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.