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…
Summary
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.
