Cheering At The Cemetery?

I am trying to make sense of our today’s Daytona Beach area condo-hotel market and I can’t. It resembles 2014, which started with some promising activity, but then ran out of steam and went into a coma. Actually, it resemble the coma part. This year I did not notice even any increase in activity, which we expected in the Spring. It has not gotten out of the coma yet...

Seems like the pattern of seasonal fluctuations, that was so noticeable before, changed. Not that there is a new pattern now, it is simply that the condo-hotel market is anemic, and there was not enough steam to even simulate the activity.

Currently, there are 36 units for sale in Plaza Resort & Spa. The inventory is very high, and it's been very high for the last, I believe, 9 months.

If we, at least, had units pending or contingent so that we see some level of activity, but we don’t.

One unit listed for $29,900 is pending, and I suspect that the contract amount is even less than this.

This is not activity. It is anything but that. It's pathetic...

Funny, this is the buyer’s market, while it seems that Buyers do not about it. Prices start from $46,900, and that would already be considered an improvement as there are no more $20s and $30s, but with such huge inventory I would not be surprised to see them dropping the prices and go back to $30s. Or new listings coming on the market at less than encouraging prices…

It happens while I see agents in other states reporting being busier, and reporting higher prices.

Actually our residential condos here in Daytona Beach area are going up in prices. The market for residential condos is not the greatest, but at least there is activity there. 

I understand that it can’t be forever, and better time for condo-hotels will come, but being optimistic and cheerful today is like cheering at the cemetery.

Don’t want to leave on this note. Better times are ahead..

Follow this link to see the listings in The Plaza Resort & Spa