Hawaiian Inn Market Snapshot
Hawaiian Inn Beach Resort is a premier condo-hotel in Daytona Beach Shores. As of September 15, there were twelve condo units for sale. Starting price $39,500 for a small oceanfront studio to $144,900 for a 534 sq. ft. one-bedroom oceanfront unit.
12 unit for sale in a 208-unit condominium building is less than 6%, which is even less than “healthy” 7%. And it does not seem like we are in a stable market. We have not yet recovered from a decade-long slump, and prices are still low.
Yet inventory is lower than one would expect.
Going into the fall usually means that the condo-hotel market will seasonally slow down, the inventory go up, prices may either stay steady but not increase, and often time even go down reaching its lowest in winter.
Seems like we already watching this process, as the inventory of condo-hotels in the area went to a bit over 140 units in all 13 Daytona area condo-hotels from 126 units we had in mid summer. Not a huge increase, we might see the inventory going to over 160 units.
Let us look at what is selling.
Currently there are 2 units under contract. Both studios, and asking prices were $79,500 and $81,900 (we do not know the contract prices yet). For condo-hotel studios in Daytona Beach area these are very good prices. Higher than in many other condo-hotels.
From January 1, 2016 until today 14 condo-hotel units changed hands in Hawaiian Inn. Prices range from $41K to $121K.
However, in 2015 only 10 units changed hands. But 2016 is not over yet, and even if there will be no more sales in Hawaiian Inn, and those 2 Pending units close, it would bring the number of sold units to 16, so 2016 is still a more active year with overall higher prices.
The market is moving; prices are increasing, even though at a somewhat slow pace. The prices we see now are where they were in 2004, the beginning of the crazy real estate rush of last decade.
Will next warming season in Spring 2017 bring back the boom of 2004-2006?
Anybody with a crystal ball out there?.
If not, wait for next Hawaiian Inn market snapshot
Check the availability and prices of condo-hotel units in Hawaiian Inn below [static_listings id=’15145′]