So, what are the Market conditions at Oceanside Inn today?
As of today, there are 16 units for sale at Oceanside Inn. Prices start from $39,900 for a nicely done unit #301. Highest priced condo is $189,900 for a direct oceanfront penthouse, full one bedroom corner unit. While the price sounds like a lot, keep in mind that in 2005 the unit this unit has changed hands for $350K, and the seller did not agree to reduce the price even for a dollar.
The asking prices have changed from a few months ago, pretty much this happened to all condo-hotels in Daytona Beach Shores. Only one unit is for sale for less than $40K, two in the $40s, 5 in the $50s, including 2 double units, one double unit in the $60s, two in the $70s (both studios, but one of them is direct oceanfront), 1 direct oceanfront, and the rest of unit are over $100K.
We are still in a slow winter market. Spring/early summer may either bring a big bang, or come with modest increase, and there is no way of knowing it today. All this stuff with new president, or any other criteria is just a justification to what either already happened or not happened, but not what plays a key role in the market swings.
We are not at the very bottom, but we are definitely closer to the bottom, than to the peak of the market. We know that we should hit it at some point, but a million-dollar question is when this is going to happen.
One of the indicators I use is that when people are dumping their units and trying to get out at any cost, this is usually the end of the slump. If this is true, we passed that point. But the speed of moving up towards the Seller’s market is what we do not know.
Now, that we know the market conditions at Oceanside Inn, are we going to do, crawl or fly in 2017?