Daytona Beach Shores Condos
Good News for Daytona Beach Shores Condos
Things are picking up! With some of the most beautiful condo buildings in the Daytona Beach area, it is also one of the only places with many new condos still available. Several builders have recently placed units for auction, with mixed results. The most recent auction was held at Ocean Vistas and originally included 27 units. However, with a great turnout, and good bidding, the developer added 3 more for a total of 30 units. After active bidding, all 30 units sold! Needless to say, the developer had no complaints about this!
Waverly Property Group had several potential Buyers who attended. Surprisingly, prices exceeded the numbers that we had established as their comfort level, and they did not end up purchasing. I guess this is good news for Daytona Beach Shores condos…prices have hit the bottom and seem to be rebounding! Earlier this year, another local developer put up units for auction too. Cook Development offers the beautiful Palma Bella and Bella Vista, and has been successful in sales even during the slow economy…a testament to their great plans, buildings and amenities. At their auction, bidding was still active, but the developer held true to established prices. A move that many owners in those buildings appreciated. So, while no units ended up selling that day, many have sold since. Condos in Daytona Beach Shores are great investments thanks to their convenient location, beautiful newer buildings and great prices. Many Buyers at Waverly Property Group choose one of these condos either for personal use or as a rental. Ocean Vistas, for example, allows weekly rentals which can be great for vacation rentals. Other buildings have requirements from 2 weeks to more than 3 months. If you are considering a condo, call a specialist at Waverly Property Group to help guide you to the best investment!
Ramara Garrett
Broker/Owner
Waverly Property Group
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Hello Ramara:
I have been looking for a condo in the Daytona Beach or Daytona Beach Shores area and have also noticed the market heating up. Truthfully, I had been holding out expecting further declines. What are your thoughts on current condo pricing and do you suggest that I take the plunge now? I feel as if I wait too long, I may miss the bottom. Also, if you were personally buying a condo, which buildings would you choose for your self and why? Another consideration for me has been to buy an offwater rental home in the same area. I intend to use the property part of the year and use it as a rental for the other part. Any advantages to a rental home versus a condo? Please give me your thoughts.
This is the time to buy! I hear a similar question all the time lately. Many Buyers have been standing on the sidelines waiting for prices to decline, credit to open and the bottom to hit. Now it is time to get in the game. In the last year, almost 75% of my Buyers at Waverly Property Group have been cash Buyers, and that is no different now. That means that people who have money to invest feel that real estate is the best investment option. Once the cash Buyers come back, the market begins to heat up. I truly can not tell you that the condo prices are going much lower. On the contrary, they seem to be stabilizing. If you read my story about the recent auctions, you see where I am coming from. Ok, my thoughts on rental homes vs rental condos… I think that it depends on your plans. If you are going to be here regularly, you may want a home which is more private. However, if you plan on renting it most of the year, then a condo may better suit your needs. Call me at Waverly Property Group and we can further discuss the issues to consider. As far as condo buildings, there are many great choices! If you want to do vacation rentals, then we have to focus on rental terms. Weekly rentals (such as Ocean Vistas), or 2 week rentals would be the best. For true luxury, I think the buildings built by Cook Development are the best. I have several clients that found Palma Bella their favorite. Waverly Property Group specializes in Daytona Beach vacation rentals, so we can definitely help you make great investments. You seem like a smart Buyer, and I would love to talk with you more about the market and the options available to you.
Ramara Garrett
Broker/Owner
Waverly Property Group
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