Plaza Resort & Spa. Daytona Beach Premier Condo-Hotel Resort

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

Plaza Resort & Spa. Daytona Beach, FLPlaza Resort & Spa. Daytona Beach premier Condo-Hotel Resort is located at:
600 N. Atlantic Ave.
Daytona Beach, FL 32118

The Plaza Resort & Spa, wihch is a Condo-Hotel in conversion, has at time of writing this blog (November 18, 2008) 47 units on resale ranging from $69K with city view to $459K for a penthouse direct oceanfront studio on the 14th floor. The prices are all over the board. You can buy a larger direct oceanfront unit on the 11th floor with better view (also panoramic view to the south in addition to oceanfront) only for $150K. 7 units for sale for under $100K. This is something nobody could predict just 3 years ago.

Owners who refused to sell unit 311 for $100K to my client still have it listed for $119K. 6 months ago this was the least expensive unit, but now it is 10th or 11th. My client bought a penthouse unit next to the one for sale for $459K, but he bought his for $95K, and with the market the way it is, he is hardly believing me that this was a crazy price.

We are cautiously watching, as the developer, who still owns close to a hundred unsold units and thus controls the association, is in Chapter 11. So far looks like it is not affecting the owners, and we have high hopes that the developer will go through this tough time and will get back with all their other projects, which are destined to change Daytona Beach skyline.

Interested in great deals on this unpredictable market? Call me, do not procrastinate. the difference is that with condo-hotels you can have an affordable alternative to expensive (relatively) second home/vacation condos if you act now, or you will be telling stories to your grandchildren, when buying a parking space in Daytona Beach in 10-15 years for $75,000, that you could buy a condo with parking for that money in 2008/2009 crazy market, that may never be repeated.


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

 

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Topic:
Real Estate Market Trends
Location:
Florida Volusia County Daytona Beach The Plaza Resort & Spa
Groups:
All Things Florida
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Tags:
daytona real estate
daytona condohotel
plaza resort daytona
plaza resort spa daytona
oceanfront condo daytona
cheap daytona condo

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Anonymous #1
Anonymous
Cindy Cutlip

Hi Jon--

Thanks for your informative blogs on condo hotels in Daytona.

The most recent posting I can find from you on The Plaza is this one here from November.

Question--are the rent checks to owners still bouncing now in January 2009?

I have noticed many units for sale in $60,000 range, and I might be interested but I am very concerned about the future of The Plaza.

What happens to the condo owners if the property changes hands?  What happens if example Marriott or Hilton buys the property?  Do the owners lose what little equity they might have left in their units?

Also--Is the Hawaiian Inn in trouble too?  How much will the "special assesment" upcoming cost those owners?

Please e-mail back if you have any more recent information.

cindy.cutlip@pepsi.com

Thanks again!

January 25, 2009 05:16 PM
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Jon Zolsky
Selling Daytona paradise for heavenly good prices
Daytona Condo Realty, 386-405-4408

Cindy,

Yes, the prices have never been that low, and are at times tremendously lower that the initial price by the developer. Let me give you the example. The least expensive unit shown on MLS as Active is coincidentally a direct oceanfront unit listed for $60,900. This unit was initially sold, I think, in 2004, for $294K+.

The next direct oceanfront unit there with no offers on it is a unit for $189K. This is a huge difference. Is $189K unit not a good buy? No, it is a good buy, as it was initially bought for about $300K or more. However, if you can get it for $60,900 or even $65K, or $100K for that sake, you win really big in financial terms.

As for Hawaiian, the assessment announced at this time is a bit over $10K, but this is not a guarnatee that they would not have to pay more, if the costs go up.

I also wrote a blog, answering some of your questions, so, please, go to: http://activerain.com/blogsview/901931/Understanding-Condo-Hotels-Part-I

If you are thinking about buying, do not procrastinate. Contrary to the popular belief, the market is performing better than before. We had 360 condo-hotel units for sale in Daytona Beach a year and less ago, and now there are 100 units less. This is a serious reduction, and it can mean that the prices would start going up.

January 27, 2009 12:33 AM
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