Plaza Resort & Spa is the premium condo-hotel in Daytona Beach. While there are a lot of things happening, today we will concentrate of the numbers see what the trends are.
Units for sale:
24 units for sale as of today starting from $49K. Actually, 2 months ago, I got hyped that there was only one unit for sale for under $50K, this was that unit for under $50K. It was listed July 15, 2016, and it is still the least expensive unit for sale there 2 months later.
Considering that it has a good view, and it is there for 2 months already, it is not a sign of hot or active market. And now there are 2 new listings and they both are for less than $50K.
Sold Units :
In 2016 nineteen units changed hands in Plaza Resort & Spa. In the second half of the year from July 1, 2016 10 units closed escrow. 9 of them by our company, representing sales to 2 investors. Except for 1 of them, they were not on MLS and were private sales.
If we exclude them from the list of sold units, we see that there were only 11 regular sales since January 1, 2016.
I am expecting 2 more units to close within a few days. These would also be my sales.
Interestingly, in 2015 from January 1 to September 10 eleven units changed hands in Plaza, exactly like in 2016. In 2016 the sold prices started from $30K for…direct oceanfront unit. And then another 10 units sold in the $30s…
Prices of units sold in 2015 in the same period started at $25K. Actually only 4 units changed ownership for more than $50K.
What is happening in Plaza Resort & Spa?
Not much of a dynamic.
And this is at the time when condo market in general got busier. The prices inched up, the inventory is less now. Not the greatest market, but at least some positive movement, which we yet to see in condo-hotels.
Labor day is over, and the market will start seasonally slowing down. Which may result in increased inventory and lower prices.
Not the best time to sell in the Plaza Resort & Spa. But I am getting tired of saying it again and again. I have been saying it for too long…
Of course, it might mean that the light at the end of the tunnel is close, but it is taking a very long time to get to that light.
I do not want to sound pessimistic, the truth is that we are not there yet.