I was showing units in Plaza Resort to a couple from New York. They are for a good investment, and it should be a nice place as the husband wants to use it to wow his suppliers and also use it to send employees as a reward.

I have already showed the units to him, and now he came with his lovely wife, so that the real boss could say "yes" or "no".

Prices in the Plaza Resort & Spa, one of the most luxurious condo-hotels range from $55K to $459K, where $459K is a dream price from 2005-2006 and $55K is an REO, or dream price of 2009. The market is somewhere in the middle, with little if any activity at all, which is characteristic of Daytona condo-hotel market today.

While we were wating for his wife to fly in, one of the units, that the husband liked, is already under contract. So we have two in the lowest price for them to see, and choose from. One is a direct oceanfront unit, 427 sf., asking price is $55,000. Was sold exactly three years ago by the developer for $294,200.

The other one is a larger unit - 513 sf., direct oceanfront, corner unit with east and south exposure, two balconies. Gorgeous unit. Asking $69,900.

The lady is walking around, seemingly unhappy. Is anything wrong? Yes, she would prefer unit higher. As high as possible.  No problem. There is a unit on the top 14th floor. A bit smaller, 427 sq. ft. but on the 14th floor and direct oceanfront.

Can I show it? Yes, if money is not the object. How much is it? $459,000? WHAT??????????

WHY IS THIS UNIT SO EXPENSIVE?

Wrong question, lady. The right question is WHY THE OTHER UNIT IS SO CHEAP?

Wake up, do you seriously think that $55K or $69K is a fair price for an oceanfront high end property? How much is your garage in New York? What about a boat slip condominium? So how come you are walking around as if the only trees around here are money trees and we do not know who to give it to?

The desire to buy something for a better price, to negotiate a better deal does not surprise me. Lack of any understanding of the values simply puzzles me.

When people find these prices on the Internet and then call me and ask how much lower will the Seller might go, and when I say that this is an REO, and it is quite possible that they might come up with a bit more to win it if there are multiple offers, they sometimes get upset, because in this market, you know...

Yes, I know. I also know that this market did not make construction so much cheaper, that concrete is still 2.4 times more expensive than it used to be, the plywood is more expensive than in 2003, as is the  drywall, and now the minimum wage is more expensive, too, which seriously affects the expenses.

So, when you call me and ask about the $459K unit, I am pretty confident that I can negotiate a good deal for you. But if you want the best deal for pennies, I might try to get it for you for $55K or just a little bit more. And if you like higher a floor I can get you something for less than $459K. How about $189K?

It is not just buying for the right price. What good is that if you do not know what the right price is What good is it if you are clueless.If you have a winning lotto ticket in your pocket, and throw it away thinking it is garbage, what good it is that it was a $20 Mil jackpot. It is worthless.

Folks, a lot of things start making sense when you ask the right question. So, please, ask the right questions. And win.

Jon Zolsky, answering your questions about Daytona Real Estate
www.BeautifulFlorida.com