Oceanside Inn. Market Snapshot. August 2018

Oceanside Inn. Market Snapshot. August 2018

The Resort

Oceanside Inn is a condo-hotel resort in Daytona Beach Shores. This 191-room condo-hotel was built in 1973 and completely remodeled in 2003-2004 after converting a hotel into a condo-hotel.

This is a direct oceanfront property, 9-story high, with the elevators, small gym, outdoor inground pool, Tiki Bar, etc. Rentals are provided by Sunstream Hotels and Resorts, a Hospitality Management Company.

Since May of 2017 after the recall of 2 Board Members and election of 2 new members, the Association changed the course trying to end years of wrong priorities. The membership is getting back to senses, and at the core of new policies is the benefit of the owners of units.

The Market

Currently, there are 13 condo-hotel units for sale with prices starting from $49K for a studio and all the way to $128K for a one-bedroom unit.

Lowest priced double unit start from $69,900 and by today’s standards, this is a darn good price for a unit like this.

In 12 months from August 9, 2017, until today, 8 units changed hands. Not a lot, absolutely not. Which is a sign that even though the asking prices are up, there are actually not that many buyers out there. The time for condo-hotels has not come yet…

Prices ranged from $53K (both for studios and for a double unit) all the way to $144K for a large 1-bedroom penthouse unit, only one of 2 large penthouse units.

In 2017 9 units changed hands. Prices started from $30K;

In 2016 13 units changed hands. Prices started from $29K with 6 Listings for under $40K;

In 2015 12 units changed hands. Prices started from $26K with 5 listings for less than $30K…

Summary

Depressing, isn’t it?

At least, we know that bottom scraping is behind us in regards to the market. We are on an upswing. A bit slow, yet up.

And this is a good thing.
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Ask me what you want to know about Oceanside Inn. Or call if you are thinking of selling or buying a condo here or anywhere else. I am a condo broker in the area

About Jon Zolsky

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