About Daytona Beach Shores' Hawaiian Inn

Hawaiian Inn Resort. Market Snapshot. Daytona Beach Shores. March 2012

Hawaiian Inn Resort is a popular resort in Daytona Beach Shores. It has been converted to condo-hotel a decade ago and since then enjoyed popularity among both owners and guests.

The resort has undergone massive renovation in the last 3 years. Concrete restoration has been completed. The sliding doors, which were not included in the Assessment and were the responsibility of owner, have been installed, and it is a fully functional condo-hotel at this time.

Maintenance fee is for now same $450 a month. It can be changed after the Assocation decides on reserves. No pets policy. WiFi available in all rooms and in the lobby.

The resort had a series of pricy Special Assessments to complete the project, and I am sure owners are breathing much easier now, after it is finally all paid.

And it is showing in the prices. In February 2009 there were 34 units for sale in Hawaiian Inn Resort starting from $29K for a small unit without a balcony.

Now, 3 years later we only have 13 units for sale with prices starting from $30K (only one unit at this price, and then next is in the $60s and up).

This is an excellent demonstration of a trend. While you can still find low priced properties, the inventory is only about 40% of what it was at the peak of the real estate flood. And low inventory mean that there will be more competition with fewer units to sell.

Which means prices will go up, even if a famous cable network will tell you the opposite. Just check the asking prices in Hawaiian Inn today with what the units were selling for last year, and you will see it with your own eyes.

Of course, if you can read the investment language.

It is time for a market update for Hawaiian Inn in Daytona Beach Shores. Hawaiian Inn, built in 1965, is one of most popular Daytona Beach Shores vacation places, and always enjoyed great loyalty from vacationers.

The resort turned condo-hotel in the very end of the 90s. Developer was on a tight budget, and to maintain the property in decent shape, they always had higher than average maintenance fee, but avoided those Special Assessments.

But time was taking its toll, and the need for major concrete work was becoming a necessity. And a Special Assessment was unavoidable. The problem was compounded by weakening economy, and there were concerns that non-paying owners cold drag the Association into bankruptcy.

Whether a miracle or not, but the fact is that they were able to overcome the tough situation and completed the job.

During the restoration, there were owners who could not come up with the money, and who chose to walk away. There was a moment when prices fell so low, that it was shameful. The lowest was $15K for a unit. Can you believe the price like that for a unit in direct oceanfront resort?

It is all gone, prices are up. Here are the prices in Hawaiian Inn today:

And here are the sold prices in 2011:

If you are looking for alternative to expensive residential condos, call me 385-405-4408.

Prices are still are so low...

After nearly two years of repairs, Hawaiian Inn, a popular family-oriented condo-hotel in Daytona Beach Shores, is nearly completed. You can still see a half-dozen boarded rooms, but this is simply because the Special Assessments did not include paying for glass doors to the balcony, and the cost to do it varies from roughly $4K to $5.1K depending on the size.

Other than that they are done with the repairs and a huge sigh of relief for everyone who are involved with Hawaiian Inn. They had to do this major work i the worst time in terms of economy, and there was a danger of people not paying and thus sabotaging the work. There were a lot of those who did not believe they would make it. But they did, and now they are good for the next 35-45 years.

Of course, at the deepest point of concerns and uncertainty, there were a lot of units for sale, and the prices at some point went under $20K. Actually there was a sale for $15K and $18K. And, actually, the one sold for $15K was oceanfront unit. Altogether there were 5 units sold for less than $20K. The prices we never heard of.

Now, when the concrete restoration is done, the prices of units in Hawaiian Inn started climbing up. Of all 6 units sold in 2011 one was sold for $34K, another for $47K and then for $48K, and the remaining 3 units went from $50K to $150K for a one-bedroom unit.

Look at the units for sale. I think prices like that are going to be history very soon. Especially considering that there are only 6 units for sale in a practically 200 units resort. Even in slow times a healthy number is about 7%. We have less than half of that. Hawaiian Inn has one outdoor and one indoor pool, a restaurant, gift shop...

Maintenance fee is $450 a month per units, and it does not matter whether it is for a small studio or for larger one-bedroom unit. Maintenance is all-inclusive and covers everything except property taxes and content/liability insurance for your unit.

If you are interested in Hawaiian Inn or any other Daytona area Condo-Hotel or Condo, call me at 386-405-4408.

We are getting into busy season here in Daytona. Hotels get busier and busier and it is not even unusual to see a «no vacancy» sign on weekends, when Daytona is packed with tourists, locals from Orlando and other inland areas, and participants and spectators of events, which still make Daytona what it is: Daytona.

Here's the shot on Saturday in the pool area of Hawaiian Inn Resort, a popular condo-hotel in Daytona Beach Shores. The resort is just getting out of the major renovation and has completed concrete restoration. All balconies are new, and there are still a couple of units front boarded with plywood.

Right in time for the busy season, even though it sounds a bit funny considering two years of on and off major repairs. Done in time of crisis, it is an attest to resilience of the market even in the worst imaginable times, where owners had to shell out thousands in Special Assessments.

A lot of units changed hands, but after all that they are coming back to life. Life is coming back to Hawaiian Inn; life is coming back to Daytona Beach Shores...

Vive la vie

Hawaiian Inn is in the middle of remodeling. Time came for this condo-hotel in Daytona Beach Shores to do the concrete restoration of the resort, which is there since 1965. 45 years until concrete restoration is not bad, but it does not make the life of owners there easier.

Special Assessments dealing with the concrete restoration in Hawaiian Inn came at the worst time, when even maintaining units is a challenge for some owners. The resort tried to do it in installments, but it is still not easy.

Initial $3,000 was followed with 12 monthly installment of $350 a month (in addition to a $500 monthly Association fees), then this year they set another Special assessment paid in 12 monthly installment of $390 (but Association fee went down to $450 a month).

While this assessment is still in place, the Association has just announced another Special Assessment in the amount of $3,600 payable in three equal monthly installments. Obviously, this is on top of the existing $450 a month plus another $390 for the assessment which is running since last March.

I asked the Association Manager for Hawaiian Inn whether that $3,600 is the last assessment they plan. She wuld love to say "yes" but she was not sure. Depends on how successful will they be with collecting the money. If not, there might be another Special Assessment… to get the money that they were not able to collect…

For inforamtion about units for sale in Hawaiian Inn or in other condo-hotels or condos in greater Daytona area call me 386-405-4408