Ocean Walk Resort in Daytona Beach. Any Different From Other Condo-Hotels?

Ocean Walk is different from all other condo-hotels in the area for several reasons:

Ocean Walk Resort was not converted from an old hotel to a condo-hotel, as all other daytona area condo-hotels. It was designed and built as a condo resort. So, this is definitely a plus, even beyond its tender age comparing to other condo-hotels;
Quality of construction is superior to any other condo-hotel. It is the only condo-hotel built to new codes due to its age (South Tower completed in 2001, and North Tower in 2004).
Ocean Walk Resort is the only condo-hotel, which does not have studios, they have 1-, 2-, and a few 3-bedroom units.
Amenities at Ocean Walk Resort are first class and no other hotel or condo-hotel in the area comes even close.
Add excellent location, exquisite design, great exterior and interior, looks, reputation… – what else is there on the list? You name it, they have it…

Is there anything that Ocean Walk Resort may not have?

Well, yes.

This resort originated as a condo-hotel needed financing, and the money came from Fairfield, which is the time-share operator. So, they made the arrangement that 168 units out of 299 units in the South Tower are condo-hotel units, which they call «whole owner» units, and the remaining units were timeshare units.

By that time the sales were great, and Fairfield bought the second tower from the developer, before it was even built. He retained units on top 5 floor (and a few on other floors). As far as I know, they have 62 whole owners in North Tower.

Why would anyone care?

It depends on what you have in your pocket. If you buy for cash, then yes, no problem. Great deal.

But if you are trying to finance it, then it is a different story. Well, first, I need to mention that because the units are larger than in practically all other condo-hotels, ocean Walk can be financed. And if not for timeshare in the same building, it wouldn’t really be a problem given good credit and sufficient income.

Timeshare changes everything. Banks are scared when part of the building has timeshare units.

Why would they care? It is all about risks. If they go belly up, it will affect everybody else. Now, we all know that they timeshare owners pay a lot. If you calculate how much they pay in maintenance and in taxes, it is a huge amount. So, if this money stop coming, what happens to the property.

Can you still finance units in Ocean Walk?

Yep, with good credit, great income, extra good down payment, and plus the lender would want to use your primary property and other real estate as collateral. As much as you can pledge. Including the first born…

But gosh, what a great property and what a great buys there…still. Even though the prices are up
Call me if you are interested in Ocean Walk Resort or any other condo-hotel or condo in Daytona Beach area. This is our cup of tea, and this is why we can make it sweet for you (LOL)

About Jon Zolsky

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