If you are looking for the least expensive condo-hotel in Daytona Beach area, you will stumble into a $22,500 unit in Daytona Inn Beach Resort. Of course, resort is not the best word to describe this budget (very budget, forgive me my English) condo-hotel in Daytona Beach, but this is the name, so I use it.
If the price sounds too good to be true, you are both right and wrong.
Wrong because contrary to many other areas in the country our market is stagnant at best, and is slowing down as we speak, even though it feels that we have exhausted this direction...
We seem to go back to 2011… again.
Right, because $22,500 is only part of the cost. The resort just started the concrete restoration, which they will be doing in phases. So, this is the first phase. Financed via Special Assessment, which is being paid in installments, at $314 a month until July 2016. It is on top of Association dues of $370 for a studio and $410 for a one-bedroom condo-hotel unit.
The construction in the first phase affects only unit in the south wing of this U-shaped building. 2 other wings will follow the concrete restoration after the first phase is over.
It is difficult to predict the total cost. I do not know the details, do not know the scope of work. It may involve identifying loose concrete and fixing spots, but if the water damage is extensive, it might require jack hammering the concrete, cutting the metal and welding new metal and then pour concrete. Because for that you need to go 18” deep into the unit, you will have to remove the existing glass sliding doors. Those old doors will have to be replaced with new ones, and they have to conform to new stringent Miami Dade codes, which means that only replacement of glass doors might cost $4,500 to $5,500 depending on the size.
“After the concrete repairs are made, a non-slip traffic-bearing coating system should be applied to the balcony floor and curb surfaces. A non-permeable coating system is applied to the balcony fascia surfaces, while a permeable coating is applied to the underside so the surface can breathe and allow water vapor transmission.” (See here)
So, yes, there is a unit there for $22,500, but there will be installments of current assessments, and at least 2 more Special Assessments, so the final number might be significantly higher.
In Pirate’s Cove the cost per unit was over $26K, and in Hawaiian Inn it was about $20K.
If here it will be $20K, then the total cost would be $42,500. And at $42,500 this already does not sound like the best condo-hotel deal.
For more infomration about this resort and for availability and prices of units in Daytona Inn Beach Resort click here.
I am Jon Zolsky, a real estate broker specializing on condos and condo-hotels. Call me 386-405-4408
First posted at www.Daytona-Condos.com
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