Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.
Daytona's Plaza Resort. September, 2015
Plaza Resort & Spa has 82% positive reviews according to Tripadvisor.com as of September 21, 2015. Which is darn good, by the way. And it tells you that this is one of the best condo-hotels overall. And if I say that it is in trouble, that may raise eyebrows.
But it is true. Plaza Resort & Spa and Oceanside Inn are both underpriced today, and it is because both have problems.
One problem is Special Assessment. Both resorts have some concrete restoration work going on, and Buyers tend to shy away from the work in progress.
Funny, as when the work is completed, then prices go up by $20K-$25K within couple of months. And then people buy…
The classic example for me was Hawaiian Inn, where during the restoration work the prices fell to $15K, and there were quite a few units for sale for less than $20K…
And then the price went to the $60s.
But until it is all done, we will be watching this crisis of one of the best (in the past and, hopefully, in the fuiture) condo-hotels in Daytona Beach area.
The other problem is inadequate management. But this is a topic of another blog.
So, let’s look at the numbers.
There are 37 units ... more
Are you on The Rain? Grow Your Network!