Palma Bella Market Snapshot. April 2017
There are 7 direct oceanfront condos for sale in Palma Bella in Daytona Beach Shores.
Prices start from $657K for a 2nd floor unit and go to $733,950 for non-corner direct oceanfront units.
There are also 3 direct oceanfront corner very large units (2,854 sf). One on the north east corner and 2 on the South-East corner.
Their prices range from $835K to $899K
A bit of history, as it helps to understand what we experience today.
Doug Cook (Cook Develoment) built Bella Vista a few months earlier than Palma Bella. The market just started slowing down. Nearly sold Bella Vista got stuck with about a dozen of unsold units, but Palma Bella, which followed Bella Vista and came only a few months later, was hit hard.
Some of the units there did not find the buyer even at much lower prices for quite some time, until late 2010. Of course, it adverseley affected the prices.
There were 10 units sold in 2007 (I am only looking at direct oceanfront units, stacks 03 to 06). Average sale price was $1,106,800. Highest priced unit 1006 was sold for whopping $1,550,000. Later prices went down significantly, with 2 lowest priced units at $550,000, and the average price for all oceanfront units regardless of the time of sale is $924,900.
It is still higher than todays prices, which are getting very close, but yet a bit under $900K.
The market for luxury condos is back and is gaining strength, and not only it is strong on paper, but there is a flurry of activity, and at this point there are 3 condos under contract in Palma Bella.
Of course, the market starts from the lower tier, and the condos under contract are priced under $700,000, but as they disappear, and disappear fast, the more expensive would start moving as well, and the new listing will be coming for higher prices.
This is how the market works, when it is warming up. And this concludes our Palma Bella Market Snapshot. April 2017