daytona condohotels: Creative Buying
- 10/24/10 03:38 PM
We are all used to Creative Financing and now it often has a bad taste to it. But there is also creative buying. It often involves doing something beyond MLS. I might involve maybe even more than an extra step. Here’s a “fresh” example.
When unit in The Plaza Resort & Spa in Daytona Beach hit MLS, I was a bit slow to inquire, and when I called the Listing Agent, he said that he already had 4 offers, but he can’t sell anyway, as it was going to an auction.
I told my good investor that we were out of … (13 comments)
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daytona condohotels: What's the Sandcastle's Income?
- 10/21/10 07:08 PM
Here is the classic scenario.
A customer walks into our Daytona Beach office and asks us about the condo-hotel units. Because condo-hotel operation involves rentals, the question about income comes naturally.
- What is the income here?
I usually say that if the condo-hotel unit generates enough to cover Association (aka Maintenance) fee and Property taxes, it is already good and is not guaranteed. Some Condo-hotels do better, some do worse, but condo-hotels, at least in Daytona Beach Area, are not income producing properties. Their value is definitely in resale, and rentals only help to offset the expenses. If you get … (18 comments)
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daytona condohotels: Buying a Unit in Condo-Hotel?
- 10/16/10 06:49 AM
Here’s the definition I found on the Web:
Condominium HotelsCustomers purchase fee-simple equity in the units - the hotel's guestrooms. Unit owners may live in the hotels permanently or use them as second and third homes. Depending on the hotel's policy, unit owners may rent their units independently or through the management company's rental program and derive income through a revenue-sharing arrangement. Unit owners also incur budgeted maintenance and operating expenses. Depending on the management company, unit owners have varying degrees of access to their hotel's amenities and services.
We sell condo-hotels in greater Daytona Beach Area and here are a … (10 comments)
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daytona condohotels: Ocean Walk Resort in Daytona Beach
- 08/08/10 04:58 PM
Ocean Walk Wyndham Resort is busy. It is a busy season, and this resort enjoys higher than average occupancy. Showing is problematic, and you need all the support from the resort employees and good luck.
It is surprising, but I was even able to show a lowest priced one-bedroom unit to my customers, who came from Tampa. The guests left yesterday, and they told us that if the unit is cleaned, we could see it after 2 today.
Calling front desk was fruitless, so we simply went there. Even with big crowds, the lines were not long and pretty soon I … (6 comments)
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daytona condohotels: Oceanside Inn. Daytona Beach Shores Premier Condo-Hotel. Summer 2010
- 08/07/10 02:17 PM
It is a busy season in greater Daytona area. South Florida is more a winter vacation area, and we are clearly a summer resort.
I am seeing again plenty of “no vacancy” signs, which I have not seen for quite some time. It is especially busy on weekends.
Oceanside Inn in Daytona Beach Shores is not the exception, and is rather a rule for them. It is good news for the resort, for unit owners. It is a bit difficult for me, as there is hardly a vacant unit to show. Not even those that are actually for sale, but even … (6 comments)
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daytona condohotels: 1,061-Day Marathon To Closing...Our Longest
- 07/26/10 04:18 PM
We closed on a condo-hotel unit in Oceanside Inn – a Daytona Beach Shores premiere resort. And it was not a short sale… but it still took us 1,061 days to get to that Closing…
Even those, who are not in distress, eventually start losing faith in the market. My clients are the first buyers in Oceanside Inn. It was the first sale in the resort after the remodeling was done and the sales office opened their doors.
When they came at 8 AM in January 2003 to buy a unit, they had to wait an hour for the sales … (17 comments)
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daytona condohotels: Winning By Desire or Losing By Knowledge?
- 07/24/10 11:07 AM
Yesterday (and for me it means before I went to bed) I posted Am I In The Wrong Business? It is about a guy who is privately arranging vacation rentals for 20 owners of Ocean Walk Wyndham Resort - Daytona's premier condo-hotel, and to my surprise the comments came agreeing with me. Practically everyone saw it as a great business, and I think it is absolutely could be, provided that we can reach the same occupancy as the hero of that blog.
So, how come we did not see it? What was there that we could not see? We do property management, … (16 comments)
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daytona condohotels: What a Deal This Direct Oceanfront Unit in OceanWalk in Daytona Beach
- 07/19/10 04:26 AM
Maybe this is a slow market, but I have never seen deals like that in any other market.
Take Ocean Walk. This is the classiest condo-hotel in greater Daytona Beach area. With all its amenities, this is a world class Wyndham Resort. There is direct oceanfront one bedr/one bath unit for $149,900 asking. Wow. Similar units were just recently in the $200K and even $300K and they are gone.
Built in 2001, this is the only condo-hotel, which was designed and built as such, and not a conversion from a hotel. When in 1999-2000 the developer was offering 1 bdr … (3 comments)
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daytona condohotels: Simple Lesson In Insurance
- 07/08/10 03:06 PM
On June 30, my client closed on a 2 bdr/2 bath absolutely stunning unit on the 24th floor of ocean Walk Wyndham Resort. The minute I received the executed HUD from out-of-town Title Company, I scanned and e-mailed it to the Resort and asked them to expedite putting the unit into rental pool. The unit was an REO and was not on rental for a long time.
I then received the e-mail from the Manager, forwarded the requirements to the new owner, waited till he got the Insurance policy for the unit (Liability & Content), and on Friday afternoon I met … (11 comments)
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daytona condohotels: He Buys in Harbour Beach Resort and Makes It Work for Him
- 06/21/10 04:38 PM
A few weeks ago I was at the county Foreclosure auction in Deland, our Volusia County seat. Deland is a nice quaint small town, home to Stetson University, and numerous local government offices.
A condo-hotel unit in Harbour Beach Resort in Daytona Beach was scheduled for the auction, and I was curious to see what happens to it, along with a few other properties to be sold at the auction.
We waited until they announce the priced up to which the Lenders were going to bid, otherwise known as the lowest the Lender would accept. The condo-hotel unit was not … (2 comments)
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daytona condohotels: Fountain Beach Resort in Daytona. Are Condo Owners Crazy?
- 06/13/10 06:10 PM
People walk into our office and ask for the list of condo units in the Fountain Beach Resort, a Daytona Beach popular condo-hotel. We print it for them. 9 units for sale in Fountain Beach Resort from $35K to $75K.
- Are they different in size?
- No. Same 385 sq ft inside.
- Is the owner selling for $75K crazy?
- No, the owners of the units for $35K are crazy (in distress), but they can’t do anything, and the owner of the unit for $75K is not crazy… he can wait, and he will get his money, and, … (2 comments)
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daytona condohotels: Harbour Beach Resort – a Daytona Beach Condo-hotel.
- 06/03/10 05:48 PM
It was time for me to pay a visit to Harbour Beach Resort, a Daytona Beach oceanfront Condo-Hotel, as I have not been there for quite some time, and last time I was there, they were in the process of remodeling, or better say, concrete restoration, a major and costly repair, which all oceanfront buildings in the area have to go through after 30-40 years.
It involves replacing balconies. Because to do that they need to go inside 18", and for that they have to take out the glass wall with a sliding door, owners usually replace them with new ones, … (5 comments)
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daytona condohotels: Hawaiian Inn
- 06/01/10 07:41 PM
Hawaiian Inn is in the middle of remodeling. Time came for this condo-hotel in Daytona Beach Shores to do the concrete restoration of the resort, which is there since 1965. 45 years until concrete restoration is not bad, but it does not make the life of owners there easier.
Special Assessments dealing with the concrete restoration in Hawaiian Inn came at the worst time, when even maintaining units is a challenge for some owners. The resort tried to do it in installments, but it is still not easy.
Initial $3,000 was followed with 12 monthly installment of $350 a month (in addition … (5 comments)
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daytona condohotels: Special Assessment in Hawaiian Inn –a Daytona Beach Shores Condo-Hotel
- 05/26/10 02:47 PM
Special Assessment for $3,600 is the last in the series of assessments for concrete restoration that hit a popular Hawaiian Inn – a Daytona Beach Shores condo-hotel.
Hawaiian Inn, built
in 1965, added the fifth floor 9 years later in 1974.
It was fending off the Special Assessments for as long as they could. Their maintenance fee was always higher than in comparable resorts, and they were managing to avoid Special Assessments longer than any other condo-hotel.
When the time came, it was, as luck would have it, at the worst possible time. Money has … (1 comments)
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daytona condohotels: Oceanside Inn in Daytona Beach Shores... What’s cooking?
- 05/20/10 02:55 PM
Oceanside Inn, a premium Daytona Beach Shores condo-hotel (or hotel condo, if you wish to call it this way) was resisting the fall of the market for a long time. When Plaza Resort & Spa was selling for $30s and $40s, Oceanside Inn maintained its lofty status… but you can’t swim against the current for two long… you start drowning.
Units are in different buildings but in the same economy, and are “samely” affected.
There are 9 units currently offered for sale in Oceanside Inn on MLS. This is a very telling number, there were close to 40 just 2 … (0 comments)
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daytona condohotels: News About Condos and Condo-Hotels In Florida
- 05/01/10 07:12 PM
Friday morning started with a press-conference in the Conference room of Oceanside Inn, a Daytona Beach Shores condo-hotel.It marked a significant event for condo associations in Central Florida. A week ago Judge Graham appointed David Ryder from Coral Springs, FL to be a receiver after granting blanket receivership to Oceanside Inn Condo-Owners Association.
Attorney for the Association Jason Harrof Jason L. Harr, P.A. explained that this was not the first such court decision in the state of Florida. Receivership has already been granted in Lee, Broward and Palm Beach counties, but this is the first in Central Florida, and it … (2 comments)
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daytona condohotels: Hawaiian Inn - a Daytona Beach Shores Condo-Hotel
- 05/01/10 12:33 PM
Hawaiian Inn Resort 2301 South Atlantic Ave., Daytona Beach Shores, FL 32118
Hawaiian Inn Resort is a popular resort in Daytona Beach Shores. It has been converted to condo-hotel a decade ago and since then enjoyed quite a popularity among both owners and guests.
Hawaiian Inn was built in 1965 as a 4-story hotel. 9 years later another floor was added. The resort has maintained higher than others maintenance fee to avoid Special Assessments, and were quite successful for a number of years. But maintenance itself could not sustain an older building and eventually they were forced to start a … (1 comments)
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daytona condohotels: Timing is the Key When Looking for Good Deals
- 04/07/10 08:48 AM
Even though this is about Daytona area, and only Beachside, I think it is true to many other areas. Buyers find us on the Internet, and then they check the properties and the major parameter is the price. The less, the better...
Any time when Buyers are thinking of living in the unit year round or simply not rent out, I suggest considering residential condos as first choice. It is a principle of using a car to drive and a plane to fly. The fact that your car has enough horsepower for a small plane is not a good reason to … (6 comments)
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daytona condohotels: Plaza Resort & Spa in Daytona Beach. Fee is 20% Less This Year... What?
- 02/21/10 01:08 PM
In my recent blog Changes in Plaza Resort & Spa - Daytona Beach Condo-Hotel I mentioned that Maintenance fee has been reduced by $100.02 a month. Form $528.24 to $428.22.
Wow!
I think The Plaza Resort & Spa in Daytona Beach is the only condo (and condo-hotel) in the area to reduce the monthly Association (aka Maintenance) fee. But before rejoicing, let us think about it.
Association fee is a function of the budget. The Association puts together their annual budget, and then divide it in a specified manner (by sq ft. or by unit) and establishes the amount per unit. The Plaza Resort & … (0 comments)
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daytona condohotels: Understanding Condo-Hotels In Daytona Beach. Condo-Hotels vs. Condos. Special Assessments
- 08/22/09 05:23 PM
Understanding Condo-Hotels In Daytona Beach. Condo-Hotels vs. Condos. Special Assessments is the 5th post in this series. Previous posts are:
Understanding Condo-Hotels In Daytona Beach. Condo-Hotels vs. Condos. Living and RentingUnderstanding Condo-Hotels In Daytona Beach. Condo-Hotels vs. Condos. ManagementUnderstanding Condo-Hotels In Daytona Beach. Condo-Hotels vs. Condos. Safety of your Investment Understanding Condo-Hotels In Daytona Beach. Condo-Hotels vs. Condos
The dreaded Special Assessments. A horror story of condo (and condo-hotel) living. So what is a Special Assessment? Basically, it is a very simple concept. If there is something that needs to be done, which cost money, and there is no money to … (4 comments)
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We are all used to Creative Financing and now it often has a bad taste to it. But there is also creative buying. It often involves doing something beyond MLS. I might involve maybe even more than an extra step. Here’s a “fresh” example.
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