Daytona Condo-Hotels in Numbers
There are 14 condo-hotels with 2,448 condo-hotel in Daytona Beach area.
A brief description of a typical condo-hotel would be a property built and operated as a hotel, which at some point converted it into condominiums with the goal of selling units to individual owners, however, the use is a hotel.
Condominium means ownership, but usage is a hotel. So, they differ from residential (apartment condominiums) in how the owners may use it.
Condo-hotels are ideally for people who come here once or few times a year and rent their units the rest of the time.
In high market it is a viable alternative to more expensive oceanfront condos. In Buyers’ market buying a residential condo as a vacation property/second home may be a better idea.
Here is area condo-hotels’ statistical data for the last 6 years. Probably the most telling parameter here is Price Per SF (last column). It went up a little over 10%.
Condo-Hotel Statistical Data
Daytona condo-hotels in numbers
If you compare 2016 to Active Listing as of today, it comes to 22.62%. Shouldn’t this be a reason for seller to get hyped? Probably not yet. First, Active Listings mean asking prices, while data for 2016 shows sold prices.
We all know that there is difference between asking prices and sold prices. Yes, on average it, of course, will not be 22.62%, so there will be some increase.
However, if you look at Average DOM (Days on the Market), today it is 243 days – the highest number in all years from 2011. And it is significantly higher, which is the indication of a slow market. There are simply not enough buyers and units are waiting on average 8 months.
It might result in lower prices as we go, if the pace does not pick up. At the same time we only have 137 units for sale, which is the lowest number in all these years except for 2011. Yes in 2011 we had distressed market. It is different now…
Could the market for residential condos affect condo-hotels? Yes, if the prices for residential condos are still low, they may be a safer and steadier choice for buyers.
