Marina Grande on the Halifax in Daytona Beach. Getting out of Coma?

By
Real Estate Broker/Owner with Daytona Condo Realty, 386-405-4408

I have been writing about this Cinderella of the Condo Market in Holly Hill (Daytona Beach area) for close to 3 years. I was there last time 3 days ago. I was showing a 3 bdr/3 bath direct riverfront unit to my customer. He is looking to rent while he is pursuing his Master’s. What an absolutely gorgeous unit. I took some photos and put them in the slideshow, but the unit and the scenery is so much better than the slides…

Last couple of months showed the activity in sales in Marina Grande on the Halifax. Finally the first unit (2 bdr/2 bath) in the South Tower changed hands at a nice price of $131,250 for a unit which was just under $500K from the developer at Marina Grande on the Halifaxthen advantageous pre-construction prices.

Two other units are pending, and I was told that unit 2008 is closing next week. This is the sign of life. After no signs of any life for so long, it was good. The representatives of the developer on the property still do not provide any information as to what is happening and when if ever there will be sales in the complex.

It does not mean that there is no activity. Looks like we are getting closer to the moment when there will be sales in Marina Grande on the Halifax. Lots and lots of sales.

According to Volusia County records, there are 54 units sold in the South Tower, and 10 in the North Tower. With the total number of units at 486, it leaves 422 units belonging to the developer/lender.

The latest news is that the Lender contacted the consulting firm in Orlando and is trying to sell the whole project, however, they show 414 units for sale. It is not retail, this is a bulk sale to a successor developer at this point. No price is stated, but offers are welcome.

If they find the buyer, and this is only a question of price, as at $192 Mil (or so) owed to the Lender, there is no way the lender can recoup the losses, then the Buyer would be very interested in rushing the sales and make money. It will be a challenge, as the absorption rate is not that great, and if time is the issue, the prices would have to be extremely heavily discounted. What an opportunity for the buyers.

For the complex it will mean the life would come to this forgotten beautiful place. The Best condo project in the area, truly a Cinderella of the Condo market.

Interested in buying the whole Marina Grande on the Halifax in Daytona Beach? Call me. I have spent so much time, and have all the calculations done. If you are looking to buy just one unit, give me a call at 386-405-4408.FunCoast Realty - jon zolsky blog

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William Johnson
RE/MAX Associates - La Jolla, CA
San Diego Real Estate Voice, GRI CRS e-Pro CDPE

Hi Jon, This is so timely. In todays newspaper, there is a huge tower that was recently completed here in SD and the developer made the determination to retun all the deposits and turn the entire 640 + units into rentals. While what you have there has had prices so reduced that it gives the  Buyers a huge opportuity and here they decided not to do that but to go ahead and rent them. It is an interesting time that  we live.

Aug 31, 2010 07:04 PM #1
Rainmaker
1,899,959
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Jon

Hope all is well' nice focus on what is  really good deal for buyers right now

Aug 31, 2010 07:14 PM #2
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Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

Jon, well, perhaps you will find a buyer for the entire complex! The slide show is wonderful by the way, I chuckled when I saw "Find Paradise, still alive".

We have not seen this type of devastation in the real estate market here. I can't imagine what it would be like.

I am firmly convinced that if the media would stop running "the sky is falling" people would de-stress a bit and things would get better. I know it is not that simple, but I believe this is a huge part of what is happening.

Now go find that buyer for the whole place, then remember your friends. :D

Sep 01, 2010 12:09 AM #3
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

William - wow... 640 units convert into rentals... ot an easy thing to rent so many units quickly.

Pretty much the scenario for Marina Grande. Start selling and renting, as it will help to maintain the property while the units are being sold.

Similar things have hapened in South Florida, the condo conversions went back to apartments

Sep 01, 2010 01:05 AM #4
Rainmaker
158,400
Deborah "Dee Dee" Garvin
C2 Financial - San Diego, CA
C2 Financial

Jon,  The under lying issue for the development William is referring to is that there is no financing available for the units.  The vast majority (all?) of lenders/investors require a specific number (ratio) of the units to be sold prior to allowing the financing of any units.

In essence, it often creates a "catch 22" in that so many units must be pre-sold and close at the same time to allow financing on the remaining units.  The alternative is to find a portfolio lender (non existent in today's market) or the developer would have to finance the units themselves.

Love the music on your video, by the way.  I watched the entire show just to hear the music!

Sep 01, 2010 01:17 AM #5
Rainmaker
592,907
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Jon,

Maybe it's time you syndicate it. Who knows the potential better than you?

Bill

Sep 01, 2010 02:02 AM #6
Rainmaker
235,088
Vadim Zolotarevskiy
FunCoast Realty & Management, LLC - Daytona Beach Shores, FL

Jon, some big changes might be coming. I hope this  is a good sign and life will come to the place

Oct 04, 2010 04:23 PM #7
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