Hawaiian Inn Resort. Market Snapshot. Daytona Beach Shores. March 2012
The resort has undergone massive renovation in the last 3 years. Concrete restoration has been completed. The sliding doors, which were not included in the Assessment and were the responsibility of owner, have been installed, and it is a fully functional condo-hotel at this time.
Maintenance fee is for now same $450 a month. It can be changed after the Assocation decides on reserves. No pets policy. WiFi available in all rooms and in the lobby.
The resort had a series of pricy Special Assessments to complete the project, and I am sure owners are breathing much easier now, after it is finally all paid.
And it is showing in the prices. In February 2009 there were 34 units for sale in Hawaiian Inn Resort starting from $29K for a small unit without a balcony.
Now, 3 years later we only have 13 units for sale with prices starting from $30K (only one unit at this price, and then next is in the $60s and up).
This is an excellent demonstration of a trend. While you can still find low priced properties, the inventory is only about 40% of what it was at the peak of the real estate flood. And low inventory mean that there will be more competition with fewer units to sell.
Which means prices will go up, even if a famous cable network will tell you the opposite. Just check the asking prices in Hawaiian Inn today with what the units were selling for last year, and you will see it with your own eyes.
Of course, if you can read the investment language.