When on March 22, 2007 the announcement «Islamorada Condominium in Daytona Beach Shores starts construction» was made, it did not make waves. We had several luxury condos coming up, and Islamorada with its only 53 condo units was not the biggest blimp on the radar even in small Daytona Beah Shores.
Turned out it was the last condo to be built on the Beachside. Its timing was terrible, as in 2007 real estate market started showing first signs of slowing down, and by the time the construction was completed, the developer – Volusia Properties – was already in big trouble.
The building was standing empty waiting for the end of legal ramblings. I remember going to the auction on behalf of my clients, but Wachovia bank was discounting the price from $24,367,964.74 (the amount of judgment) to $16 Mil, my clients did not have any intention to jump in.
By that time there already was a group, that made arrangement with the Lender that they would take the property for $12 Mil if there were no high bidders. The group changed the name from Islamorada to Opus, put a local real estate company in charge of sales and marketing, ran the Grand Opening and started selling.
Prices range from $227,036 to $477,750 for regular units with prices going higher with each floor. Penthouse is a double oceanfront unit, and is close to 4,000 sf and is offered at $999,000.
It is interesting to compare with the prices in 2007. According to the article, «Prices start at $500,000». It is less than 50 cents on a dollar now.
Sales are better than I expected, and the list that I have shows 11 units sold. An excellent sign of life coming back to the Beachside. Last two days I was showing Opus to two different clients. And as one of my clients said, Opus has everything at bare minimum. It does not have the grandeur posture of Ocean Vistas, not the elaborate beauty of Bella Vista and Palma Bella, but at lower prices, it does quite well. At higher floors and direct oceanfront it sure has competition, but Opus is the only condo development where the the new owners are selling all units in the condominium, and who has the sign outside, which work wonders.
Other condos have some units on resale, and are not allowed to have large outside developer signs. Clients, who are wowed by the Ocean and River views, may not even understand that when they get into $400K price tag, there are other condos, which could easily win over Opus with their quality of construction, size, and level of luxury.
And this is the reason that buyers could benefit from working with me. I am not selling Opus, or Bella Vista. I am helping you to make the best choice considering your resources and preferences. In some cases it will include Opus, and in some it won't. Like my last two clients that I showed Opus among other condo buildings in the area. One has presented the offer for a condo in Opus, and the other one passed in favor of another building.
You are always the one who decides what to buy. I only give you information, which makes your decision an informed one.