What We Can See Happening In Marina Grande On The Halifax in Daytona Beach Area

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

I have not written anything about Marina Grande on the Halifax in Holly Hill, a small town in Daytona Beach area, and not because there was no drama there. There was and is plenty of drama there.

It is like a huge iceberg, where we see a tiny piece of it. It is not what Marina Grande on the Halifaxyou see, it is what you do not see, that kills you. But first let’s talk about what we see:

For a long time there were no sales. And there were 3 sales at Marina Grande on the  Halifax, all REOs, and all went for unbelievably low price. I was happy, because it proved that we can sell there. This was a huge question, as there were lawsuits, and settlements, so it was a mess.

However, when the bank went and foreclosed it, all the liens were wiped out. Well, it was still not the case with short sales.

So, by now there were 2 bdr units sold for $124,000, $125,000 and $133,250. Ouch, nearly $500K units went for ¼ of their Pre-Construction price.

All 3 sales were cash deals, of course, as with the string of lawsuits, and quite a bunch of liens, financing a condo project like Marina Grande on the Halifax is very unlikely.

And when we thought that we seeing the light at the end of the tunnel, bang!!!

But this is the topic of another blog about Marina Grande on the Halifax in Holly Hill, a small town in Daytona Beach area

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
Florida Volusia County Holly Hill Marina Grande On The Halifax
Groups:
Florida RealtorĀ® Network
Condos, What you need to know?
Local Expert
Condo Specialists
Diary of a Realtor
Tags:
marina grande
marina grande on the halifax
marina grande on the halifax in daytona beach
marina grande daytona
mg on the halifax

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Ambassador
3,151,574
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Hi Jon!  Such a gorgeous building with such a sad storyline.  I cannot believe that folks lost 75% of their investments--so sad.  Those who are buying now are certainly lucky though!  

Nov 21, 2010 04:13 PM #1
Ambassador
1,720,911
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Debe - quite unique situations and it all depends on the timing. Those who started a year earlier, were able to selel the units and tose condos do not suffer as much as those late in the process developments, that had people running away

And you are right, such incredible opportunities there now.

Nov 21, 2010 04:29 PM #2
Ambassador
1,041,270
Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

Jon, I am waiting for the rest of the story. It would seem that Florida is one big test case for the rest of the country. A lesson that lenders should be required to study. But what a deal! For those than can buy now that is.

Nov 21, 2010 10:07 PM #3
Rainmaker
281,030
Gail C. Harris
Resource Network, LLC SFR, AHWD, ACRE, SMAR Board Director - Chesapeake Beach, MD
Reach the BEACH with Gail C. Harris (cell: 703.868

Talk about a "fire sale" let's hope the fire sprinklers work in anticipation of the former owners blowing their tops with these law suits!  And, we've seen condos here take hits.  Not as drastic as that but some taking as much as a 30% hit. 

Nov 21, 2010 11:41 PM #4
Rainmaker
592,907
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Jon,

You work on such interesting properties.

Bill

Nov 22, 2010 03:23 AM #5
Ambassador
1,720,911
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Andrea,

The rest of the story is following soon. I usually do not write small pieces, but this time it is something that deserves a separate blog post.

Nov 22, 2010 03:59 AM #6
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Ambassador
1,720,911

Jon Zolsky, Daytona Beach, FL

Buy Daytona condos for heavenly good prices
Ask me a question
*
*
*
*
Spam prevention

Additional Information