Muddy Crystal Ball

A local investor owns several units in Daytona Beach Shores. We know that he loves Salida Del Sol condo building, has a unit there.

Nice building, completed in 2006. Good location south of Dunlawton Ave on A1A. 43 three-bedroom units. Good size, breathtaking views.

We called him about a unit there in $200s. He laughed at us saying that there was another unit, that went to foreclosure, and the Lender got it back. He said he would wait till it pops back as REO and would buy it for $190K.

We doubt that it will be at $190K, as the prices do not support this cheerful assessment, but he is confident, so no deal until this unit pops back on the market for $190K.

But customers are always right, even when they are dead wrong, so we wait. And unit 1001 in Salida Del Sol pops on the market yesterday, and the price is $284,900. Not quite $190K. Clairvoyance did not work really well. At $284,900, it is the least exensive unit in Salida Del Sol.

To make things even more interesting, today another listing pops up in the same building. Unit 904 comes at $450,000, a far cry from $190K. The units (1001 and 904) are identical, same layout, same size (1,808 sq. ft.). It is simply a different corner of the building. Both are not direct oceanfront units, but have a very good view of the ocean and breathtaking views of the river.

We texted the guru, and, he, of course, is not answering.

So, did he get this number from the moon? Actually not. There is unit 101. In August 2011 Fannie Mae foreclosed on the unit and in September it was listed for $207,900, and then it was reduced to $190,000 and was sold 2 months ago for $159,600. The investor assumed that 1001 would also be priced at $190K. But it is a diffeent unit, and a different market...

You see, unless you are honing your skills every day, it does not do the magic.

Half-agents' crystal balls can get muddy.

To check my crystal ball, call me at 386-405-4408. Follow the link to search for condos in Daytona Beach Shores.

Photo by Ghostboy  via Flickr.com