OCEANSIDE INN in the Mid of June.
Of course, there is nothing in the mid of June that would make it different from the mid of any other month. So, Oceanside Inn in the mid of June is pretty much the same, as any middle of the month, the beginning of the month, or whatever period you choose.
Oceanside Inn is a very poorly run condo-hotel, that had aspirations and the potential (and still has it) to get into a higher league but was stopped by the condo association President Grady Meeks. Happened before, happened again. To see good, you need eyes, but you also need brains. If not – you have Oceanside Inn. Can this be changed? Yep, but not when Grady Meeks is there.
I will sure write in more details, as this is simply hilarious, so our Association and it’s “genius” President Grady Meeks will come up “heroes” on these pages, but today my goal is different: it is a glimpse on the market as it pertains to Oceanside Inn.
Today On The Market
Currently there are 4 listings in Oceanside Inn in the mid of June on Daytona MLS. And this number literally changes every day. This, of course, if you trust the information that agents put on MLS, but should you always trust agents, who put the information on MLS?.
Oftentimes they put wrong information on MLS.
Why would they do it?
Because they want money (the commissions) but do not have the knowledge. But they have the license, and you know that the license is the right to charge money even when the agent screws up.
How to Make a Listing Mistake
Out of listings for sale (#324, a studio, 417 (a triple unit), there is unit 905 and 906. And they are listed as two separate studios.
The problem is that Oceanside Inn does not have 905 and 906 as single units. It is what we call a double unit. You have 2 rooms with interconnecting doors. It is legally one unit with the number 905/906, and you can’t sell or buy them separately. It is one record in the county.For instance, if you have a 3 bedroom condo, you can’t buy or sell just a particular bedroom. You have to buy or sell the whole condo.
However the agent listed 905 for $134,999 and 906 is listed for $133,999. You can’ buy them this way even if you want it and offer cash. When they finally figure it out, you would be able to buy the unit for $134,999. Yu are not paying per room, you are paying for a unit.
How the hell we got this listing? Because some geniuses (genii) owners list with out-of-the area agents, and they do not know such small details. In this case the listing agent is from Miami. But why bother? The Title company will figure it out, and the agent will collect the commission one way or the other.
Here were see phenomenal numbers.
From the 1st of January of 2021 until today 50 units changed hands. This is a crazy high number. What could be the reason for that?
Well, it may be crazy good, popular and buyers are flocking to buy…
It may be a Sellers’ market and people are buying anything they can put their hands on.
It may be a piece of crap and owners are trying to sell, and buyer quickly figure that this is far from being a candy and are reselling it sometimes even with a loss.
The selling range from $45K to $226,500. It is huge but not a big surprise. When the market is changing dramatically, prices are changing very fast. This prompt change caused quite a few units being sold multiple times, one after another.
2021 – 23 sales
2020 – 10 sales
2019 – 9 sales
2018 – 15 sales
Compare 2021+2022 sales of 50 units looks like an overwhelming number, and it is if you compare Oceanside Inn to other condo-hotels.
What About the Future?
Condo-hotels are valued by buyers by their ability and ease of private rentals, and Oceanside Inn in this respect is as bad as The Plaza Resort and Spa, but without their beauty, professionalism, and high professional standards. It is run as a hotel and a good one. Oceanside Inn is run like a mom & pop motel with Grady Meeks a pathetic daddy to 191 rooms.
With this huge number of sales, and the sales in prior years, you have pretty much a new set of owners, and the new owners do not know much and is unlikely a threat for Presidency of Grady Meeks. On the other hand, all it takes is just a few owners, who are not intimidated and fight.
We have seen it, too…
P.S. The blog is a personal opinion of the blogger. Others may have a different opinion or view.