Hawaiian Inn is a 208-room very popular condo-hotel in Daytona Beach Shores. Follow this link to a page about Hawaiian Inn for details about the Resort. Our goal today is to look at the market activity at Hawaiian Inn and try to see the trends.
Condos for sale now
Currently, there are 9 listings for sale. Not a single one facing the street, all with the view of the ocean and all with a darn good view.
Starting price is $49,900 for the smallest studio without a balcony. It is only 278 sq. ft. Next unit is $79,900, and there are two units for this price, then two units for $89,900, and then one-bedrooms, and the lowest price one-bedroom is $99,500, and then 2 for just a bit over $139K.
This reminds me of 2003-2004 before the market peaked and gone crazy. These were the prices then. Interesting, that while Hawaiian Inn is at the same point they were before the peak of last decade, not all condo-hotels reached this point.
Hawaiian Inn Market Report: Sold units
2018 – 18 units sold starting from $33,500. Four of them were sold for less than $40,000. A huge difference compared to today’s prices?
Not really. 3 of these 4 units did not have any water view, and one was the same smallest 278 sf unit without a balcony. But still, three decent units with excellent view went for less than $50K, so it is a big difference from the asking prices starting in the $70s for the same units. Which may mean that asking prices of today may sit longer than the Sellers expect if they are really overpriced.
In the same period of 2017 (January through September 13, 2017) there were 11 units sold. No units without a view and prices started from the $60s.
So, what do we learn from this Hawaiian Inn Market report?
There are only 105 condo-hotel units on the market listed in the MLS under condo-hotel subcategory in our area (including only beachside from Ormond to Daytona Beach Shores). It is a crazy small number. In 2004 the inventory went down to 160 units and we had the explosion. Here we have 105 units, and yet, no explosion.
Yet, look at the numbers. We have 9 units for sale now, and we already see 18 units sold this year. Telling you that inventory is falling. There is not much to sell. Will there be the explosion?
Nobody knows. But even if not, the prices would go up which they are actually doing right now.