Death of Real Estate of Unnatural Causes in Daytona Beach?

Death of Real Estate of Unnatural Causes in Daytona Beach?

Last week we closed on a condo-hotel studio unit in the Plaza Resort & Spa in Daytona Beach. This is the second unit in Plaza Resort & Spa purchased by the same client. Same deal as last time: I have not met any of the participants. Yes, I have never seen my client. In that sense this is a deal of the future.

372 sq. ft. oceanview studio with great view of the Atlantic Ave, the city, and even some view of the Atlantic Ocean.

The studio unit was purchased after the conversion to condo-hotel was completed in February 2006 for $219,600. As some others, the unit was foreclosed, and we finally got it for $20,500.

$0.09 on a dollar!!!

I am not sure what to do. To cry or be happy. I did a good job for my client, which I was supposed to do. So I should be happy. But at the same time I know that this was a crazy deal, typical for foreclosure, where time is everything and money is nothing.

Guys, do not ask me about the commission. The total commission was actually in double digits (in %), so I can't complain. After all fees were paid, the bank got a little over $6K.

What an incredible shame.

Can we call it the death of Real Estate from unnatural causes? A beautifully furnished unit in Oceanfront resort...