Marina Grande on the Halifax Today.
The longest saga of unsold condo units in Marina Grande on the Halifax, a 486-unit high-rise condo project in Daytona Beach area, is about to end very soon. Marina Grande on the Halifax today is two gorgeous 25-story towers built in 2007 in the worst possible time. Investors-speculators, who were the dominant buyer in 2007, felt the beginning of the crisis, and ran from the sinking ship…
And for years the Towers stood practically empty.
The developer eventually gave it back to the lenders, and a new group snatched the unsold units and promised to revive the project, but timing still was not right, and in 2018 yet another group paid $25 mil for 150 unsold units plus the commercial space.
And finally they are about to sell the remaining 30 or so units, and the longest saga in Florida, a reminder of the crisis, will be over.
And then what?
In 2007 the initial sale of 2-bedroom units started from about $450K. Today, the lowest priced unit in Marina Grande is $250K. There are 7 two-bedroom units for sale for under $300K including tis unit for $250K. If the prices ever go to the level of prices of 2007, that would be an excellent investment.
Will the prices ever go that high?
There are only 49 listing of condos in the whole Daytona Beach. This is less than 1% of all condos in Daytona. For a condo inventory, this is a pathetic number. Today there are 24 listings in marina Grande on the Halifax, both by Bulk purchaser, who bought 150 condos and now is selling them, and resales, but when the Bull purchaser sells their units, there will only be resales.
And it is fair to assume that the number of units for sale would be in line with the market, i.e. a little under 1%, or 4-5 units out of 486.
What do you think is going to happen?
Right. The prices will start climbing and quite possibly reach the level of 2007.
Do I really need a summary, and call for action? I do not think so. It is already moving very fast and, actually, the prices are already going up with the sale of each condo unit.