Oceanside Inn in Daytona Beach Shores. Market Snapshot
January is traditionally the time when we look at the year before in an attempt to figure the year ahead. How is the market changing in the area, or in the neighborhood? What to expect? To sell or not to sell? To buy or not to buy?
Oceanside Inn, an oceanfront condo-hotel in Daytona Beach Shores is the unique property in that it is the nicest among the least expensive, and it is the least expensive among the nicest.
And though I love how thhis sounds, I have to note that it is when we are talking about "normal" sales, not foreclosures and short sales. Those can distort any picture, and they terribly do.
Why it is unique? Timing, timing, and timing.
It is more important for condo-hotels than Location, Location, Location. because they are all on the ocean,. so location is pretty much the same. Some like it closer to Main Street, some like it farther...
Oceansdie Inn was the last condo-hotel resort before the big money bang. the conversion was completed in 2004, so the units were sold for solid prices, not dumped, but at the same time just before the values skyrocketed later in 2004 and 2005.
Of course, the market affected the sales, they were brisk in 2008 but more then sluggish in 2009: only one units was sold (by us) in the whole year, and it was a distressed sale.
Why 2008 was active and 2009 was so unbelievably slow?
Because of the Plaza Resort & Spa. The fallout in the Plaza brought to a slew of sales so low, that it is still difficult to believe even after it has happened. Plaza fell under $100K per unit at the very end of 2008, and an avalanche of short sales and foreclosures followed, leaving other condo-hotels in the dark.
This process is not yet over, but it has slowed down, and this could give a chance to Oceanside Inn to move some units into the hands of new owner, which is needed.
Below is the table withh all units for sale in Oceanside Inn.
If you have any questions or you are curious to buy a condo or condo-hotel unit in Oceanside Inn or anywhere in Daytona Beach area, please, give me a call at 386-405-4408.
|Unit #||Bedr||Baths||Sq. Ft.||Price||View|