The Oceans Complex in Daytona Beach Shores Market. 11 buildings in the complex are direct oceanfront, and there are 5 buildings, (4 condos), which are between the ocean and the river. We will look at them in another blog.
In these direct oceanfront condo buildings we are only looking at 2 bdr/2 baths units, which are the majority of units in these buildings. More than 3 bdr units, and certainly more than 1 bdr units.
There are 35 active listings for 2 bdr units in 11 oceanfornt buildings in the Oceans Complex in Daytona Beach Shores. 35 is practically 1/8th of what we had about two years ago. The inventory has decreased very significantly. And this is a sign of changing market.
Please, note that the prices are a little up from a few months ago. Not a single listing for less than $150K, and there were quite a few sales for less just recently. Below is the breakdown of all active listings in the oceanfront condominiums in the Oceans complex.
|Oceans One||Oceans Three||Oceans Five||Oceans Seven|
|$ 155,000||$ 199,619||$ 194,900||$ 199,000|
|$ 179,999||$ 199,900||$ 240,900||$ 234,900|
|$ 189,900||$ 215,000||$ 245,000|
|$ 198,500||$ 229,000|
|Oceans Two||Oceans Four||Oceans Six||Oceans Eight|
|$ 156,900||$ 230,000||$ 274,000||$ 298,500|
|$ 166,900||$ 259,900||$ 349,900||$ 319,000|
|Oceans Atrium||Oceans Atrium One||Oceans Ten|
|$ 239,900||$ 225,000||$229,900|
To have a better understanding of the market in the area, let us check the sales. In the 11 direct oceanfront Oceans condo buildings, there were 41 2 bdr/2 baths units sold in 2009. The lowest price was $126,100 in Oceans Three and the highest was $328,500in more spacious unit in newer Oceans Eight. There were 5 units sold for under $150,000.
The way it goes, we are unlikely to bit that number in 2010.
Is it too late to buy in the Oceans? Or does it make sense to wait and see if the prices go even down? I do not believe it may go down unless a nuclear war, or another massive government initiative, that may render us poor. With the depleting inventory, waiting for lowering prices is not realistic.
But I hate to make predictions. So, figure it for yourself. There are always people who buy only when the rush is here. They feel more secure following others, rather than be pioneers. Of course, you most probably are not pioneers anyway, judging by the market, so that;s not a concern. But if you want to know if the rush is already here, the answer is not yet. So, keep watching the market, and even if you pay a bit more, if you think it is fair payoff for being cautious, that's fine.
But now is the time to start watching the market as the change does not take long and it is easy to miss when it accelerates. Follow the link to Beautiful Florida to search MLS, and you can sign for MLS alert, which would allow you to know about every new listing in Daytona Beach Shores and the Oceans in particular..
If you need help with it, call 386-405-4408