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Plaza Resort & Spa. Spring 2009
Plaza Resort & Spa is undoubtedly one of only few really classy condo-hotels in the area. The resort started the conversion rather late and the developers sold 2/3 of the units when the sales came to a halt. However, they have paid for $70 million renovation, plus they did not transfer the Association from the developers to the owners, and this is convenient for the developers, as their forte is the hotel operation, and having full control of the property is beneficial for them.
Instead of running monthly meetings and deal with all sorts of weird wannabes, they have a 3-member board, meet once a year to sign off the budget, and run their well oiled operation.
This is an expensive property and units were at over $810 per sq ft when they were running the sales, and this is the highest number per sq. ft. in Daytona Beach area, that we have seen. No wonder that when times are tough, there are a lot of distressed sales in the property.
Right now 54 unit for sale showing on MLS. If I understand it correctly, the unsold developer's units are not listed, and, actually, are not offered for sale. Prices, that ... more
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