It is actually in Holly Hill, but besides locals who knows about Holly HIll?
Marina Grande on Halifax is a development that started at the height of the market. The feeling was that the further you go, the more money you make and the more money it would cost.
Planned initially to be right on the Ocean, the developers ran into fierce opposition when they tried rezoning from Tourist to Residential high density. After the people of Daytona Beach gloriously defeated another good idea, the developer settled on this 12-acre riverfront land. However, conceptually they kept it the same way, with the idea of destination condo (concierge, valet parking), which comes with high maintenance. Destination condos are a novice for Daytona area. We are not yet that advanced.
Marina Grande on the Halifax is the development in progress. They have planned 4 towers with the total number of unit of 972. Two towers are up. They started closing just last year. Of course, a lot of people with reservations are speculators, and in the down market they want out.
However, the developer is not keen on the idea of letting them out with their deposits. So, they are trying to find loopholes in the contract and there is a notorious case D&T vs Marina Grande Associates, where one case is heard, and 29 others to go according to the media.
From those who signed contracts we hear that there is a lawsuit, claiming misrepresentation on the part of the developer. Meanwhile they are not closing, which benefits them and might be hurting the developer. I am not sure about the improprieties, I think it is all a matter of timing. If the buyers could flip their units with a pnice profit at closing, they would hardly notice any improprieities. Now they are mainly fighting to get their deposits back.
I heard bout it a few times, yet we did not see any record in the County records. Only a couple of liens filed by subcontractors.
Meanwhile, there are about 3 dozen units closed in the first tower and just a hanful of units in the second tower. And of those who closed, only a few people actually live there.
For now we do not see it as a viable rental property. With 6 months minimum rental, it is not a vacation rental property. Even if there would be no rental restrictions (beyond a week or two minimum), this location would be a difficult sell unless marketing it to the boaters and providing boat rentals, but there is no marina yet. In a slow market long term rentals are non-existent. You may not be able to rent those 2/2 units for more than $1,200 to $1,400 per month.
If you are in the market for condos in greater Daytona Beach area, call us. Did I say that this is the buyer's market?
Jon Zolsky, your Daytona Beach connection