Labor day came and gone, things are getting slower, it is just a notch less hot, and it starts feeling cooler and nicer. The water in the ocean is still at the peak, 83F. Beautiful and quiet time.
The streets are more deserted, the crowd is in Daytona only on weekends… the fall is around the corner.
Traditionally our real estate market slows down after the Labor Day, but if it happens this year it would be a bit strange, as we did not have the real estate Spring and Summer, which used to be most active real estate season. It was flat at best.
But Real Estate market is not homogenous. Something moves, and something is not. What about condo-hotels in Daytona Beach area?
Currently there are 177 units for sale on the Beachside. Here is the breakdown by a condo-hotel:
Castaways 9 Units
Daytona Beach Club 15
Daytona Beach Resort and Conference Center 34
Daytona Inn 12
Fountain Beach Resort 5
Harbour Beach Resort 5
Hawaiian Inn 15
Ocean Jewels Club 7
Ocean Walk 10
Oceanside Inn 17
Plaza resort & Spa 37
Pirate’s Cove 6
Sea Deep 5
Prices start from $22,500 for a small studio in Daytona Inn, REO, to $349,900 for a 2-bedroom condo in Ocean Walk.
Since July 1, 2015 until today, there were 21 sold condo-hotel units starting from $27K for a studio in Oceanside Inn to $80K for a one-bedroom unit in Daytona Inn.
When I tell you that in the same less than 3-month period from July 1 to September 20 in 2014 36 condo-hotel units were sold, you would agree, that this was not a stellar performance so far this summer. It is 42% drop…
113 condo-hotel units were sold in 2014 from January to September 20, 2015 while there were 90 units sold this year so far.
So, yes, the market is quite slow. Take 2013. It was not great (103 units sold from January 1 until September 20, 2013), but still a bit better than this year.
But in 2012 in the same period of time there were 123 units sold. Actually with condo-hotels we are back to 2011 level with 93 sales starting from unbelievable $19K.
Funny, we are as slow as 2011 in number of sales, but the price is still up and quite noticeably.
Where to buy if you are looking for a good property at good price?
Probably the best candidates might The Plaza Resort & Spa and Oceanside Inn. There are attractive prices are the result of lingering special assessments that supply plenty of units on the market and affect the prices. They offer probably best value because of these prices, which would change when the work is done.
What a strange condo-hotel market we are experiencing. And no idea of what the future has in store for us…
Comments(10)