When talking about condo-hotels, it is difficult to be exact in describing their overall ambience, and they are all very different, so I use the ratings on Tripadvisor, so if you do not like it, or you do not agree with it, take it to them:)
Daytona Beach Club has 27% positive reviews (September 21, 2015). Not that great, of course.
Daytona Beach Club is a 117-room oceanfront condo-hotel, which at one time 6-7 years ago lost the rental management company, and since then they do not have the Front Desk. Does it affect them? I believe it does, and it is an adverse effect.
I believe that a condo-hotel should have a functional Front Desk. But it is difficult to survive with small condo-hotels. Profit margins are extremely competitive... To their defense, they are not the only condo-hotel, that does not have the functional Front Desk.
It is not only that owners now have to rent themselves or use local agents. It is also that there are no eyes on the property at all times, and a slew of smaller issues.
There are a few inexpensively priced units for sale, and one of the reasons is that there was a Special Assessment on the agenda. There is something brewing behind the scenes, people are upset and do not want to spend money now. Finally the meeting took place 3 days ago. Daytona Beach Club voted down the proposed assessment at this time. So, no Special Assessment now...
I do not know the details, do not know what was included in the proposed Special Assessment. I do not think they can avoid the assessment in the future. They might go for smaller scale work, and do not do everything they proposed, and also probably break the assessment into smaller ones to take care of problems, but it is still there, it is simply delayed.
Special assessment is always an issue. Owners hate them. But at under $10K per unit, that was proposed, it would only be about $1 Mil, and nowadays $1 Mil does not take you too far. I believe to make this property really nice, it cold take way more than that...
Anyway, let's get to numbers.
As of today, there are 15 units for sale from $32,500 for a studio to $82,900 for direct oceanfront one-bedroom condo. 9 units of 15 are selling for less than $50K.
There were 10 units sold in 2014 from January 1 to September 20. Sold prices ranged from $28,500 for a city view studio to $103,500 for one bedroom direct oceanfront unit.
So far this year only 5 units changed hands. Prices ranged from $29K to $62K. Yet another indication of a slowing market.
Any practical recommendation regarding units in Daytona Beach Club? Probably not. At these prices I believe there are better deals in other condo-hotels, but it is, of course, simply a matter of opinion.
If you are interested in condo-hotels, give me a call at 386-405-4408.
P.S. You can find the overview of condo-hotel market in Daytona Beach area in general here.
First published at www.Daytona-Condos.com. That's where you can also see all listings in the resort.