About Daytona Beach's Daytona Beach Resort & Conference Center

I posted Daytona Beach Resort & Conference Center yesterday. I drove there to take a few «fresh» photos, and by the time I got there, the weather was far from being perfect. I could not help thinking that so far every time I come to take photos, the weather was not cooperating.

So, today I made a trip there again and took a few photos of this quite impressive condo-hotel with 322 rooms, one of the largest resorts in Daytona Beach area. You can read the description in the yesterday's blog. I only wanted to add some details, which I did not include yesterday.

There are no limitations on owners stay. Which is good. Owners can have 2 pets under 20 pounds. Not the guests, only the owners. This makes it one of the most liberal condo-hotels in the area. As far as I know, Castaways Beach Resort is the other one that allows owners to bring pets, but you can't compare Daytona Beach Resort & Conference Center to Castaways.

They use 2-year rental agreement. Split between the owners and the rental management company is 50/50. Owners can rent their units themselves; however, I would be very cautious doing it. It looks very easy, but this is the furthest from reality. Front Desk has about 230 units in rental program, which is a good number. Rentals are done by the developer's management company. Developer owns the first floor (commercial space).

Developer has 60 unsold units, but they are not selling their units at this time. All units for sale in the resort are by individual owners. I spoke to the Owners' Liaison Donna Holland, who was very helpful, and she said the Board meets at the resort once a year. Usually, this is a sign of the Developer’s Association. Same arrangement is in Plaza Resort & Spa (BTW, there are quite a number of similarities between Plaza Resort & Spa and Daytona Beach Resort & Conference Center, but this is for another blog).

I checked my archives and found documents from 2000, when they just started the conversion. It is interesting to look at over 10 years back. Maintenance fee was $195 a month. This is a far cry from today's $450 a month. Increased insurance premiums are a big chunk of it.

Daytona Beach Resort & Conference Center went a long way from where they were 10 years ago. Yes, the maintenance fee was low, but their rentals were dismal at that time, and the property did not look anywhere this nice. Donna told me that their Group Sales Department does a terrific job and they keep their meeting space busy. It is somewhat a surprise for me. Of course, income from conventions goes to the developer, but these groups stay in the resort and owners offset their expenses with rental income.

The resort has their share of people not paying maintenance fee, but so far they are holding their grounds, and did not have any Special Assessment, like it happened in some other condo-hotels. And this is a big plus.

If you are interested in units in Daytona Beach Resort & Conference Center, or any other condo-hotel or residential condo, call me 386-405-4408.

Daytona Beach Resort & Conference Center is one of the largest condo-hotel resorts in Daytona Beach area. Even though it is located in one of the best places on the Beachside, across the street from Bellair Plaza with tons of stores, restaurants, and anchored by Publix Supermarket, it is not exactly a tourist destination. Better say it is a good mix of residents and tourists, where residents dominate the crowd.

If you stay in Daytona Beach Resort & Conference Center, you do not need to have a car, as everything is just walking distance. And the best restaurants are all within 10-minute walk. The only other place like this on the Beachside, where you can survive withhout a car, is in Daytona Beach Shores.

The resort was built in 1971. The conversion to condo-hotel started around 2000, and sales started in 2001. Still the Developer, DAYTONA BEACH RESORT LLC, owns 60 units out of 322 units in the resort, making it the longest conversion in Daytona Beach area.

Situated on a little over 3 acres of oceanfront land with 442 feet along the ocean, the resort has plenty of space on their 32,000 sq. ft. pool deck with 2 heated pools, kiddie's pool with waterfall in addition to a heated indoor pool and 2 Jacuzzi .

Daytona Beach Resort & Conference Center has changed dramatically since converting to condos. Developers spent serious money on upgrading the property, and it also had a second upgrade after the damage sustained in the hurricanes of 2004. It is an impressive property, marble floors, tons of mirrors to the point of complete confusion. 17,000 sq. ft. of meeting space allows them to host practically any event they want.

All units have full kitchens. Some of the balconies on the north and south side are so narrow that you can hardly put a chair there. All units in the 12-story tower have view of the ocean, but in the 5-story south wing some do, and some don't.

Monthly Association fee is $450 for any unit, whether a studio or a one bedroom suite.

From the point of view of condo-hotel, I have mixed feelings about this property. They are a bit far from all the buzz, and this can affect rentals. I am sure one can argue that this is a very good location, and they simply have a different clientele. Maybe. I asked a great guy and my former mentor Alex, who taught me how to do night audit (gosh, this place had the most difficult night audit I had ever done), who's been working in Daytona Beach Resort & Conference Center for 16 years, about the operations, and he proudly said they were doing great. I trust him. He is the guy who watches money coming, so if he says they are doing great, there is money.

However, I know that for condo-hotel the more you have, the fancier you are, the more you pay. I understand that in summer both pools might be busy, but you are paying for 3 outdoor (including kiddie's) and one indoor pool, and this is maintenance.

The conference center part seems a mismatch for this property in this location. It is too far from the Convention Center and all the activities to really attract conventions. Also, convention business is a very specialized business, and I do not think they have a professional doing it. So, it is used for weddings, proms, church groups, local meetings, and other events that are not really money makers. Meanwhile you have to maintain the space, clean carpets, fix roofs, pay electric bills for AC, keep personnel to do all this work.

Not everything that is good for a hotel, is good for condo-hotel. Eventually it may reflect in higher fees and Special Assessment.

Meanwhile, Alex said they are doing very well, so, folks, keep it in mind. And here is the list of units for sale in Daytona Beach Resort & Conference Center in Daytona Beach.

Call me 396-405-4408

Interesting news items from the past week included Fed Chairman Ben Bernanke being reappointed to another term. CNBC had some insight as to what they feel consumers will experience in the coming year. Among their comments were forecasts of a weaker dollar and a rise in interest rates in 2010. Amidst the optimism over recent home sales figures, and the success of the cash for clunkers program, were sobering statistics regarding home prices, job creation, and foreclosures. While there is clearly an air of optimism, we must continue to proceed with both eyes wide open to an ever changing economic landscape.

The state of Florida is performing a study regarding insurance options for its homeowners. While there are concerns to be addressed, it appears that solutions are in the works. Ongoing positive discussions are taking place according to Insurance Commissioner Tom McCarty's spokesman Tom Zutell.

Daytona Beach Resort & Conference Centeris a 322 gues rooms and suites condo-hotel in North Daytona beachside very close to Ormond Beach.

This is a conversion still in process, as they are showing 30 units for sale by developer.

Below you can see Active Listings for studios and suites (1bdr units).

Sales are not very impressive, from January 1, 2008 and until today 7 Studio Units sold from $70K to $98K (quite a contrast for the Active Listings). For the same period of time there were 4 suites sold ranging in price from $145K to $170K. Sales were approximately 9% under the asking price.

STUDIO UNITS FOR SALE SUITES FOR SALE Unit# Bedr Baths Size Price Unit# Bedr Baths Size Price 409 0 1 308 $89,000 707 1 1 682 $145,000 527 0 1 308 $98,000 817 1 1 682 $184,900 519 0 1 308 $118,000 434 1 1 640 $200,000 704 0 1 353 $119,000 916 1 1 682 $229,000 1106 0 1 374 $119,900 212 1 1 640 $229,900 1109 0 1 339 $119,900 204 1 1 640 $239,900 714 0 1 353 $124,900 108 1 1 478 $239,900 1022 0 1 400 $131,022 306 1 1 640 $265,000 705 0 1 339 $135,000 531 1 1 640 $279,900 406 0 1 308 $144,900 Average Price $223,722 1104 0 1 339 $147,500 1115 0 1 339 $147,500 508 0 1 308 $149,000 1018 0 1 429 $149,900 506 0 1 308 $153,000 516 0 1 308 $164,900 416 0 1 380 $165,000 811 0 1 429 $169,000 424 0 1 380 $169,900 1011 0 1 429 $180,000 1101 0 1 554 $229,900 Average Price $144,058 Looking for affordable alternatives to expensive vacation condos? Call me at 386-405-4408, or drop me a line in e-mail. Jon Zolsky, your Daytona Beach connection Search local MLS for condo-hotels

Daytona Beach Resort & Conference Center at 2700 North Atlantic Ave in Daytona Beach is one of the largest condo-hotels in the area with its 322 studios and one-bedroom units. And one of the nicest condo-hotels in area.

Marble foye, a lot of glass, mirrors, high guality carpet in the hallways, this Condo-Hotels can impress.

With 442 ft on the ocean, the resort sits on 90,000 sf of beahfront in one of the most prestigious areas of Daytona Beach - across the street from Bellair Plaza, the largest shopping center on the Beachside, anchored by Publix Supermarkets. Area of the best reastaurants in town. You do not need to have a car in that location.

32,000-sf oceanfront paved pooldeck. 4 heated pools, one of which is indoor. Well-equipped Gym, Terra Acqua Day Spa, Sauna, Jacuzzis, gift shop, restaurants and bars, Room sevice.

A lot of meeting space in addition to the 17,000 sf Grand Ballroom. Multi-level parking garage, wi-fi in rooms and lobby, 24-hour business center, ATM machine in the lobby.

At the same time this is the longest conversion from the hotel (at one time Ramada). The developer, a lawyer from Atlanta, bought the hotel in July 1999 for $5,250,000 according to the County record. Conversion followed and in 2002 sales were going at full speed. Today, however, there are still 30 units for sale by the developer.

The resort brochure claims "We have spared no expense in creating a new level of comfort and elegant style with finely furnished condominiums which are simply..."the best value on the beach". Immerse yourself in the sub tropical elegance and distinct vacation ambiance of our condominiums, all in a wide variety options to meet your housing needs. You'll own your own condominium to use whenever you want, while an on-site management team is available to rent your condominium when you're not using it. While you are away, we help you pay...for your elegant condominium...and the perfect life that you are enjoying at the Daytona Beach Resort and Conference Center."

As the condo-hotel owner you understand that all the amenities, convention space, garage, will affect your maintenance fee. Yes, you have 32,000 sf pooldeck, 4 pools, but you pay for that, Everyting you have on the property, whether you use it or not, you might have to subsidize. You may reasonably expect higher maintenance fee.

If you are thinking about an affordable alternative to expensive vacation condos, call me at 386-405-4408 , or just drop me a line by e-mail.

Jon Zolsky, your Daytona Beach connection
Ask me about condo-hotels