The Oceans Condos in Daytona Beach Shores. May 2016

There are 15 condos in the Oceans Family of condos, and in this blog post we will only look at those, which are direct oceanfront buildings.

These are Oceans One, Oceans Two, Oceans Three, Oceans Atrium, Oceans Atrium One, Oceans Four, Oceans Five, Oceans Six, Oceans Seven, Oceans Eight and Oceans Ten.

And to make sense of it, we would limit this blog post to 2-bedroom condos only.

I wanted to make 3 blog posts, one for 1-bedroom condos, one for 2-bedroom condos, and one for 3-bedroom condos, but turned out there are not a single 1-bedroom condo for sale in these 11 oceanfront buildings.

Life and market make adjustments and this one is a clear sign of our condo market going into overdrive…

All these years of sluggish market we had 1-bedroom units and not one, and not 2 at any given time… And now we don’t.

So, here we are looking at 2 bedroom condos.

There are 31 two-bedroom condos in these buildings. Starting price is from $184,900 and there are only 2 condos for less than $200K. this is yet another clear sign of the market going into high gear.

At the lowest point in real estate market we have about 15-20 units for sale in each of those buildings. And now we have 31 in 11 buildings. The inventory is rapidly decreasing.

And yet the prices are still affordable, if you think where they were at the peak. There are only 7 condos priced in the $300K range. They are larger condos in Oceans Four, Six, Eight…

In the 4 months of 2016 there were 15 two-bedroom condos sold in these buildings. Lowest price 2-bedroom was a 9th floor unit in Oceans Five. It was sold for $200,000. The most expensive 2-bedroom condo sold there so far is a unit on the 6th floor in Oceans Six for $310,000.

Let’s look at 2015.

There were 49 two-bedroom units sold in these 11 buildings in 2015. Prices started fro $155K. 20 out o 49 condos were sold for less than $200K. 20… and now we have only 2 at under $200,000… And yet another 23 condos were sold fro less than $300K…

Compare it with today’s inventory. Do you see the trend here?

Yes we had a very long-stretching crisis in our market. We read that it is still volatile, and it is quite possible…But no matter what people say, we see the changes, and they are overwhelming.

We might be getting to the point pretty soon, when people can reminiscent on what they could buy recently for ridiculously low amounts, and they didn’t, and now it is too late…

Such a familiar tune, though…

Follow this link for availability and prices of condos in Daytona Beach area

About Jon Zolsky

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