Should I Buy a Condo in Plaza Resort & Spa in Daytona Beach?

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

The question came in a phone call. The lady said she read my blogs, and she wanted to have a simple answer to her simple question.

I did not have the answer. Not that I do not know anything about Plaza Resort & Spa, but the question only sounds like a simple one.

All I could say was “it depends”

It really does.

It depends on your goals and aspirations, on the way you plan to use it, even on the experience you do or do not have with condotels. The lady told me that she would not be renting, but would be staying there occasionally.

And I said “No, don’t buy there”. The lady insisted. She was asking whether by law she could buy the unit and then not rent it… She was very particular, and I did not feel comfortable. There are too often situations that while it can legally be done, it may not be something you would want to do.

Yes, you can often win in court, but would you be willing to spend the money it takes to get through the court? In Plaza there are things in their rental management agreement, that seem unconscionable, and I thought they could be defeated in court, but nobody in all these years went to court.

If she were interested in Plaza as investment, I would probably suggest that she buys. Of course, I would tell her about the risks, but low prices in Plaza, the result of mostly weak management, create opportunity for investors. The value would most probably go up, and there is a great potential there.

So, it depends…

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate General Information
Location:
Florida Volusia County Daytona Beach
Groups:
Realtors®
All Things Florida
Condos, What you need to know?
REALTOR LIFE
Condo Specialists

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Ambassador
3,112,611
Paul S. Henderson, REALTOR®, CRS
RE/MAX Northwest. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

I really enjoyed my stay at Daytona Beach Jon Zolsky, Daytona Beach, FL. I would not hesitate referring you to my best clients!

Feb 12, 2017 09:30 PM #1
Ambassador
1,723,119
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Paul S. Henderson, REALTOR®, Broker, Tacoma Washington  - thank you, Paul. this means a lot to me.

Feb 12, 2017 10:39 PM #2
Ambassador
2,790,203
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Jon - You gave good advice. That is one of the really big hard lessons in real estate - being right, and proving it in court, is seldom a winning strategy.

Feb 13, 2017 01:22 PM #3
Ambassador
1,723,119
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Dick Greenberg - I guess everything can be done if there is enough money to support the ego...

Feb 13, 2017 03:21 PM #4
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Ambassador
1,723,119

Jon Zolsky, Daytona Beach, FL

Buy Daytona condos for heavenly good prices
Ask me a question
*
*
*
*
Spam prevention

Additional Information