Have you really missed the boat and is it too late to buy a condo in Daytona at great price?
The prices in Daytona condo market started stabilizing in the second half of 2010, they are still all over the place, but inventory is lower, fewer choices and in general lower priced units go fast.
We are also down with unsold inventory by a developer except for MG on the Halifax (former Marina Grande on the Halifax) in Holly Hill, and Opus Condominiums in Daytona Beach Shores. Of course, whoever bought units at low prices, are not in distress and will not be reselling them as short sales and foreclosures. And many of those who bought at the peak of the market, have already short sold or had the units foreclosed, so the pool of potential low sales is at its lowest point now.
Many people still keep saying "foreclosures", but those who say that, obviously, do not go to the court house as I do. I can tell you that the number of county foreclosures is many times less than just 2 years ago.
Back to missing a boat.
Unit 301 in Bella Vista Condominiums in Daytona Beach Shores was sold a year ago for $349K. This was the lowest price in Bella Vista ever. The highest resale in Bella Vista was $842,500, however, 2007 was already beyond the peak, so the earlier people bought, the more they paid. Unit 1005, for example, was bought from the developer at pre-construction price of $915K just 2 months earlier than the highest resale.
Today there are 7 units for sale in Bella Vista, and starting price is $421K, next is $475K and then up and up. $300s are gone whether we like it or not.
Similar example in Palma Bella Condominiums in Daytona Beach Shores. Unit 302 in Palma Bella was sold in 2009 for $320,000, but the lowest priced unit in Palma Bella today is $549,000 and there are only 4 units for sale. Palma Bella is a sister property, same developer, just a few months difference in completion. Built with similar quality and amenities and even design at the same time as Bella Vista...
Looks like this is the trend that we are watching. And whenever this happens you start getting calls from people who wanted a unit there... for 2009-2010 price. They are frustrated, they feel bad, they are sometimes angry, as they were expecting the prices keep sliding down and they didn't.
Did the market failed them?
I do not think so. Do not say «I missed the boat» or "Isn't this condo overpriced?" just because yesterday price was lower. The boat is still right here, and you can easily step right in. Because it is not the end, it is probably just the early sign of beginning.
And if you agree with me and are looking for still available excellent deals on condos in greater Daytona Beach, call me 386-405-4408
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