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The Plaza Resort & Spa. December 2018
The Plaza Resort & Spa
Got a phone call from a New Yorker. She read my old blog from 2008 about The Plaza Resort & Spa. Wow, that’s a very old one.
But The Plaza is still standing, and, funny enough, the units in this condo-hotel are unbelievably affordable. Yes, they are not as they were at the lowest point, but, honestly, they are again very close to the lowest point. Below is the table showing you resales of units in the resort since they have converted it to a condo-hotel in 2005-2006. This is the reason there were so few resales in 2005-2007. But then the crisis started creeping in. 2009 and 2015 were pathetic. Interestingly, when in March 2013 the prices for condo-hotels and condos started going up like a dough on good yeast, we thought that it was the end of the crisis…
But it could not hold the steam and by the end of 2013 the market slowed down.
While there are general trends, every property is different in some way. For residential condos the worst year, I believe, was 2012.
But when I looked at the table below with the data for The Plaza resort, it was different. The worst ... more

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