Introduction
Halifax Landing in numbers is about a South Daytona condominium, built in 2008, which was supposed to be surrounded by a few high-rises on both sides, but the real estate crisis put a stop to great plans. Seems like the time for new construction is close, the market is experiencing a boom, and it might be the sign of a coming what we experienced in 2005-2006.
This gated 188-unit riverfront condo complex has 16 units per floor. All of the units have the view of the intracoastal and the ocean from higher floors. 6 units are 2-bedroom/2 baths; 8 units are 2 bedroom/2 baths + a study, and two direct riverfront units are 3 bedroom/3baths large units (2,296 sf.)
Current Market
Currently there are 5 units for sale at Halifax Landing. Starting price is $289,900 for 2 bedr/2 bath units and the price goes to $325,000 for a 2 bedr/2 baths plus a study. 5 units for sale out of 188 total units is only 2.66% while a “healthy” number is around 7-8%, and this is in the midst of a slow season, when usually the inventory increases, and the prices go down. Not this time. This is just one sign for a potential explosive market.
Sales
In 2020 16 condos changed hands. Prices from $260K to $520K for a 3-bedroom unit.
In 2019 25 condos changed hands. Prices from $210K to $497,500 for a 3-bedroom
In 2018 18 condos changed hands. Prices from $222K to $440K for a 3-bedroom
In 2017 23 condos changed hands. Prices from $200K to $395K for a 3-bedroom
In 2016 18 condos changed hands. Prices from $200K to $420K for a 3-bedroom
In 2015 20 condos changed hands. Prices from $190K to $360K for a 3-bedroom
In 2014 11 condos changed hands. Prices from $195K to $360K for a 3-bedroom
In 2013 20 condos changed hands. Prices from $162,500 to $327,690 for a 3-bedroom
In 2012 68 condos changed hands. Prices from $145K to $342,500 for a 3-bedroom
In 2011 47 condos changed hands. Prices from $158K to $390K for a 3-bedroom
Summary
When you see 2 years (2011 and 2012) with 115 condos sold, you stumble. How could this ever happen? We do not see this kind of absorption…
It is pretty simple. When you see that the condo was built in 2008, you understand that this already was a crisis, and investors suddenly disappeared, and did not go through with contracts, and the developer was facing a prospect of maintaining a huge inventory of unsold units, and not being able to pay off their lenders.
And tis is exactly what happened here. Frustrated developer turned to The Marketing Directors, a Georgia Company from Atlanta, and they did marvelous job. They saved the developer.
Interestingly, they cold not generate anything close to what they did in Halifax Landing, when they tried the same with Marina Grande on the Halifax. They did not last long at Marina Grande.
And I have no clue why…
_____________________________________
P.S. If you are thinking about buying or selling a condo, whether in Halifax Landing, or any other in Daytona Beach area, call Jon Zolsky at 386-405-4408. Daytona Condo Realty is the only specialized condo brokerage in the area. We live in the condo, we breathe condos…
