Oceanside: old trouble or new Start?
Let’s look what is happening in Oceanside Inn and compare it to other condo-hotels in Daytona Beach Shores.
17 units for sale. 14% of all units in the resort. 7% is considered healthy. 14% is double that rate. It resembles a sinking ship with owners jumping off the board in panic.
Starting price is $37,000 for a 433 sf unit. There are two units for sale priced in the $30K. 2 units are in the $40s. 3 in the $50s
The highest priced unit is $179,300 for a 900-sf one bedroom Penthouse, which we sold for $350K in 2005.
1 unit for sale out of 156 total units. It is just a bit over half a percent of total number of units in the resort. Wow, there is practically no inventory. This one and only 331-sf studio for sale is priced at $60K.
9 units for sale. 4.3% of total units. Very low inventory. One no-view unit for $39,900, then 47,900 for city view unit, and then 69,900 for a unit with ocean view. Then 2 units in the $70s, 2 units in the $80s and then 2 over $115K.
6 units for sale out of 164 units total. 3.7% of total units in the resort. Very low inventory.
Prices start from $67,800 for a 328-sf ground floor studio. Highest price is $175,000 for a one-bedroom unit. Average unit price is over $100K.
Considering that Oceanside Inn at conversion in 2004 was the nicest of all condo-hotels in Daytona Beach Shores, one may wonder how this could happen that it is in this situation today.
I think it would be fair to say that it is a result of the combination of market situation and management. The resort was under construction rebuilding the garage for short of 3 years, had two Special Assessments to fund the project, and major renovations always affect the prices.
Plus the Board’s restrictive policies towards the use of units by the owners scared the buyer away, and adversely affected the values. That’s the bad part.
Is there a silver-lining? Well, there is always a silver-lining; at least this is what they say. In case of Oceanside inn it is the fact that the garage project has been completed.
And there is the new Board, and this new Board started with removing the unwarranted restrictions on the owners’ use of their units. The word is not out yet, and there is always a bit of inertia, but very soon I expect the general public catching up to Oceanside Inn, and expect the values to go up quite noticeably.
Meanwhile, for people, who can count money, Oceanside offers a good opportunity to double their money in relatively short period of time, as we expect the prices to start leveling with other condo-hotels in Daytona Beach Shores.
So what about the title “Oceanside: old trouble or new start?”
Hopefully this is a new start