Can You Recognize a Deal In Oceanside Inn in Daytona Beach Shores

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

For a few days already I am getting calls about a unit in Oceanside Inn, a premier condo-hotel in Daytona Beach Shores, which was listed for $27,900. Considered a city view unit (has the view of the ocean as well) is a handicap unit with no kitchenette but much bigger bathroom.

Oceanside Inn in Daytona Beach ShoresInterestingly, when it was listed for $34,900 just a week ago, I did not get calls, and when they have reduced the price, it has all changed. Was $34,900 a bad price? Absolutely not.

This is not my listing. I showed the unit a couple of times, but no offers. When last Saturday I got a call from someone from someone at the bank who owns it, or their Asset Manager, who checked Oceanside Inn on Google and saw that we sell more than anybody else there, I told them that I know about the unit and that I was showing it.

When they told me that they have just reduced the price to $27,900, I was surprised. It really did not make much sense, and if I were the owner, I would put it at $29,900 and I am sure I would have gotten the offer. I asked them why they did not do it this way, and the guy told me that he wanted it to get it under contract this very weekend (it was last weekend), and he was asking whether I can get a buyer for it.

We had the buyer and the offer went to the agent within couple of hours. Obviously, another offer came right after ours. The listing agent called and said that the Selling bank countered our not a full price offer, and that they needed to know «yes» or «know» within an hour. Calling my buyer was just a formality, as even the full price was ridiculously low. Got OK, relay it to the Listing agent.

Finita. We have the deal.

And now people are upset that they have missed it. Why? Because this was «a deal». Oh, that magic of a deal...

Look at units for sale in Oceanside Inn. Direct oceanfront unit for $55K, isn't that a deal?  It was sold in April 2004 for $109,600. You negotiate the purchase price  few grands down and will end up with the same 45c on a dollar. But this is direct oceanfront, and when the market heats up, the resale value of direct oceanfront will be higher (often by $50K) that what is considered «city view» unit. So, how is this not a deal? Compare it to the unit you missed. It was bought in September 2004 for $61K. Sold for 45 cents on a dollar...

Prices in Oceanside Inn in Daytona Beach ShoresNext is a penthouse-level double unit on the 9th floor on the South side. Gorgeous view of both the ocean and Halifax River. People paid $195,000 in June 2004. Now it is for $59,900. With bank approved (verbally, like it is always in Short Sales) $59,000, it is 39 c on a dollar. Isn't this a super deal? And these were not the hyped prices in the overheated market, no. These were modest developer's prices...

If you keep insisting that you missed a deal, then let me tell you that you missed more than one. And just keep missing...

The trickiest thing with great deals is that when we see them, we often do not recognize them. Because it is really more than just the price...

image of Jon Zolsky, FunCoast RealtyHere is the list of units for sale in Oceanside Inn in Daytona Beach Shores. You can see the deals (if you can recognize them).

And for those who are ready to jump on it, call me 386-405-4408.

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Topic:
Home Buying
Location:
Florida Volusia County Daytona Beach Shores Oceanside Inn
Groups:
Realtors®
Condos, What you need to know?
Condo Specialists
Advice for Buyers
31 Days of May Challenge 2011
Tags:
daytona condohotels
oceanside inn
oceanside inn daytona
cheap daytona condos
cheap daytona oceanfront

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Rainer
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Allen 2222
Austin, TX

Wow, Jon, those prices are just astonishing!  Can you share how much the monthly payment would be - including insurance and maintenance fees?  Is parking extra?

May 30, 2011 11:56 AM #1
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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

Alison - in Oceanside Inn monthly Association (maintenance) fee is based on the size. Small studio like #615 will be just under $300 a month, a double unit will be between $535 and $572 (depending on the size).

No extra for anything

May 30, 2011 02:35 PM #2
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235,088
Vadim Zolotarevskiy
FunCoast Realty & Management, LLC - Daytona Beach Shores, FL

Jon, you should have change the title to "How to recognize a deal in Oceanside Inn in Daytona Beach Shores." Good analysis

May 31, 2011 02:23 AM #3
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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

Vadim - and even if you go to a higher priced unit 916, this is a penthouse unit, full one bedroom, was sold for $350K, and if you negotiate it for $150K (and you could), it would be less than 43 cents on a dollar.

Isn't that a deal? But the view, you can't compare to any other unit in Oceanside

May 31, 2011 02:29 AM #4
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