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 years ago. This is a huge drop, and this is the lowest number since the high market of 2005-2006. Logically, we might see the increase in sales prices if this inventory decreases even by 2-3 units. That’s how it was last time, that’s how it going to be this time. After slow market comes a busy market, and it does not matter that it seems that the night will never end, the bright day is coming…
I market in burgundy the absolute best deals in Oceanside Inn.
Units for Sale
|
Unit # |
Unit Type |
Baths |
Sq. Ft. |
Price |
Exposure |
|
401 |
Studio |
1 |
450 |
$45,000 |
City/Oceanview |
|
601 |
Studio |
1 |
450 |
$48,000 |
City/Oceanview |
|
905 |
Double Unit |
2 |
793 |
$68,000 |
Oceanview/South |
|
413 |
Studio |
1 |
547 |
$79,900 |
Direct Oceanfront |
|
709 |
Double Unit |
2 |
750 |
$79,900 |
Oceanview/South |
|
716 |
Studio |
1 |
496 |
$99,900 |
Direct Oceanfront |
|
814 |
Studio |
1 |
406 |
$109,900 |
Direct Oceanfront |
|
322 |
Double Unit |
2 |
786 |
$109,900 |
Oceanview/North |
|
420 |
Double Unit |
2 |
750 |
$165,000 |
Oceanview/North |
So far this year there were 3 units sold in Oceanside Inn, which is reflected on Daytona MLS. Two were bought on the foreclosure auction, and one has already been recorded, and the other one will be recorded in a week. Brings it to 5. Below are the prices of unit sold and recorded on MLS. Note that there are two columns with prices: one is asking price, and the other is actual sold price. Note the difference. The busier the market, the less is the difference. In a peak market the sold price could often be even higher than the asking price.
Sold units.
|
Unit # |
Unit Type |
Baths |
Sq. Ft. |
Asking |
Sold Price |
Sold Date |
Exposure |
|
509 |
Double Unit |
2 |
754 |
$60,000 |
$48,000 |
4/14/2010 |
Oceanview/South |
|
216 |
Studio |
1 |
496 |
$59,900 |
$55,000 |
3/9/2010 |
Direct Oceanfront |
|
501 |
Studio |
1 |
450 |
$34,950 |
$34,500 |
3/4/2010 |
City/Oceanview |
There are 2 units, which are Pending or Contingent in Oceanside Inn today. They are both short sales, and hopefully will close some time in 
the future (hopefully still in 2010).
Just today the appraiser for the Lender came to do the appraisal on another unit, which will soon show up on MLS. There are a few other units that may go into foreclosure, so the turnover will keep maybe for another few months. Then we either will see another wave of foreclosures and short sales, or see the prices going up. Which is the most probable scenario? After the wave of foreclosures, the prices will go up, and the only thing I can’t say for sure, is the timing of it. So, it is not a questions if they will they go up, but rather when they will go up.
If you are interested in having a unit in the best Condo-hotel resort right on the Ocean in Daytona Beach Shores, or any other condo-hotel or condo, call me 386-405-4408
.
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