Time to look at what is happening with the prices in Ocean Walk Wyndham Resort, which is part whole ownership condo-hotel, part time-share, and both are managed by Wyndham. This is by far the most luxurious condo-hotel in Daytona Beach Area. It is the only resort of really high class that Daytona Beach can offer.
There are 5 units in the South Tower (19-story built in 2001). Not a single one-bedroom unit is available now. Prices from $265,000 to $449,900.
There are 4 condos in the North Tower (25-story built in 2004). Prices from $245,000 to $449,000.
Are these price any good? What if I tell you that 2 bdr units were reselling in the resort at the peak of the market for up to $650,000? The answer depends on your level of optimism (or realism). If you think that the values would only be going down, this makes no sense for you, and you are a terrific candidate to make bets about the market (LOL). If you, like, know that market fluctuates, and it never goes in one direction, then the prices at 40c on a dollar compared to the peak, are very cool, indeed.
Is there a difference in these two buildings? Yep. Sizewise the units are very similar, between 1,300 to 1,500 sq. ft. Maintenance fee in the South Tower is significantly higher, and if in the North Tower you will face $640 a month, in the South Tower it will be over $900 per month. I see that someone is choking looking at this number, but in condo-hotel the only important number is what is left after you subtract this monthly maintenance fee, and if the Resort is generating sufficient income to cover the expenses, then you are OK. So, don't faint, life is still good.
In South tower the units that are offered for sale are so called lock off units (aka lock-out). Meaning that they can be rented as two separate one-bedroom units or one two-bedroom unit. One has a standard full size kitchen, the other has a small kitchenette, but with a stove, so you can cook. They also have separate entrances, but there is a connecting door inside, allowing changing the use from a two bedroom to two one-bedroom units.
From the point of view of rentals, they are good, as they are rented a bit better than a two-bedroom unit where you have only one entrance.
In the North Tower there is only one Condo which offers the same arrangement. 3 others are units on the same #33 line. This line is in the south-west corner of the building.
While rentals there are not as great, the views are the best. Especially on the 24th floor, as you have panoramic view of the Ocean and the city. If you go to a lower, floor, even two floors down, part of the ocean is blocked by the South Tower. The view of the city – and it is absolutely breathtaking when city lights come up – still there on lower floors.
To give you a better idea of the unit and the views, I will make a special blog about the 24th floor listing.
Meanwhile, if having a vacation condo in the best Resort in the area sounds enticing, give me a call at 386-405-4408.