Ocean Walk Wyndham Resort. Market Snapshot

Last time I wrote about Ocean Walk was in October 2011, so I felt like this is time to check what is happening in this premium oceanfront resort in the heart of Daytona's beachside.

Ocean Walk is the only condo-hotel in Daytona Beach, which is not a conversion (conversion is when an older hotel is remodeled and converted to condo-hotel, where each room is privately owned).

Ocean Walk Wyndham Resort was designed and built like a condo-hotel, with south Tower completed in 2001, and North Tower in 2004.

By far the nicest resort in the whole area. Good rooms, good building, best amenities in the area. If you are coming from Disney resorts, you will feel at home in Ocean Walk Wyndham Resort

There are two Towers, and today we are only looking at 19-story South Tower, which was built in 2001.

There are no studios in either Tower; all units are either one, or two-bedroom with just a few three-bedroom units. Solidly build quality building with world class amenities.

Unlike Plaza Resort & Spa, they did not have a rush of foreclosures, as they were sold before the market spiraled into the craze, so initial developer prices were not through the roof (even though they looked very high in 2001), and it had time to stabilize. Resale in 2005 and 2006 went crazy. Ocean Walk Wyndham Resort had their share of hyped resales, but the fallout was not as intense as in some other condos and condo-hotels.

Below is the list of units for sale. If you compare it to units sold in 2011, you will see that priced have gone up, though not significantly, and, of course, there is a gap between the asking and sold prices.

But in any case, I do not believe we will see sold prices as low, as in 2011.

Thinking of vacaton place in Florida?

Ocean Walk Wyndham Resort in Daytona Beach is waiting. Call me 386-405-4408

Daytona / Ormond Beach Daily Market Report

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49 New Listings

49 Price Reductions

5 Back On the Market

25 Pending

11 Sold

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For me elevator speech is elevator speech, and not a video, even if it brings more AR points.

And here is an actual one, happening in the actual elevator in 25-story North Tower of Ocean Walk Wyndham Resort, which is part time-share and part condo-hotel. By far the best condo-hotel in Daytona Beach Area.

I am going to the top floor to take a photo of Marina Grande on the Halifax, a 25-story two-tower condo complex on the Intracoastal. The views from the top of Ocean Walk Wyndham Resort are just stunning.

Elevators are high speed, but they still go slow, as people are getting in and out on practically every floor. There is a young couple going to the top floor as well, so there is time for the elevator speech.

The easiest starter in any resort area is asking people where they came from. These guys are from Connecticut, from a small town not fat from New Heaven.

And immediately my next question is about the weather in their town. Boy, they love to tell you that they have just had a snowstorm, and many of their friends and relatives are now without power.

- Glad you are in Daytona Beach with its about 80F temperature?

Of course, they are.

And then we talk about the winter ahead of them, and I feel how they imagine long winter ahead, and more snowstorms…

And then we talk briefly about the beauty of our beach with its hard packed sands and cars on the beach, and beautiful warm ocean water, and gorgeous sunrises…

From this point we smoothly switch to the notion of summer and how nice to have warm weather and beautiful ocean…. And from there to the idea of coming more often to Daytona Beach, and especially in the middle of winter, when they get tired of it… and spend a week or two in Florida…

And from there I surprise them with how what we talk about could be affordable and beneficial for them. They learn from me that instead of renting in Ocean Walk Wyndham Resort and paying quite a lot, they can own a unit and pay nothing when they use it and even end the year with money in their pocket after every expense has been paid.

I ask for the unit number they stay in, and immediately tell them how much an identical unit on another floor is for sale now. By the time we are up, I have given out all my business cards to people getting off before me.

I should have taken more cards. These young people may not buy today, but they will take the cards to their friends and relatives, and share what they learned from me in this 30 second journey from the ground floor to the top of this world class resort, which is way more affordable than they ever imagined.

I should have taken more cards with me…

And if you did not get a card from me in that elevator in Ocean Walk Wyndham Resort, here is one.

Just call me 386-405-4408 and telll me that you had enough snow and I will work on getting some nice warm weather and a lot of sunshine for you.

Do you knnow whose feet are on my business card? These are yours, just use your imagination.

Last time I had a client interested in condo units in Ocean Walk Wyndham Resort in the heart of Daytona Beach, the lowest priced one-bedroom was $209K. The unit is still there, but there are two units for less at this time.

*blue marks the units in the North Tower

Ocean Walk is the only condo-hotel in Daytona Beach, which is not a conversion. It was designed and built like a condo-hotel, with south Tower coming in 2001, and North Tower in 2004.

By far the nicest resort in the area.

The resort is a combination of time share units and what they call «whole Owners», who have a deed to their unit like any other condo or condo-hotel, not just a week or two.

Notice very little activity in 2011 compared with 2010.

There are no studios in either Tower; all units are either one, or two-bedroom with just a few three-bedroom units. Solidly build quality building with world class amenities. South tower is 19 floors and North Tower is 25-storey high.

Unlike Plaza Resort & Spa, they did not have a rush of foreclosures, as they were sold before the market spiraled into the craze, so initial developer prices were not through the roof, and it had time to stabilize. Resale in 2005 and 2006 went crazy. But Ocean Walk Wyndham Resort has their share of hyped resales, so the still felt the heat, just not as intense as many other condos.

Thinking of approaching winter and feel the need for an incredible vacaton place in Florida?

Ocean Walk Wyndham Resort in Daytona Beach is waiting. Call me 386-405-4408.

The Market & Ocean Walk Wyndham Resort in Daytona Beach

The market looks as if nothing changes, but this is a false impression. Yes, prices are still good, and some are just incredible… Sellers are still outnumbering the buyers.

Sellers are more and more coming to terms with the reality, and you can see properties not on short sale, priced competitively, while buyers often become unreasonable in their expectations of freebies, and become feeling more and more deserving… a dangerous notion…

What many do not notice is that inventory is decreasing. Take condo-hotels. About 2 years ago we had 366 units for sale in al condo-hotels in Daytona Beach area. Today there are 172. The number is so close to “normal” market of 2004 when we had about 160 units for sale and the market went crazy.

Can it happen now? Who knows… maybe any minute now…

Look at sales of one-bedroom units in the best condo-hotel in Daytona Beach – Ocean Walk Wyndham Resort. We only look at sales in 2010 and 2011. Prices varied from $132K to $155K. Would you think that about $140K is a fair price? Think again. There are two units for sale and both are priced at $209K. My buyer looks at the numbers, does not believe me and offers $161K.

There is no counter. My Buyer is frustrated. I explain that no counter simply means that he is too far of acceptable offer. But he can’t not look at what the sales were there. Another offer at $168K. I warned that it was very unlikely he would get a better reception this time, but he insists. Within hours we receive an e-mail, asking us not to send offers, which are not at least very close to the asking price.

And they are asking me to make sure that Buyer knows about the request. A bit unusual, but it is in writing, so I am forwarding it to the Buyer. He is understandably upset, but he has hard time accepting the reality. He again and again tells me how much similar units were selling a year and even 4 months ago.

It does not matter. The Seller is no obligated to accept anything except what he wants. You do not have to offer him more, but he is not obligated to accept less even if you can justify it based o all the numbers…

Call the seller stubborn, but he does not owe the buyer anything. What people were selling their units for was their business, not his. If someone sold a unit for $132K, it does not mean that this seller will do, or has to do, something similar.

What are the options? Wait? It is quite possible. Until the market start moving fast, there is still a chance that someone else puts a unit on the market and would be more agreeable on the price. But this option is only good in a slow market. The minute it starts moving, the prices start escalating, and there is nothing but frustration for people who waited a minute longer than needed.

There is still time and there are still units. In Ocean Walk Wyndham Resort and in other condo-hotels and residential condos. But good deals are not steals, they are reasonable deals. Working with reasonable Sellers and Buyers, not with dreams magic.