Oceanside Inn in Daytona Beach Shores. October 2012 Market Update

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

Sunday was the last day of Biketoberfest, the smaller version of a bigger biker event, a ten-day bikers' marathon in March.

Biketoberfest is a smaller event, only 4 days, at least this year, as the city is approached about extending it to 10-day event.

Anyway, this year event draw bigger crowd than last year, giving hope of the return of busier times in the future.

Oceanside Inn in Daytona Beach ShoresOne weekend before Biketoberfest Daytona hosted the Wings and Waves Air Show, which was a huge success, and brought couple of hundred thousand spectators to the beach, so both events descending on the beachside Daytona made a positive affect on the Beachside Hotels.

This October was a much busier month than last year. More events because of Wing and Waves Air Show, that comes to Daytona every other year now, and they were here a week ago, and then last week it was Biketoberfest, which drew bigger crowds this year, and on top of all that there was Romney and Ryan rally at the bandshell on the beach.

Oceanside Inn owners benefited from the events. It was a welcome tune to the owners of units in this Daytona Beach Shores condo-hotels.

Of course, there is little real estate activity when the resort is booked. Showings are practically impossible when the resort is booked, and the crowd is here with a different agenda.

Not surprisingly, that the biggest events in Daytona are the slowest in terms of real estate. We even plan vacations for February-March because of that. Paradox, you have hundreds of thousands of visitors, and nobody knocks on your door.

Here is my take on what happens in Oceanside Inn. Seasonally we are slower and slower. This year slowing down happened earlier than last year. Coming elections could also be the reason.

In terms of sales, 2012 was the most active in several years. There were 17 units sold in 2012 in Oceanside Inn and it has seen the lowest prices one could only imagine, but these crazy low prices were at the beginning of the year and have been on the rise since then.

The sheer volume of sales does not mean that the market is hot as it was in 2006. A lot of units sold were bought by the same auction company, which is reselling them at Internet auction. I did not check the stats, but I would not be surprised if sales to them attributed to half of the total sales in the resort.

I think the prices will not go higher in the remaining months of 2012. If we see more units coming to the market, then we can see even slight decline in prices, which, considering the Special Assessment to rebuild the garage, would not surprise me at all, but I do not expect anything as dramatic as the low prices of the beginning of the year.

There is simple reason for that. These would be short sales, and the lenders now would not agree to those low prices of 10 months ago. They know that the market is better now and the Short Sale lenders are more aggressive today than even a year ago.

Life and Real estate change all the time.

Below is the list of units for sale in Oceanside Inn.

Oceanside Inn in Daytona Beach Shores

Picture of Jon ZolskyIf you are interested in condo-hotels, an alternative to residential condos in Daytona Beach area, call me 386-405-4408.

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Rainer
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Marie Fox
Foxy Interiors Inc. Lake Mary Florida - Lake Mary, FL
Lake Mary, Florida, Home Stager & RE Photographer
It certainly was noisy last weekend and a lot of traffic on I4 as visitors made their way to Daytona. Nice to know more people attended to pump money back into the local economy.
Oct 24, 2012 08:12 AM #1
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Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County
What a thorough market update. I'm always looking for ways to better my market reports, and this is a good one.
Oct 24, 2012 12:44 PM #2
Rainmaker
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Jill Sackler
Charles Rutenberg Realty Inc. 516-575-7500 - Long Beach, NY
LI South Shore Real Estate - Broker Associate

It makes perfect sense, Jon, that a full-time resident would choose to plan a vacation for just the time when Daytona Beach is at its peak with tourism. People who live there year round don't want to be bothered with that stuff - the noise, general unruliness.

Oct 24, 2012 01:30 PM #3
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Marie - Oceanside, actually, was fully booked both last and this year for the Biketoberfest, but other motels and hotels saw the increase.

Oct 24, 2012 11:20 PM #4
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Thank you, Melissa

Oct 24, 2012 11:20 PM #5
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Jill - it does. I wouldn't say "Untuliness" as we really do not see it since the end of the era for Black College reunion. That event was unruly. The whole event was a fake, even our one of the original black colleges in the US, Bethune-Coockman University dissassociated from this reunion.

Bikers are nice crowd, but when ou have hundred of thousand Harleys, it is noisy.

Oct 24, 2012 11:24 PM #6
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