Condo-Hotels: Market Change or Day Dreaming?

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

This time of the year watching numbers is a form of entertainment. I checked condo-hotels just before the new year, and there were 147 condo-hotel units for sale.

Checked today and there are 172 units for sale as of today. What a change.

But not anything really unusual.

The Plaza Resort & Spa

This is the slowest time of the year, and we have yet another month and a half of it. The inventory goes up and no buyers, and then March comes and suddenly there is plenty of interest to condo-hotels, and the cheapest are sold in 2 weeks, and suddenly we have a regular market with prices in the $40s, and then they go into the $50s, and then into the $60s.

But the overall number is not high. 3 years ago we had 360 units for sale, and 172 is far cry for that high. If we se this number going to less than 140, we might have a hot condo-hotel market.

Why? Because of little supply and the same demand. When the supply goes down, there is more competition for fewer units.

And it means prices going up, and sales going brisk.

Can it be day dreaming?

We will soon see…

Follow this link for more information about condo-hotels in Daytona Beach Area

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Ambassador
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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

Jason - no, you have a Deed like with any other condo, so this is not a time share.  What different- condo-hotels are still run as hotels, and their license with the State is Transient Facility license.

A simple was to explain is that this is a trade where for very little money (price is very favorable) you may get into a lot of headache :)

Jan 20, 2014 04:44 AM #26
Rainmaker
435,855
Gina Tufano
Ask Gina & Company with Pearson Smith Realty - Sterling, VA
Ask Gina & Company, Northern Virginia Real Estate

It is interesting to follow supply and demand and will have to look for a follow up post in the spring! 

Jan 20, 2014 04:47 AM #27
Rainer
76,399
Ruth Lerner
William Raveis Real Estate - Brookline, MA

Great to see the market is tighter than last year.  Have a prosperous 2014!

Jan 20, 2014 05:56 AM #28
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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

Raymond - of course, it is different everywhere, but here, in Daytona Beach area, we start with telling people that if they can afford a residential condo, then they will have less headache, and will be happier in the long run.

It is an alternative to more expensive residential condos on the beach, but like everything else in life, you gain something, you lose something.

Jan 20, 2014 06:39 AM #29
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Carla - I am sometimes puzzled when agents do not think about the market. They would make a statement, and when you ask them why, they are at a loss. They just do not think about it.

And then there are agents, who are always asking why. Looks like we are both from this category :)

Jan 20, 2014 06:43 AM #30
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Carla - I think I did, but I will check it. The simple explanation of condo-hotels is on my website, which is still under construction.

Jan 20, 2014 06:48 AM #31
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Marina - this wonderful planet is called Florida. We found it in 1996, and are so glad we did.

Jan 20, 2014 06:49 AM #32
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Anna Banana - for the last 3 years it is slowly, but surely, gets stronger. And yet a long way to go...

Jan 20, 2014 06:51 AM #33
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Eric - my pleasure. And as for financing, we do not see financing for condo-hotels. We have a couple of companies that claim that they have a program for condo-hotels, but when it comes to it, they either have a size minimum at 500 sf, and majority of condo-hotel units are between 300 and 400 sf, and often even smaller; or they would require the stoves, and many don't have it.

The other reason we are cautious about financing, is that even if you get it, then it is very unfavorable. The amount is small, and the cost is exorbitant.

Plus, we are trying to tell people that they are most probably would be breaking even, and any financing would put them at need to bring the money to the table every month.

Jan 20, 2014 06:55 AM #34
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Jon Zolsky, Daytona Beach, FL
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I will do it, Gina. thank you

Jan 20, 2014 06:58 AM #35
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Ruth - yes, it is. Thank you

Jan 20, 2014 06:59 AM #36
Rainmaker
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Kat Palmiotti
Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

Half the units available than 3 years ago -- sounds as though things are on their way to a "hot" market in a hot market!

Jan 20, 2014 09:09 PM #37
Rainer
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Randy Shamburger
Movement Mortgage - Greenville, SC
FHA, VA, USDA and Conventional Mortgage Expert

Interesting, excellent post, thanks for sharing.

Have a Big day,

Randy

Jan 20, 2014 11:15 PM #38
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Kat - looks like it. We simply do not know which number will trigger craziness like it happened in 2004

Jan 20, 2014 11:19 PM #39
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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

Thank you, Randy

Jan 20, 2014 11:20 PM #40
Rainmaker
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Mike Cooper, GRI
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

Jon, that's good to know about the Daytona market. I appreciate the link to your site. I'll use that to keep up with the market down there.

Jan 21, 2014 12:00 AM #41
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Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County

The condo hotel market is interesting although it is something I have never dealt with here in Brevard County. I guess I will leave that to the specialists like you!

Jan 21, 2014 03:50 AM #43
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Mike - it is still under construction. We hit a snag with IDX, and I could not do anything for several weeks waiting for the programers to fix it.

I hopefully, will have it fixed, so then you would be able to search condos and condo-hotels

Jan 21, 2014 09:57 AM #44
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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

Erica - we do not know why, but it is quite consistent through the years with slight fluctuations. But January and February being the slowest months, that's for sure.

Jan 21, 2014 09:58 AM #45
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Gary - I do not think you have any condo-hotels in Brevard, but I might be wrong. That's an interesting animal, Gary.

Jan 21, 2014 09:59 AM #46
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