2828 North Atlantic Ave
Daytona Beach, FL 32118.
120-unit Condominium built in 1973 is one of the most popular condominiums in Daytona Beach. 21-story building has undegone substantial renovations, and is now ready to please owners and guests.
2 bdr/2 bath units have floor -to-ceiling windows and wrap around balconies.
3 months ago our listing there was the least expensive in the building at $324,900. We had several showings but no real takers. My client can't reduce any more, as he has a mortgage and reducing would mean taking a short sale route, and he does not want to do it.
On the left side of the table are today's listings, starting from an astounding $225,000. These prices were in 2003. On the right side I am showing for what units in this building were selling at the height of the market (that's the reason I am showing the dates). The Solds do not correspond to the units for sale now, these are simply 8 last units sold in this building (notice that there are still high priced units there), and the actual sales of similar units.
This least expensive unit comes at $181 per sq. ft. What a difference from $450-$500 per sq. ft. that we saw just 3 years ago. But let's not fool ourselves that the prices are on a free fall. $180 is a construction cost for an oceanfront condo nowadays. If this is not the time to buy, then when?