The Plaza Resort & Spa in the Time of Hurricane Dorian
I should have written about the Plaza Resort & Spa long ago, but something was jumping ahead, and there is always never the right time, so I didn’t.
In this long period of my MIA, I attended two last Board Meetings and sat through them and listened to the discussion. I was at the election meeting and met with the only person who is not Arbor’s employee… And I spoke to this person after the meeting… And, as I expected, he did not know much about The Plaza Resort & Spa… A lot of things I told him, were a surprise to him.
And each time I had a burning desire to immediately put a post together…
I keep getting calls about the Plaza, and I see that people call because of the price, and they are oblivious to what makes The Plaza the condo-hotel it is at this juncture. And they do not see the value, and if the rentals are not great, which they are not, they do not see any reason to buy there, and I believe that this is very wrong.
So, let’s do a little of market analysis, as there is no way in hell I would be able to cover every aspect of this intriguing oceanfront condo-hotel with massive potential, which buyers do not see.
Considering that I am writing this sitting in a room in New Orléans after driving 9 hours from Hurricane Dorian, the comparison could be made, that on the condo-hotel market battlefield in Daytona, this is a powerful Dorian, but its eye is too far in the ocean, and we may not really notice its power.
The market potential of the Plaza Resort & Spa could be huge, but we may not pay attention to it and not notice it.
Plaza Market Today
Currently, there are 22 units for sale in The Plaza Resort & Spa starting from $37K and going all the way to $125K. Keep in mind that $125K unit is direct oceanfront corner unit, but there are 6 other direct oceanfront condo units starting from $67,900, so the market range is not really that big. From $37K for a nice ocean view studio to direct oceanfront units starting from the high $60s.
4 units changed hands since January 1, 2019, until today. Pathetic number. This is clearly a stagnant market moving as slow, as Hurricane Dorian moving at 1 or 2 miles per hour…
It was pathetic, but a bit more active in 2018 with 10 sales starting from $25K, a crazy price for Plaza. Actually, 3 out of 10 units were sold in the mid $20s. The highest priced unit sold in 2018 went for $60K (direct oceanfront)
2017 was a bit more active with 14 sales with 2 units in the high $20s.
And only in 2016 we see a decent number of sales – 23 units total. Starting prices were from the low $30s.
It is easy to fall into a trap thinking that this is what the market is in the area. In reality, it is not even what the market is for condo-hotels. It is only what the market is for The Plaza Resort & Spa, and it is not only affected by real estate dynamics but also small and very small things particular just to a particular property.
There are 120 condo-hotel units on the Beachside. And only the Plaza is selling for such a low price… And I believe it has one of the most striking potentials of all condo-hotels.
But you need to understand the history and, probably, being able to see the future. It could be quite bright for the Plaza.
Actually, I believe it would be very bright for The Plaza Resort & Spa…
I am Jon Zolsky, a condo broker. Condos and condo-hotels is all I do, so call me 386-405-4408 if this is what yu are interested in, thinking about, or simply curious…