Money Talk...

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

I keep saying that radical very limiting owners policies of the Board of Directors of the Association in Oceanside Inn, a Daytona Beach Shores condo-hotel, adversley affect the value of units there, but words don't seem to convince the owners.

Here is how you can look at numbers and understand and compare the value of units in Daytona Beach Shores condo-hotels. It is probably more convincing.

There are 4 condo-hotels in Daytona Beach Shores. Let us look at each of them. See what is for sale in each of them today.

We are going from north to south.

Stop The first condo-hotel is Oceanside Inn. 191 rooms.

Oceanside Inn Stats_Active_November_2016


16 condo-hotel units for sale in Oceanside Inn.
Pay attention to average price per sq. ft.

————————————–————————————–

Stop  Next is Castaways Beach Resort. 156 rooms.  Only 2 units for sale.

Castaways
Again, please pay attention to the average price per sq. ft.
——————————————————————————–

Stop   Next is a very popular condo-hotel – Hawaiian Inn. 208 Units. 9 condos for sale.

Hawaiian Inn
Again, keep an eye on average price per sq. ft.
—————————————————————————–

Stop   And the last one in Daytona Beach Shores is Pirate’s Cove. 164 condos. 8 units for sale.

Pirate's Cove
———————————————

Brief Summary: Values in 3 condo-hotels are not far apart. Except for Oceanside Inn, which is nearly half of the value of other condo-hotel units in Daytona Beach Shores. It also has biggest inventory of any other condo-hotel, and lower value is not really a surprise.

What does it mean?

If you are an owner in Oceanside Inn, and you are selling a unit there, you are losing quite a chunk of money compared to other condo-hotels. Usually, we say that if you wait, the market can keep changing and you can get more money. Here I would need to add that if the Board is changed, it may affect the values in the positive direction even more than the market. At least to bring them to the level of other condo-hotels in Daytona Beach Shores.

If you are a Board Member, you, probably, need to think why this is happening. And this thinking is long over due...
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All data is provided by Daytona MLS on November 26, 2016.

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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

We happen to have units in the resort and my heart is bleeding when I watch this man-made disaster.

I always tell condo-hotel buyers What is the most importatn is what you do not see.

It is the Board...

Nov 27, 2016 07:26 PM #1
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Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Jon, there was a complex in Marina Del Rey and the Board slipped a few things by the community and it turned out first there was a $25k assessment that everyone agreed to...but in the small print they added another assessment that did not need to be approved... $100k... then the market tanked... many property owners on fixed income got over their head with the assessment and had to sell. Keep in mind in the bottom of the market with a $125k assessment they lost their shirts.... then the market returned and now the properties are going $300-$400k more than at the bottom... and the assessment is a mute point. With that said I agree it is the BOARD.... Endre

Nov 27, 2016 07:42 PM #2
Rainmaker
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Chuck Mixon
The Keyes Company - Cutler Bay, FL
Cutler Bay Specialist, GRI, CDPE, BPOR

Great assessment clearly shows  the problem with one of the Condo Hotels.  Like all HOA and COA  the Board plays a big rolls in the value of the property. Wish owner had more interest in this matter, but they don't. Only a few show enough interest.

Nov 27, 2016 08:40 PM #3
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Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Jon - Interesting analysis - it definitely looks like it's time to throw the bums out!

Nov 28, 2016 01:37 PM #4
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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

Endre Barath, Jr. - wow, what a story, and how familiar, just numbers are different. Often it has more to do with timing than the wrong actions on the Board. I remember, how one of these condo-hotels - Hawaiian Inn was traying their best to delay the concrete restoration. And when the walls started collapsing, they had to do it, but by that time the market tanked, and there was such a flood of distressed condos. Remember the least expensive went for $15K.

Nov 28, 2016 05:56 PM #5
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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

Chuck Mixon - and yet owners are used to it not performing and take it as normal. They probably think that it is the market, something objective, something that you can;t improve, and this is not true.

Nov 28, 2016 05:57 PM #6
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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

Dick Greenberg - Thank you, Dick

Nov 28, 2016 05:58 PM #7
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Rene Fabre
First American Title - Seattle, WA
Marketing in the Digital Age

Hi Jon Zolsky, Daytona Beach, FL ... The numbers say it all! I live in a condo and I can say, yes the board has a lot to do with values. That's a huge difference, @$100+ per sqft... The market wouldn't create that wide of a price disparity... IMHO. Good luck with the board!

Dec 06, 2016 02:46 PM #8
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