The condo-hotel market in Daytona Beach area is pretty sluggish, but as the saying goes, some are more sluggish than the others.
These more sluggish than others seem to be The Plaza Resort & Spa, and Oceanside Inn.
For some reason, while we read in the newspaper that tourism is up, the County collects significantly more revenue in bed tax, these two condo-hotels are not doing great.
The irony is that they represent two levels of condo-hotels and are leader, or, better, say used to lead in their respective categories. Plaza was one of the best if not the best among higher end and more expensive condo-hotels, and Oceanside Inn was unquestionably the best among budget condo-hotels.
Actually, according to very informative newsletters from Oceanside rental management company, the revenues are up, but our company and my son have units there, and our income seem to go down. I have a few similar complaints from other owners, and some state their income is down dramatically, so not sure how it happens.
Oceanside Inn is still in the midst of unfinished business with the replacement of the garage. It is over a year and a half, and so far the construction has not yet started.
It is not unusual that when the property is in major renovation /construction mode, buyers are more than cautious, and Sellers are more than desperate, so falling prices are an indication of the state of affairs at this juncture. And no wonder there are a bunch of units sold by the banks after foreclosure.
So, what's cooking there now?
20 units for sale at this time starting from $29,900. Unbelievable price.
Double units start from $43K for a top floor unit. Hard to believe.
Even the most expensive unit, which is now for $119K, is terribly underpriced. This is, probably, the best one-bedroom condo-hotel unit in the area for the money. 14’ high ceilings, central air, direct oceanfront, really one of a kind…
A smaller unit at the leak was sold there for $275K.
Overall, prices are much lower than in some other condo-hotels, which are not nearly as nice, as Oceanside Inn. This is the reality of the market.
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Note: My name is Jon Zolsky and I am a real estate broker helping sell or buy condos or condo-hotels in Daytona Beach area. 386-405-4408.
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