I have written extensively about Oceanside Inn Condo-Hotel. I know this condo-hotel better than some others, as we have a unit here.
Today I want to look at the market there. What is available, what are the prices, what to expect…
There are 10 condo-hotel units for sale in Oceanside Inn at this juncture. For a resort with 121 condos, it is a good number, just a notch higher than a healthy 7-8%.
Starting price is $50K. And this is a pleasant surprise. It is quite an increase. I bet owners feel better.
2 units are for sale in the $50s.
1 is in the $60s.
1 in the $70s.
2 in the $80s.
1 under $110K.
And then up and up and the priciest is $154,900, but it is a penthouse level full 1-bedroom unit.
Seasoned agents always look at actual sales, so why wouldn’t we do the same?
In 3 months since January 1, 2018, there were no sales. Not great so far. Even with the right inventory, if there are no buyers, there is no real estate activity.
In 2017 9 units changed hands. Not a big number, but what about the prices? In 2017 units were sold starting from $30K to $70K.
How far are these prices for what we have today!
What, markets change, prices change? Then why not a single unit changed hands in the last 3 months? And no, there are no contingent or pending units. Nothing… a desert…
Maybe 2016 was very different?
There were 13 sales in 2016. Prices fluctuated from $29,900 to $71,500. So, no, it was pretty much the same.
Which probably means that if you want to have a real sale of a unit in Oceanside Inn condo-Hotel, the starting price should be less than $50K.