It's working. It's moving. This is a big shock. Yes, we know that properties in the group "steal it and I will even pay you if you do" are going fast, and the inventory is decreasing on this end. But medium priced properties in $300K-$400K range is a different animal.
Ocean Vistas, one of the best built luxury condos in Daytona, proved that they are selling, and selling they are, indeed.
The Auction was scheduled for 1 PM Sunday an the Shores Resort (former Hilton).I came early. The parking was full, the parking across the street, was full. I parked the car at a restaurant parking, Came to the door, sorry, no more capacity. Oops, all my plans to watch the auction and write a nice blog were going through the drain.
So, I was not at the auction. Called Jeff Moore, who is also an AR member, who was working there, and asked about the auction. It is hard to believe, but they actually sold every units they had for auction, and they even threw in a few more. Altogether 31 were auctioned, but one was cancelled, so 30 units sold in this unprecedented auction. 
Street and river view (beautiful by the way) units went from $291K to $357K. Line B went in the $300s, direct oceanfront 2/2 (Catalina) went for $485K (minimum bid was $375K). Wow. Many people expected very little competition and there were expectations, that there will be fewer units than buyers. I have to give credit to Accelerated Marketing for their brilliant work.
So, what’s now? They still have 16 units left. Well, they will sell them. Monterey model, which is on the North side with great ocean view will be priced at $495K at penthouse level and will be $5K less for each floor down. And the Catalina, a 2/2 direct oceanfront unit that bounced back, is available for $485K.
Here are the lowest priced three units in Oceans Vista.
|
Unit # |
Bedr. |
Baths |
Half Bath |
Size |
Price |
|
703 |
2 |
2 |
0 |
2,097 |
$325,000 |
|
402 |
3 |
3 |
0 |
2,927 |
$465,000 |
|
301 |
3 |
3 |
1 |
3,005 |
$470,000 |
What are the lessons if any?
1. The expectation was that there will be too few buyers and too many units.
2. The market is much more active than before and this is the reality of life, and please, do not quote me another article about the economy.
3. In April the number of sales compared to April of 2008 was up 11%
4. I will not be surprised to see the end of falling prices on good product, and I will be surprised if in 12-18 months we will not see them climbing up. Pessimists, please, keep this blog, so that you do not say “Who could know” when it will be too expensive. I know, and if you open your eyes, you know, too.
If you are looking for this class of condos, do not regret that you missed the auction. These prices are still here, and we can help you make a similar deal.
Comments(6)