Plaza Resort & Spa. Market Outlook for 2017
Active Listings
24 Active Listings in Plaza Resort & Spa. Starting asking price $35K for a unit with City View.
One ocean view studio for $49,900;
Then 11 ocean view studios in the $50s;
7 units in the $60s with 5 of those direct oceanfront units;
3 units in the $70K, with one of them direct oceanfront and two others simply overpriced;
The most expensive unit is for an ocean view studio at $89,500.
Sold
2016
22 units sold in Plaza Resort. Lowest price: $30,000.
14 units were sold in the $30s.
4 units were sold in the $40s.
3 units were sold in the $50s, two of them direct oceanfront units.
And a corner oceanfront premium unit went to $70,000.
However, 10 of them were bought by one investor, and it means that there were 10 “regular” sales in 2016.
2015
In 2015 there were 21 sales starting from $25,000.
9 units were sold in the $30s.
8 units were sold in the $40s.
2 units were sold in the $50s.
1 unit was sold in the $60s.
2014
In 2014 there were also 21 sales. But numbers were different. Starting price was $34,000.
2 units sold were under $40K.
2 units were in the $40s.
6 units were sold in the $50s (2 direct oceanfront).
6 units were sold in the $60s (4 of those – direct oceanfront)
1 was sold for $70,000.
1 was sold for $85,000.
3 were sold in the $90s.
So, was 2014 a better year? Well, better than 2015 and 2016. But what about prior years?
2013
20 units changed hands. Starting price $47,500.
2 units sold in the $40s.
5 units sold in the $50s.
6 units sold in the $60s.
3 units sold in the $70s.
3 units sold in the $80s.
1 sold for $109,000.
2012
20 units changed hands. Lowest price – $42,000.
4 units sold in the $40s.
4 units sold in the $50s.
4 units sold in the $60s.
3 units sold in the $70s.
4 units sold in the $80s.
1 sold for $92K.
2011
25 sales, prices started from $35,000.
5 units sold in the $30s.
9 units sold in the $40s.
7 units sold in the $50s.
2 units sold in the $60s.
2 units sold in the $80s.
Summary
So, what can we derive from all this information if we look at Plaza Resort & Spa. Market Outlook for 2017 ? Not much, really. Market is market, but there are other factors here. The Plaza seems still to be in the crisis mode.
They do have a new Board, and I believe the President is William Thornton, who was the President last year. I listened to him on the phone (at meetings handled over the phone) and he sounds like a reasonable and honest guy. But the whole arrangement, when he is working for the Lender, the owner of commercial space, who have their own interests, which most probably differ from the interests of the Association… sort of stinks.
Especially, when there is a lawsuit under way, and it is a class A lawsuit, which owners brought against both the Lender/owner of the commercial space, and against Boykin – the management company.
There are too many unanswered questions which linger for years now. And while they offer owner participation in their meetings by phone, it is not really a working arrangement. I tried it last meeting, and ended up hanging up.
So, whole the market would affect the prices, and they would inch up, the values in The Plaza Resort & Spa are simply pathetic. And seems like they will be pathetic for some time to come.
Not sure how long, though…
