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 then 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.