The Plaza Resort & Spa in 2017
Wow, wow, wow. Haven’t checked Plaza Resort & Spa in 2017 at the very end of the year and can believe how fast things have changed! Only 7 unit for sale in Plaza. I do not remember low inventory like this for a very long time. Actually, I doubt we ever had the inventory this low. It is just a bit over 2% of the total units, which is a very low number.
Should be a sign of Sellers’ market, but it is not. Actually, according to last Zillow market report, our market is healthy and is 50% Buyers’ market, and 50% Sellers’ market. Sort of a stable “normal” market…
This low inventory should be signaling rising prices, but this is not what we see. Prices start from $36K (1 unit in the $30s), one is for $49,900, one is in the $50s and 4 units in high $60K.
Clearly, Plaza is waking up. And prices will go up, which is long due. It is, probably, the last condo-hotel waking up after a long stagnant period. And it was hit more than many other condo-hotels, which fetch better prices while being incomparable in class.
This can only be attributed to changes in the market, as Plaza is still having quite a few serious problems, including management.
In preceding 12 months 15 units changed hands. Starting prices were pathetic.
$28K, $28,500… 6 units in the $30s, 3 units in the $40s, 2 units in the $50s…
So, extremely low today’s inventory and overall warming of the market make us think that these prices of units sold in 2017 were the last hurray from the past.
Plaza Resort & Spa, a 323-room flagship condo-hotel in the heart of daytona beachside is now giving a hope of returning to old glory.