Oceanside Inn is one of the best condo-hotels in Daytona Beach Shores. This 191-room hotel was converted in 2003-2004, was tested by 4 hurricanes of 2004, and we thought that we were not going to see any Special Assessments there any time soon, and I was wrong.
The parking garage concrete structure had problems, and it turned out trying to fix it was too expensive and did not make sense, so the decision was to replace it, and this was an expensive proposition.
It is still not clear what the final verdict would be, but for now the announced assessment was set at $550K. However, like with everything about construction, this could easily be not the final number.
End of summer has not brought a lot of changes. We are still in a weird market, where it seems slow, however, the inventory is dramatically down. In Oceanside Inn at only 8 units for sale, it is quite low. Not the lowest, as there were 6 units an two units came on the market: unit 701 and 902.
However, Special Assessment combined with our seasonal slow down, that is coming, may bring more units to the market, and cause a few more distressed sales in the Resort.
Presently the best value is unit 202 on the south side at a very attractive price. Plus, of course, direct oceanfront unit 315.
For more information call me at 386-405-4408.
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