Marina Grande on the Halifax is now MG on the Halifax. New Name, New Hopes

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

I wrote about the sale of 414 unsold units out of 486 total in two 25-story towers on the Intracoastal in Holly Hill (Is He a Genius or Just Lucky?). The new owners changed the name from Marina Grande on the Halifax to MG on the Halifax. I have no idea why they would change a great namMarina Grande on the Halifaxe to something that requires deciphering, but they did it, so it is now MG, love it or hate it.

They bought the unsold units, as well as commercial space, garage… They also own land north of existing two towers, which were planned for the Towers, that have not been built, but initially planned. All that for cool $73 Million, according to one newspaper and $180 Mil according to another newspaper. 

Developer is starting a $6 Mil project to build main 11,000 sf clubhouse and pool along with 32 boat slips (with 80 slips that could be added when the second phase with two more towers is built). (see http://www.frej.net/news/central-florida/2011-02-21/jv-buys-remainder-mg-halifax

Developer has chosen a company to sell the units, and we are expecting the new prices to be announced shortly. Judging by the interviews with new owners, the prices will start from $150 psf, half of what they were. If this is true, the smallest (1,660 sf) 2 bdr/2 baths unit will be $249,000. Of course, it is a far cry from $490,000 price tag for this unit in 2006 at preconstruction, but it is also a far cry from a series of recent resales at $124K - $125K.

Of course, at $124K - $125K these units would fly. But would they fly, or crawl at $249K?

Big question. We will soon start seeing some answers.

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Rainmaker
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William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Should be very interesting to watch and/or participate in!

Bill

Mar 06, 2011 09:24 PM #1
Rainmaker
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Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Jon, I'll be very interested to see what the activity is when they go up for sale.  Please keep us informed.

Mar 06, 2011 11:36 PM #2
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Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

I bet it will be a really 'telling' experience to see how these go.

Mar 07, 2011 01:38 AM #3
Rainmaker
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Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

Jon, we are seeing a lot of Boomers out looking for second or retirement homes. They can afford this price tag but will they? Will be very interested to follow what happens here.

Mar 07, 2011 03:28 AM #4
Rainmaker
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Bob Jakowinicz
National Realty Centers Livonia--Bob Jakowinicz - Livonia, MI
Michigan Real Estate Agent-- MI RE Adventures

Yea we are in some interesting times thats for sure.  We will be talking about all of this for a long time to come, I'm also looking forward to seeing what happens with these condos

Mar 07, 2011 06:43 AM #5
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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

Bill - the new owners should have a lot of confidence and a lot of chutzpah, but you do not risk, you do not win.

We will see how it goes

Mar 07, 2011 07:53 AM #6
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Gabe - too big to be easy, actually unprecedented for the area. Will be watching, and, hopefully, participating

Mar 07, 2011 07:54 AM #7
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Melissa - I would not be surprise to see that the new owners "felt" the change in the surf, and maybe they will be there right in time when the market changes

Mar 07, 2011 07:55 AM #8
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Sharon - this is a million-dollar question. If I only knew the answer - LOL

Mar 07, 2011 07:56 AM #9
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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

Bob - selling that many would have been impossible 15-20 years ago, but now they will be selling all over the world. And with that 414 does not look huge.

Will they get the world to buy?

Mar 07, 2011 07:57 AM #10
Rainmaker
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Broker Nick
South Florida Real Estate & Development, Inc. - Coconut Creek, FL
Broker Nick Relocation Broker Service

So fun to take risks - risks are what makes America grand - there is a demand for condos with boat slips - I feel this could take off big time - have to offer upgrades that the short sales and foreclosures can't - only time will tell...

Mar 08, 2011 12:57 PM #11
Rainmaker
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Broker Nick
South Florida Real Estate & Development, Inc. - Coconut Creek, FL
Broker Nick Relocation Broker Service

So fun to take risks - risks are what makes America grand - there is a demand for condos with boat slips - I feel this could take off big time - have to offer upgrades that the short sales and foreclosures can't - only time will tell...

Mar 08, 2011 12:57 PM #12
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