Plaza Resort & Spa. Daytona Beach premier Condo-Hotel Resort is located at:
600 N. Atlantic Ave.
Daytona Beach, FL 32118
The Plaza Resort & Spa, wihch is a Condo-Hotel in conversion, has at time of writing this blog (November 18, 2008) 47 units on resale ranging from $69K with city view to $459K for a penthouse direct oceanfront studio on the 14th floor. The prices are all over the board. You can buy a larger direct oceanfront unit on the 11th floor with better view (also panoramic view to the south in addition to oceanfront) only for $150K. 7 units for sale for under $100K. This is something nobody could predict just 3 years ago.
Owners who refused to sell unit 311 for $100K to my client still have it listed for $119K. 6 months ago this was the least expensive unit, but now it is 10th or 11th. My client bought a penthouse unit next to the one for sale for $459K, but he bought his for $95K, and with the market the way it is, he is hardly believing me that this was a crazy price.
We are cautiously watching, as the developer, who still owns close to a hundred unsold units and thus controls the association, is in Chapter 11. So far looks like it is not affecting the owners, and we have high hopes that the developer will go through this tough time and will get back with all their other projects, which are destined to change Daytona Beach skyline.
Interested in great deals on this unpredictable market? Call me, do not procrastinate. the difference is that with condo-hotels you can have an affordable alternative to expensive (relatively) second home/vacation condos if you act now, or you will be telling stories to your grandchildren, when buying a parking space in Daytona Beach in 10-15 years for $75,000, that you could buy a condo with parking for that money in 2008/2009 crazy market, that may never be repeated.