Ocean Walk Resort is the only condo-hotel in Daytona Beach, which was not originally built like a hotel and later converted to a condo-hotel. This is how the developer designed and built it. And this also makes it the newest condo-hotel on our horizon. 19-story South Tower (2001), and 25-story North Tower (2004).
I lived not far from where it stands now, and I remember walking the streets late in the evening. Daytona was either full of people, if the event was in town, or it was dead. One day after the event, and Atlantic Ave was dead, papers, plastic and other waste from the event carried by the wind, but no people…
Ocean Walk Resort brought life to Daytona’s beachside. Now even at night there are people there. The Resort is a part of Ocean Walk Village, which also includes the parking garage, Hilton with their over 700 rooms, and Ocean Walk Shoppes with a 10-screen movie theater, restaurants and shops.
Ocean Walk Resort, with 600 rooms, more than half of which are timeshare units, created that mix, where there are always people. Timeshare has its own peaks, which differ from Hotels, and while Hotels are empty in December, timeshare is booming, making it a live place year round.
Real Estate crisis affected Ocean Walk the same way it affected every other property in the area. And we yet to get out of it, hopefully soon.
How is the market in Ocean Walk Resort?
There are 7 listings for sale now. 5 units are for sale in the South Tower. 4 of those are 1-bedr/1 bath units. Prices start from $194,900 for an REO unit, which is an increase from REO units couple of years ago in the $145K-$165K range.
Original prices for one-bedroom units from the developer were in high $130s, so in this sense we are seeing higher prices, but 15-16 years and only very modest increase? Especially if you compare with the peak price for a one-bedroom in 2005, which was $425K?
Interesting to compare with recent market. Take 2013. 11 units were sold in Ocean Walk. 5 of them were 1-bedrooms, and all 5 were sold from $156K to $165K.
From total of 8 units sold in 2014, there were 3 one-bedroom units, and prices were from $169K to $187K.
In 2015 the sales in Ocean Walk practically came to a halt. 4 units sold, only one 1-bedroom unit. Sold for $199,900.
With these numbers, what do you expect to see in 2016? If there were only 4 units sold in 2015, what to expect this year?
Surprisingly, market seems much more active in 2016. There have already been 6 closed sales this year, and we have 3 more quarters to go.
4 one-bedroom unit were sold in 2016. $178,500; $191,500; $193,650; and $215,000.
It is going to be interesting to watch the sales in Ocean Walk in 2016. And if it is representative of the condo market, looks like it is going to be a better year for Sellers after all these years.