Daytona Condo-Hotel Market. Castaways
This is the beginning of new 2018, perfect time to look back at 2017, see how Castaways Beach Resort fared by analyzing the statistical data. Try to predict the condo-hotel market in 2018 and, maybe, 2019.
There are 3 condo-hotel units for sale in Castaways Beach Resort as of January 3, 2018. Prices are $60,000; $115,000 and one for $135,000. A wide range. Of course, two more expensive units are direct oceanfront, while the one for $60,000 is ocean view, but still the more than double difference is very noticeable.
6 condo-hotel units sold in 2017
3 condo-hotel units sold in 2016
9 condo-hotel units sold in 2015
4 condo-hotel units sold in 2014
9 condo-hotel units sold in 2013
7 condo-hotel units sold in 2012
11 condo-hotel units sold in 2011
10 condo-hotel units sold in 2010 starting from $24,000 to $150,000 for 1-bedroom / 2 baths unit.
So, how is the Daytona condo-hotel market. Castaways? Of course, it is a big difference between 2010 and today, and the today’s price, though not high by any means, still 2.5 times higher than it was in 2010. Pay attention to the inventory. 3 units for sale in a 156-unit condo-hotel is a very low number. It is only about 1.5% and it is about 5 times smaller than it should be in a stable market.
But we are not yet in Seller’s market, we are sort of half way. It is not longer the Buyer’s market, but not yet the Seller’s market, at least not in Castaways.