Marina Grande on The Halifax - Daytona Beach Condominiums

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

Marina Grande on the HalifaxIt 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 HalifaxMarina 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.


Marina Grande on the HalifaxFrom 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.


Marina Grande on the HalifaxMeanwhile, 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? FunCoast Logo

Jon Zolsky, your Daytona Beach connection
www.AtlanticCondos.com

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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Vadim - thanks for stopping by. It will be a great place in the, hopefully, near future.

Nov 27, 2008 04:21 AM #6
Anonymous
Bill Bazin

I stopped by the project on Saturday March 7th and it looked like a ghost town.  Even the rental office looked deserted.  The windows where dirty, and inside there was nothing to suggest any activity, almost like it was deserted.  It looks like a beautiful project with a lot of potential.  Just makes you wonder how long it will take to recover.

Mar 09, 2009 05:04 AM #7
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Bill,

their timing was awful. the first tower was practically sold, there were a dozen units unsold, but the other one was struggling. But the market went sour, many chose to walk away, and those who closed, do not live here.

Very few people live there and for a huge complex like this ii is no wonder it looks so deserted. It will take until money start flowing again, that people would fill these terrific units.

Mar 09, 2009 02:41 PM #8
Anonymous
chris

was there just the other day, friend of mine has a house right down the street, beautiful place, looks pretty much done, heard it changed owners, feel bad for the banker that signed the note on the place.... its a shame, looks like they did everything right, right idea, right place, wrong time.....

chris

Mar 11, 2009 11:07 AM #9
Anonymous
Mike

Marina Grande has an opportunity to create sales in which other properties don't possess; the marina. If they were to invest in the development of the marina, from which as I understand is approved with the various bureaucratic entities, they would experience an increase in sales.

Besides cashflow, what's holding them back?

Aug 02, 2009 10:52 AM #10
Anonymous
Mari

Is there any long term lease availables here? Thanks!

marimar.olmo@gmail.com

Sep 01, 2009 03:18 AM #11
Anonymous
Gene Schoonmaker

Are any of the condos for sale or are you just renting them?

Is there any possibility of taking a look at the property?

Sep 14, 2009 05:16 AM #12
Anonymous
joey

cold you please send some info on your units...are they for rent or sale

 

thans

Jan 09, 2010 11:28 AM #13
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Joey,

I usually work with buyers (and renters), not Sellers. In this case I have one listing in Marina Grande, and it is the least expensive.

Here's the link to the latest post about Marirna Grande (this one is over a year old). http://activerain.com/blogsview/1415739/what-to-expect-with-marina-grande-on-halifax-in-daytona-beach

If there is interest, you can call or e-mail me (better than commenting on the old blog, as I ran into it just accidentally)

Jan 09, 2010 11:53 AM #14
Anonymous
G.H

HELLO,

 

i have just moved to Daytona beach and planing to live here for a while, i was looking through how i can rent these apartment or find someone to rent it for me. im looking for a 2 bedroom apartment so please email me if you have any information.

 

regards,

GH

Aug 26, 2010 10:29 AM #15
Anonymous
GH

sorry my email is porsche_smile@hotmail.com

Aug 26, 2010 10:31 AM #16
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Ghazi,

I will show you a 3-bedroom direct Riverfront fully furnished and it is basically for the same money and even less than people rent there 2 bdr units

Aug 26, 2010 03:13 PM #17
Anonymous
Jerry

Is there a rental option? I may be moving back down to Daytona, not interested in buying until I have the chance to check out the market. I have a family.

Dec 14, 2010 03:01 AM #18
Anonymous
P. Tang

Should be called Marinaless Grand.

Dec 14, 2010 04:13 AM #19
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Jon Zolsky, Daytona Beach, FL
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Jerry,

Please send me an e-mail to jon@AtlanticCondos.com. This was I would be able to contact you. you can also call Vadim at 386-405-2156, who is doing Property Management. It is tricky with Marina Grande on the Halifax, because there are so few owenrs, so there is very limited number of units, and rents are difficult to find, but he might helo you with properties on the Beachside.

Dec 14, 2010 05:13 AM #20
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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P. Tang - that's funny. We have other jokes similar to that. When it is raining hard, some areas alwasy get flooded, and we call them seasonal waterfront

Dec 14, 2010 05:14 AM #21
Anonymous
Jeremy LaFlamme

             Hay I am so happy to go back and look too see what these two towers are now and too know I was part of A.W. baylor and plastering on this job I was soley responsabale for the insalation on the interior and exterior walls of each unit on both towers from the second floor too the 24th. I loved that job...

Mar 03, 2011 11:57 PM #22
Anonymous
allana

Sooo when are we gunna be getting that marina

 

May 27, 2011 12:47 PM #23
Anonymous
Kim

Hello Activerain, since the market hasn't really recovered in my opinion in Daytona & the future is bleak except for the new Hard Rock what's new with Marina Grande? Hello 2014

Jul 06, 2014 04:55 AM #24
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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

Kim,

I am not Active Rain, though thanks for the honor. I am Jon Zolsky, a local broker.

I am not sure about the phrase "the market hasn't really recovered". It is a dynamic process, and full recovery of the market only means the beginning of another crisis or stagnation. In that sense, no, it has not fully recovered.

In a nutshell, it means that in MG on the Halifax it is more beneficial for Buyers.

The new Hard Rock is not the biggest project in Daytona, though very noticeable. At least, Hard Rock will not dominate and define Daytona, while Daytona Rising and Daytona One will.

And, what actually is the question? Becuase in a market, which has not yet fully recovered, the new is that they are selling units for 60 cents on a dollar compared to the developer prices. It is for more, than you could by 3 years ago (and by a huge margin), but it is for way less than what you would have to pay tomorrow, but this comes from not fully recovered market.

Not sure what you are trying to find out. If this is whether today are the lowest prices in MG on the Halifax? No, the lowest prices were 3 or 4 years ago.

Will tomorrow prices be lower or higher? Higher, and by a significant margin.

Probably, you might be interested in something newer than my blog from 2008. Follow my latest blog post about MG on the Halifax

Jul 07, 2014 01:00 AM #25
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