Daytona Beach Club is an oceanfront condo-hotel 2 blocks north of Plaza Resort & Spa, 5 blocks fro Ocean Walk Village with shops, restaurants, movie theatre… Walking distance to main Street, Boardwalk, waterpark, all the buzz of the heart of Daytona beachside…
117 unit condo-hotel was built in 1970. They lost the Front Desk operation after the management company, running rentals, could not survive in the falling market and had to leave. Nobody came to replace, and this is a condo-hotel without the operating front desk.
But this is Daytona Beach, and the city either does not have the same rules as its southern neighbor Daytona Beach Shores, or never enforced it. In Daytona Beach Shores the City requires that condo-hotels maintain the Front Desk.
Loose regulation/enforcement may be good and may be bad for the property. For a rental place with 117 rooms I am not sure it is a good idea that people come and go, and nobody knows anything. It may easily create some serious liabilities.
But it is what it is.
Lately there is a tense situation because the Board is trying to persuade the owners that they have to adopt a Special Assessment to tackle whatever deficiencies are there, and this was met with opposition from the owners, and the motion for the assessment has been already defeated, and, I believe, more than once.
But if it is really mandated by the code enforcement from the City, it is not something that you can decide not to do. I believe it is simply a matter of the scope of work that the owners are arguing.
So, Special Assessment might still be in the picture for Daytona Beach Club. I do not know whether the possibility of it affects the prices, but they are quite low.
12 units are for sale as of today starting from $31K for a unit on the south side very close to oceanfront, and offering excellent view. 3 units for under $40K, 7 units for sale for under $50K and 2 units in the $50s… One is even a large (515 sf) direct oceanfront unit for $49,000.
Sounds crazy, but we bought a unit couple of months ago for our investor, and it was direct oceanfront, and we got it for $35K. Actually it was the asking price.
In the preceding 12 months 10 units were sold in Daytona Beach Club from $29K to $72K. 2 lowest priced direct oceanfront studios went for $35K each.
I can’t believe in 2015 I am quoting these prices for direct oceanfront condo-hotel units. I know that it is going to change, and then it would go up and up, and we again will see prices for regular units over $100K and oceanfront unit going for $139,900 (2006).
I know it is coming. What’s left is to figure out exactly when…