Pendleton Club in March 2018

Pendleton Club is an Intracoastal-front condominium, built in 1963. Yeah, in 1963, and it is, probably, had been better than any other building in Daytona Beach area. And dead serious saying it.

There are 5 condos for sale at this juncture. Starting price for a 2-bedroom/2 bath is $129,900. Something is most probably not great about it, as there are only 2 photos on the listing in MLS.

The highest priced unit there is for $159,900. It is a remodeled 1st-floor unit.

The Association is in good shape. They have spent some money from the reserve to fix the damage from recent hurricanes. At the last meeting, they announced a Special Assessment to replenish the reserves. A dreaded word Special Assessment did not sound that threatening after I learned how much it was:

1 bedroom units $243.11
2 bedroom units $304.80
3 bedroom units $367.15

I do not know the logic behind it, I was not at the meeting, but with this Special Assessment, they did not bring their reserves to 10% of the Operating Budget, which is so needed for getting a mortgage. They got closer to this number, but still short of it.

Not that now you can’t get financing to buy a condo at Pendleton Club, it is still possible, but would require higher down payment. Limiting buying opportunities for some people, who can’t come with 30% down payment.

If you are in the market for a very affordable riverfront condominium, call me.

About Jon Zolsky

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