After nearly two years of repairs, Hawaiian Inn, a popular family-oriented condo-hotel in Daytona Beach Shores, is nearly completed. You can still see a half-dozen boarded rooms, but this is simply because the Special Assessments did not include paying for glass doors to the balcony, and the cost to do it varies from roughly $4K to $5.1K depending on the size.
Other than that they are done with the repairs and a huge sigh of relief for everyone who are involved with Hawaiian Inn. They had to do this major work i the worst time in terms of economy, and there was a danger of people not paying and thus sabotaging the work. There were a lot of those who did not believe they would make it. But they did, and now they are good for the next 35-45 years.
Of course, at the deepest point of concerns and uncertainty, there were a lot of units for sale, and the prices at some point went under $20K. Actually there was a sale for $15K and $18K. And, actually, the one sold for $15K was oceanfront unit. Altogether there were 5 units sold for less than $20K. The prices we never heard of.
Now, when the concrete restoration is done, the prices of units in Hawaiian Inn started climbing up. Of all 6 units sold in 2011 one was sold for $34K, another for $47K and then for $48K, and the remaining 3 units went from $50K to $150K for a one-bedroom unit. Look at the units for sale. I think prices like that are going to be history very soon. Especially considering that there are only 6 units for sale in a practically 200 units resort. Even in slow times a healthy number is about 7%. We have less than half of that. Hawaiian Inn has one outdoor and one indoor pool, a restaurant, gift shop... Maintenance fee is $450 a month per units, and it does not matter whether it
If you are interested in Hawaiian Inn or any other Daytona area Condo-Hotel or Condo, call me at 386-405-4408.
is for a small studio or for larger one-bedroom unit. Maintenance is all-inclusive and covers everything except property taxes and content/liability insurance for your unit.
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