I have never been a big fan of DiMucci condos. Tony Dimucci, a 78-old veteran of commercial construction in Chicago, who also built residential condos in Ponce Inlet (Towers 1 through 9), then in Daytona Beach Shores: Towers 10 (2001), Towers Grande (2004), and Twin Towers (2007).
One wouldn't call them architectural masterpieces, and they are not the epitome of luxury. Of course, agents tend to call «luxury» anything which is on the ocean, but in any case it is far in this regard from Ocean Vistas, Ocean Villas, Bella Vista, Palma Bella and a few others really nice buildings in Daytona Beach area.
DiMucci builds simple and solid buildings, but with each of them there are changes to the better. I am looking at units in Twin Towers in Daytona Beach Shores, and though the building resembles all other DiMucci buildings, the units still differ in design and finishes even from the previous DiMucci's Towers Grande, built 3 years earlier (2004).
Twin Towers were built in 2007. North Tower with 68 units in 19-story building came first, and identical South Tower followed half a year later. And this was the time when the market just started changing. DiMucci had easy time selling units in the North Tower, so he started adding upgrades to units in South Tower as the expectation was that they would be selling for more.
This is how the South Tower ended with granite countertops, upgraded carpet, ungraded tile, crown moldings in Living and Master Bedroom, and some other upgrades.
But the market started falling, and selling for more was not happening. And even selling for the same price was more and more difficult. As a shrewd businessman, the developer reduced the prices, and if not for a casual talk at the pool with an agent working for DiMucci, who told my wife about the price drop, I would not even know about it. Developer units are not on MLS. Good there are women around... and contrary to a popular belief, good that they talk a lot. It actually helps.
So, what is DiMucci Twin Towers? It is a 136-unit condominium consisting of two 19-story towers with 4 units on each floor. Actually, by the time DiMucci started construction, Daytona Beach Shores in their infinite wisdom decided to limit the height of the buildings in the city limits to 120', and if I remember this correctly, they tried to stop the development from going higher even though the project was approved by the very city council. DiMucci won, and he was the last one to build a high-rise in Daytona Beach Shores.
All units are direct oceanfront with rooms going west to east, so you have both the river (Intracoastal) and the Ocean. Outside corridor system. With only 4 units per floor, there is St. Maarten unit (1,654 sf), two bedroom/2 baths unit with 168 sf balcony; two end units on North and South sides– St. Lucia (2,044 sf), 3 bdr/ 3 baths, plus 175 sf balcony, and St. Thomas, the largest of all, a 3 bdr/3 bath unit, 2,220 sf and 240 sf balcony.
The underground garage is stretching under both buildings. Each of the buildings have their own oceanfront club rooms and gyms, each has its own pool, however, owners can use the amenities of the other building if they need or want to.
Development is well capitalized. When the association will be formed, they will get a nice chunk of cash. Good news for those with pets, you can have two large dogs. Good news for investors, the rental limitation is minimum two weeks, which is one of the most liberal in the area.
And the most important question is the price. So what are the prices? Developer is still holding to 3 bdr unit prices, and they are over $350K, still an excellent price for a direct oceanfront condo. But the best value is 2 bdr/ 2 bath units. Priced at $279K (negotiable) and with you picking the colors and finishes, this is a great value.
Right now there is developer's Association, so when I hear that maintenance fee for a 2/2 is $685 a quarter, I am not jumping to the ceiling. It is the lowest number by a big margin on the ocean, but would it stay the same when they transfer to the owners association, is not clear at this point.
As with everything worth its money, there are only a few units left in the South Tower, and we just wrote an offer for one of those units for our New Jersey customer.
To know more about Twin Towers in Daytona Beach Shores or any other beachside condo in the area call me 386-405-4408
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