Condo-Hotel Market is very strange. Presently there are 293 units for sale in Daytona Beach.
This number fluctuates from 292 to 308, so it is pretty stable for the last 10 months, when it dropped from over 350.
however the prices are surprising. Not that much that you can see starting prices from $39,750, which is reminiscent of 2002-2003, it is the price fall in certain properties that was not expected. take Hawaiian Inn. Traditionally a very popular family oriented condo-hotel in Daytona Beach Shores, cnverted at the very end of the 90s with prices from the developer from mid $40s, and now you can buy the units there starting from $39,900. Small unit, no balcony, but this is direct oceanfront unit. And you can buy a unit with the balcony for $49,900. Guys, this is asking price in Hawaiian Inn.
The resort is undergoing a major renovation, concrete work. This should be a great news for the buyers, as the Sellers paid $8K+ for that, and now you know that the property will not have a major assessment for quite some time, and the concrete work and new windows and doors will last another 40 years.
Really, the times remind me 2002-2003, when everyone was saying that the market will never go back, that these properties were overpriced, actually, all that I hear now.
Take my word for it. The market is giving us a break, and a huge break. Rarely it happens and it will most probably willl not happen again any time soon, where you can buy oceanfront properties for less than they were sold by developer nearly 10 years ago.
If I could only have enough cash, I would have become a righ guy in just 2-3 years.
If you want to become rich, just call me 386-405-4408. Are you seriously expecting oceanfront to be even less than that. Do you think the Sellers will pay you to take it?
Jon Zolsky, your Daytona Beach connection