Plaza Resort November 2016 Market Report.
This is my first blog post about The Plaza Resort & Spa in Daytona Beach after Hurricane Matthew.
This was strong Hurricane and it left substantial damage. Plaza was not spared, and had visible damage, however, it was all not structural, so they have not closed the doors.
I know that there is water damage to the top 14th floor of the tower. Management took these affected units off rental until mid January, when they expect to fix them.
Would it amount to special assessment? This is quite possible; I simply do not know it yet. Actually, I heard rumors of upcoming Special Assessment even before Hurricane Matthew. I can’t attest to the accuracy of the rumor (hence it is a rumor :).
We do not know yet whether there would be lingering effects on our market because of Hurricane Matthew, it is simply too early for that. Usually, it depends on the actual damage to the property, and Special Assessments spur the increase in inventory, which in turn depresses the prices.
So it is possible that we would see some of the properties presenting excellent opportunities for buyer, and some being stable, and not losing value.
As of today, there are 24 units for sale in the Plaza Resort & Spa. Prices start from $49,900. This is not really a surprise, however the fact that the most expensive direct oceanfront large studio there is $79,000 is a surprise. We already had units like this in over $100K range a year and a half ago.
22 units changed hands in Plaza in 2016. Our company – Daytona Condo Realty sold 11 of those – 50%.
No units under contract on MLS at this time. This means that the end of the year is slow, there are no takers now.
Considering the time of the year, it is nothing out of the ordinary.
This is all about Plaza Resort November 2016