daytona condohotels: Daytona Condo-Hotels. Is Anything Moving?
- 10/12/14 09:11 AM
A fair answer is “not a lot”. There are 154 condo-hotel units for sale in Daytona area as of October 2014. It is slightly less than a month ago, but the difference is minimal. 10 units were sold in September 2014. Last year in September there were 15 units sold.
Lowest priced unit is $27,500 for an ocean view handicap studio in Oceanside Inn and the highest is $219,900 for a 1-bedroom/1 baths ocean view unit in Daytona Beach Resort & Conference Center. Both prices are quite low.
5 units are on the market for less than $30K. So, if you … (6 comments)
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daytona condohotels: How Much Do I Get?
- 08/13/14 02:49 PM
How The Split Works?
The question was about Oceanside Inn, a condo-hotel in Daytona Beach Shores. Being a condo-hotel means that Front Desk is renting the condos when owners are not there, and then splits rental income.
The answer is simple: 10% of top goes to Credit Card operations, and Travel Agents’ commissions. The balance is split 50/50. Which means that out of $100 rental income the owner gets $45%
- So, what income can I expect?
- The correct answer is “I do not know”.
- Is it really that you do not know?
- Not really, but … (26 comments)
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daytona condohotels: What Are They Looking At?
- 05/22/14 03:09 PM
There is usually a reason why a picture is better than 1,000 words. This is, probably, the case. We can discuss why people buy condos, and how important is size, ceiling height, insulation, amenities, even good association, but if you look at this photo, you would know that these people have not yet noticed the appliances and anything else for this matter. If you ask them whether there is a kitchen in the unit, they would have difficult time answering…
They are saying they are looking for a condo, but are they really? They walked straight to the balcony….
Of course, … (13 comments)
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daytona condohotels: Daytona Condo-Hotel Market Is Like Sun. Here Now And Gone Soon…
- 05/21/14 02:59 AM
In my early immigrant time I worked as a limo driver, and we had an account with one very big entertainment enterprise. Once I heard a conversation in the back of my limo on the way to the airport. A lady was telling a true story to 3 young models.
They were doing a photo-shoot on an exotic island. The photographer told the model and the entourage to be at certain place at certain time in the evening. The model came 15 minutes late. The photographer was already packing his stuff. He told the model she was late, and that they … (6 comments)
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daytona condohotels: Condo-Hotels: Market Change or Day Dreaming?
- 01/19/14 02:30 PM
This time of the year watching numbers is a form of entertainment. I checked condo-hotels just before the new year, and there were 147 condo-hotel units for sale.
Checked today and there are 172 units for sale as of today. What a change.
But not anything really unusual.
This is the slowest time of the year, and we have yet another month and a half of it. The inventory goes up and no buyers, and then March comes and suddenly there is plenty of interest to condo-hotels, and the cheapest are sold in 2 weeks, and suddenly we have a … (46 comments)
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daytona condohotels: Plaza Resort & Spa at the Beginning of 2014.
- 01/06/14 10:04 AM
Plaza Resort & Spa, the premium condo-hotel in Daytona Beach, has 34 units for sale as of January 6, 2014. There were only 10 units for sale a year ago. It is more than I expected. Yes. prices are lower than where they were 3 months ago, about 15-18% difference, but still, higher than a year ago. Not by much, though...
And, because there are 34 units for sale, up from 10 a year ago in January 2013, there are plenty of terrific choices.
Is it a scary number? Not really, even though it is a big difference with a … (5 comments)
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daytona condohotels: How Cheap is Cheap?
- 12/14/13 10:43 AM
We all know that things and looks can be deceiving. Our grandparents were supposed to teach us that if something sounds too good to be true, to stay away…
However, seems like many Americans grew up without cautious grandparents at their side. Take the call today from a Chicagoan, who saw a condo-hotel unit on the Internet for $40K, and said he needed a 2-bedroom condo. 2-bedroom condo in oceanfront building for $40K?
Seriously?
What can you buy on Michigan Ave. in Chicago for $40K?
But this is Florida, and everything here is cheap. Especially condo-hotels...
How cheap?
Let's say … (4 comments)
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daytona condohotels: Glimpse at Condo-Hotel Market in Daytona Beach Area. October 2013
- 10/20/13 12:45 PM
Condo-hotel market, like the rest of real estate in Daytona Beach area, is in slow mode now. It is a seasonal change, happens every year. After Labor Day things start moving slower, inventory is increasing and even more is yet to come on the market before it starts warming up again in March, like it was happening for the last two years.
The pace of supply has not really changed, but slower sales cause the growth of inventory. It affects the prices, Not that they are falling; they are slowing the growth and getting flat.
It is quiet in Daytona, … (3 comments)
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daytona condohotels: But the Light Is Here…
- 10/02/13 01:51 PM
It is an old anecdote. Late evening. A heavily drunk guy is on his knees circling around the light pole. A passerby asked him what he was doing there
- I am looking for my watch
The passerby decides to help, kneels and started looking for the watch. After 10 minutes of intensive search, he asked the drunken how this happened.
- I fell there around the corner
- Then why the heck you are looking for it here?
- There is more light here
Well, you do not need to meet a totally wasted guy to hear the same … (18 comments)
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daytona condohotels: Condo-Hotels in Daytona Beach Shores. Sign of Times
- 07/28/13 06:28 AM
What happened in Castaways Beach Resort in the last several months is very symptomatic, and sets some guidelines for all 5 condo-hotels in the City of Daytona Beach Shores, Daytona's southern neighbor.
Group of owners attempted to change the use from condo-hotel with a Front Desk and daily rentals to residential condominiums, with only long-term rentals, and allowing use as primary residence for the owners, who wanted it.
Castaways always allowed homestead. When buyers insisted on something very inexpensive right on the ocean, where they could live, we used to suggest Castaways Beach Resort.
Boy, were we wrong...
When a group of … (8 comments)
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daytona condohotels: What Is The Difference Between Condos and Condo-Hotels?
- 07/22/13 09:08 AM
Time from time I receive emails asking me about the difference between condo-hotels and condos.
It is not a cross between the hotel and a condominium as stated in some articles simply because condominium is a legal form of property ownership, while hotel is a business, it is an operation. Condo-hotel is not a legal term. It was coined to describe a condominium, which is operated as a hotel, i.e. has a third party running Front Desk, and offers daily rentals and provides services for the guests as any other hotel.
You can look at condo-hotel as a hotel, where rooms … (6 comments)
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daytona condohotels: Oceanside Inn in July 2013
- 07/20/13 08:07 AM
Oceanside Inn is a premier 191-room condo-hotel in Daytona Beach Shores.
There are 17 units for sale on MLS in Oceanside Inn as of today.
From March to July 2013 only 2 units sold (in one we represented the Buyer). Same period of 2012 – 11 units sold. Is it unusual? For example, in 2011 there were 4 units sold in the same period.
If you look at the number of condo-hotel units sold in the area in the same period in 2012 and 2013, you will see that 2012 is slower.
However prices are higher than where they were … (2 comments)
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daytona condohotels: I Want Your Honest Opinion, So, Please, Lie to Me, Baby...
- 03/24/13 07:11 AM
I regularly receive calls asking my opinion about condo-hotels. There are situations, when condo-hotels are perfect for callers, but in some instances the only reason they are looking at condo-hotels is because of the low price.
No, condo-hotels are not good for living there, and there are many reasons why. But often time I feel the resistance, as if all the caller expected from me was to confirm that it was a good choice.
And often times they get upset, when I am giving my honest opinion. No matter what you tell them, they insist that it did not work for … (11 comments)
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daytona condohotels: Condo-Hotels. From Great to Crap
- 03/19/13 07:05 AM
The e-mail I received was not from the buyer, it was from the vacation renter. On the Internet he found a deal directly from the owner for an oceanfront unit with a kitchen and only for $59 a night plus tax. What a deal.
However, he wanted somebody to confirm for him that it was a nice place, and in his search ran into me. He said I was a condo-hotel guru, so he wanted my opinion.
I could have an easy way out, just say that I can't render an opinion on rental as I am doing sales, but I … (17 comments)
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daytona condohotels: I Am Soooo Angry...
- 02/19/13 02:26 AM
Dear General Manager,
Please cancel rental of our unit xxx as it is ridiculous that we pay fees ($ 120) to rent it rather then making a revenue
I received this email today. It was not to me, it is to General Manager of a condo-hotel in Daytona Beach Shores, but the owner, my former client, copied me.
So, here we are. February 19, 2013. Daytona 500 is just in few days, every room in the area is rented for the highest amount they ever charge during the year, and my client wants out, because he received the invoice for $120…for … (8 comments)
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daytona condohotels: I Wouldn’t Buy It Even For $25K…
- 02/10/13 01:05 PM
- I wouldn’t buy it even for $25K…
This comes from Canadian snowbird, who is testing the vacation market.
- No worries. Nobody is going to sell it to you for $25K. By the way, for $25K I would buy in a heartbeat.
That conversation shows how differently we see the same property, a direct oceanfront studio unit in Daytona Beach Club listed for $40K, the lowest priced unit in this condo-hotel.
My Canadian customer is pointing to chipped marble windowsill, peeling paint on the entrance door. He says it costs money to fix. He can’t believe that with chipped windowsill … (20 comments)
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daytona condohotels: What Is the Maintenance Fee?
- 12/30/12 11:52 AM
After price, this is usually the next question we hear when we get calls or receive emails. Sometimes I would even get "give me the fees for different condo-hotels and we will make our decision based on that". To answer truthfully (and stupidly) would be that it varies in different condo-hotels in Daytona Beach area from $255 to $450 a month.
But this does not answer the real question: which condo-hotel is a better buy? Would the cheapest condo-hotel unit be the best deal? Well, it can easily be the opposite.
Maintenance fee is a sum of … (4 comments)
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daytona condohotels: Can Loyalty Hurt?
- 11/12/12 07:37 AM
As if the difficulty financing condos isn’t enough, financing condo-hotels is practically impossible. I know only of one condo-hotel in our area financed in the last 4 years.
No, it hasn’t always been this way, but those, who specialized in financing condo-hotels were among the first, who closed their doors when the crisis hit.
But life goes on, and every now and then I have a buyer in my office, who tells me that s/he is planning to finance the condo-hotel unit. I tell them that this is practically impossible, and I say “practically” not because I believe there … (10 comments)
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daytona condohotels: Oceanside Inn in Daytona Beach Shores. October 2012 Market Update
- 10/24/12 12:23 AM
Sunday was the last day of Biketoberfest, the smaller version of a bigger biker event, a ten-day bikers' marathon in March.
Biketoberfest is a smaller event, only 4 days, at least this year, as the city is approached about extending it to 10-day event.
Anyway, this year event draw bigger crowd than last year, giving hope of the return of busier times in the future.
One weekend before Biketoberfest Daytona hosted the Wings and Waves Air Show, which was a huge success, and brought couple of hundred thousand spectators to the beach, so both events descending on the beachside Daytona … (6 comments)
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daytona condohotels: What Is The Rental Income for Condo-Hotel?
- 10/21/12 04:23 PM
I was looking at the various units that you have listed under 100k. I would like to know the rental incomes expected on the various units and may want to buy some based on that information
I often receive similar requests. Can I provide such information? Actually, no. However, there is more to it, so here is my answer:
First and foremost. Condo-hotels are not income producing properties, and should not be purchased for rental income. It is simply the wrong type of properties.
Second. I am a real estate broker and I am helping buy or sell real estate. Condo-hotels … (6 comments)
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A fair answer is “not a lot”. There are 154 condo-hotel units for sale in Daytona area as of October 2014. It is slightly less than a month ago, but the difference is minimal. 10 units were sold in September 2014. Last year in September there were 15 units sold.
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