Slow Market… Crazy Market…It is all true when you think about Ocean Walk Resort – the crème of the crop condo-hotel in the heart of Daytona beachside. Ocean Walk Resort is only condo-hotel, which was built this way, not hastily and cheaply converted from an old hotel. It also the newest condo-hotel in the area. The South Tower built in 2001, and North Tower completed in 2004. The resort brought life to the heart of Daytona’s beachside…
Last couple of years the market for Ocean Walk was tough, plenty of units for sale, low prices, and month after month you could see the same units for sale, and the same prices, and having a listing there at that time was more like a curse, rather than the blessing.
Pretty much it was the market, which is could be described by “you can’t give these condos away”. Of course, rentals are pretty decent there, especially considering that Wyndham, which is running the majority of units as a time-share, did not care much about “whole owners”, and allows those “whole owners” to rent without the Front desk, and owners generally do quite well.
In this sense the operation is financially sound. All we needed is to see the values going up.
We see it now.
Current Listings in Ocean Walk Resort. South Tower:
1 – bedroom for $239,900.
2 – bedroom for $350K
3 – bedroom for $425K (2 bedroom unit with one bedroom split to make it 3)
Current Listings. North Tower:
2 – bedroom for $439K
Listings in Ocean Walk 6 months ago
7 Listings. Five 1-bedroom units starting from $194,900.
Sales in 2013
11 units changed hands in Ocean Walk. 5 of them were 1-bedrooms, and all 5 were sold from $156K to $165K.
Sales in 2014
From total of 8 units sold in 2014, there were 3 one-bedroom units, and prices were from $169K to $187K.
Sales in 2015
In 2015 the sales in Ocean Walk practically came to a halt. 4 units sold, only one 1-bedroom unit. Sold for $199,900.
Sales in 2016
12 condos have changed hands since the beginning of the year. 5 out of 9 one-bedroom units closed for less than $200K. $275K was the lowest price for a 2-bedroom condo there. There are 4 units currently under contract, which should close before the end of the year.
However, it is not the end of the year yet and we should at least reach 16 closed transactions in the resort. I wouldn’t be surprised if in the remaining quarter there will be a few more contracts and a few more closings. Check 2015. In the last quarter they had 2 closings, and this was 50% of all the sales in 2015.
Talking about the activity of the market… Yes, it is moving, and you can see it for yourself.
Want to see how? Read this blog post again 🙂