach Shores. Only 6 units for sale showing on MLS. At one time the number was over 30 units. And this is not the exception. Similar situation with other condo-hotels, but it is for another blog post.
Of all the condo-hotels, Oceanside Inn is the trickiest to understand the records the way they show up in a compact form on MLS. Check the table below. I eliminated some of the fields that are not that important as agent and office numbers, etc.
As for the view, all units have ocean view. Better or worse, but all of them have it. It is a 9-story condo-hotel built in 1973 (converted to condo-hotel in 2003-2004). Building is in good physical shape. Developer eliminated balconies and englassed the building. Units became larger, and the views are more dramatic because of the glass floor to ceiling. Better than average Association fees, better than average rental management company, better than average clientele...
Unit numbers tell you the floor, that’s simple. Units ending in 2 to 12 are on the south side of the building, 13 to 16 are direct oceanfront, with 13 and 16 being corner units and the largest studios, and then 17 to 1 are on the north side. Knowing that you can easily figure out what you see from the window.
Rooms. Here it is tricky. The resort has studios, which are single room with a bathroom and with a kitchenette except for handicap units (but no stoves). In this table they are shown as 0. Size varies from 406 sf to 513 sf and monthly Association fee is from $289.89 to $387.76.
Oceanside Inn also has double units, which are actually 2 rooms with connecting doors. One side is with a kitchenette (no stove, but there is a sink, under counter fridge, microwave and coffee maker) and the other without a sink, but with small fridge and a microwave oven. One side is usually one with a king size bed, and the other with two double beds.
Can be rented separately or together, but bought and sold only together. Logically, two zeros should still be giving zero, but in real life you add one 0 to another and get 2. And that’s how they are shown on the table. They differ in size from 750 sf to 802 sf and monthly Association fee varies from $535.55 to $572.70.
And they also have one line, with triple units. Three units with connecting doors, and they can be used in different combinations. Middle unit is with kitchenette and side units are without a kitchenette. Good view of the ocean as they are first from direct oceanfront (line 17). And here 3 zeroes give you 3. That’s our new math: 0+0+0=3. And that’s what you see in the table All triple units in Oceanside Inn are the same size, so they pay the same monthly Association fee of $806.93.
So, what is the best buy in Oceanside Inn? It is not a simple math and adding zeroes would not help in figuring which unit will be performing best as rental. It is not a simple math to say which would fetch more money in the future in resale. All I can say now is that prices are beyond belief. If you do not agree with me on this today, you will … tomorrow. When we will be remembering these prices…so affordable… and so legendary…
I know the answer to some questions pertaining to Oceanside Inn in Daytona Beach Shores, and there is nobody who knows the answer to all questions. To ask me a question about Oceanside Inn, or any other condo or condo-hotels in greater Daytona Beach Area, please, call 386-405-4408.