Fountain Beach Resort
Condos for sale
10 units for sale in the resort right now.
Starting price $59,900. 3 units are practically at this price. Then 3 units are in the $60s, and remaining 4 are larger 1-bedroom units. Their prices start from $79,900 and then a big jump to $113K and up to $120K for ocean view condo-hotel units.
There are 18 one-bedroom units in the resort. And having 22% of them offered for sale while only 1 was sold in the last 15 months means that there is at least 4 year supply of one-bedroom units. Not a good number, not a good situation for one-bedroom units.
It is especially strange as Fountain Beach Resort is performing quite well. They are busy, they are rented well. As a running condo-hotel, they are not in distress like some other condo-hotels, but sales still show considerable weakness.
Sold in Fountain Beach Resort
9 units sold in 2016. 8 of them were studios. Prices were from $38K to $57K with majority – 5 units – sold in the $40s.
One 1-bedroom unit was listed for $90K but sold for $78K. If you compare to 2015, when 10 units were sold, the numbers are very close.
In the 1st Quarter of 2015 there were 2 sales, same period of 2016 brought 3 sales. In 2017 so far there were also 3 sales.
It is a very weak market, but even in this market to see a unit 30% lower than similar units, and no activity, is a sign of continuing depressed market.
Houses are doing so much better, residential condos are rather flat, but condo-hotels are not performing well at all.
High expectations for 2017 and revitalization of the market so far has not happened.
I think the reason for the condo hotels not doing as well is the stringent rules and regulations the association’s and management’s enforce which make it almost impossible for owners. Not everybody but there are those who are looking for an affordable condominium to enjoy for the snowbird months and get away from the cold weather in our senior years. Not everyone can afford an expensive more luxury condo.Many can afford a studio or 1bedroom in a condo like Fountain Beach or some of the others you mentioned.But the rules are so stringent we buy such s condo we pay our condo fees it is our condo and should be able to be enjoyed by.the one who owns such a condo.Yet my wife and I are not allowed to use our very own condo for more thsn 2 consecutive months a year when we come to Daytona as snowbirds from Christmas unti May.We are forced to leave our condo that we paid cash for and faithfully pay monthly association fees and must rent another condo for the remaining time of our stay in Daytona as snowbirds and honestly this is very disturbing and in our opinion one very good reason why the condo hotels such as Fountain Beach Ocean Inn and the others who’s rules are so strict and ridiculous for the owners are why they are not doing as well.If I buy a condo I should be able to use the place for my wife and I to stay when we come for the winter and should not have to rent elsewhere for 3 months out of the 5 months we come to Daytona to enjoy the winter and early spring months.Its outrageous. We are stuck with a condo we can not sell without looking money.We are only allowed to stay in our own condo 2 months out of each year and forced to register our condo with the rental program where it gets trashed and smoked in damaged you name it by whoever they let rent the once beautiful condo we loved and thought we were buying for our home away from home.This is sinful in my opinion.
Jacob,
Are you describing Fountain Beach Resort or some other condo-hotel? I did not know that Fountain does not allow the owners staying more than 2 consecutive months out of the year. If they do it now (as this was not the case before), it is outrageous, I agree. Showbirds should have the right to stay.
Take New Smyrna Beach. All of their condo-hotels allow owners 120 days. It is 4 months. It is usually enough for snowbirds, and of course, more generous than 2 consecutive months
I own a unit at Fountain Beach and owners are allowed to stay up to 6 months per year. I don’t stay that much and I’m not a snow bird but I think any owner should have the right to stay at least that long. I know there are units in some buildings where that HOA dictates that owners can’t stay any longer than 30 days. I wouldn’t personally but a unit in one of those. JMO
What is even worse is when the Association decides to change it and make it more restrictive. Like Oceanside Inn did. There was no such thing as 30 days, they changed it and this affected many people, especially snowbirds. That was a bad move, very hateful to people. It is not that people made a mistake when buying. It is that the Board took the right to use it. With no particular reason. Simply because when not very smart people get to power, they exercise power for the sake of exercising power.
I am an owner at the Fountain Beach Resort: owners can stay up to six months each year. I know of two or three owners who are Snowbirds & enjoying staying in their unit for 6 months every year, then rent it out thru the rental program the rest of the year.