Real Estate market changes constantly. Those who watch it on regional scale see the trends and can make some predictions. We are watching it on local scale, and are hardly able to see the trends, but while it is good to understand the trend and know where you are going to be in the near or not so near future, it is mostly theoretical if you are thinking of buying.
So, what is happening at Ocean Walk Resort in Daytona Beach? It is April and the market is still quite stagnant. The market is believed to be warming up (on both the national, regional and even the local scale), and inventory shouldn’t be growing.
However, since January of this year there was not a single 2-bedroom unit sold in Ocean Walk. In 2014, which was not a very active year, there were 5 two-bedroom units sold, and if we are to repeat it, with 5 units for sale we are good, but things might change. More units may come to the market, or sales might outpace the supply…
It might sound complicated, but it is not. Ocean Walk is in an essence a condo-hotel, and condo-hotels in our area trail other types of properties. Meaning, that when the market warms up and prices start going up, condo-hotels would be the last to become hot cakes.
If this is true (and it is), we need to look at other types of properties. Especially on the ocean. Condos are up and going up for the last 2 years. Houses are up. Land is up.
But for right now what we see is 5 units for sale, and prices coming so close together… Did I say it is still slow? But all of these prices are higher than units sold last year.
Tells us something, doesn’t it?
Follow the link to the full article on my personal blog, and also for all available listings in the resort.
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