About Daytona Beach Shores' Oceanside Inn

I have posted about Oceanside Inn, a premium condo-hotel in Daytona Beach Shores, on March 9, just 2 days ago. At this moment I knew about a big change for Oceanside Inn, but did not know the details, and, what is even more important, what it means for the owners of condo-hotel units in Oceanside Inn.

Several months ago Integra Resorts, owner of commercial units in Oceanside Inn, and who were running the Front Desk operations, have sold their Orlando holdings to Wyndham Resorts.

Wyndham did not want to include Oceanside Inn in the purchase. They tried to sell on their own, the price was mentioned, some inquiries were made, some talks took place... the first deal fell apart...

I knew of a potential company for this property, and, before going and talking to them, I asked Integra’s CEO whether they were selling. To my big surprise, after repeated e-mails, the message that I received was that they did not want to sell it at that time.

Neither I, not Oceanside Inn's GM James Dion believed it for a moment. We were waiting.

And on the 6^th of March 2012 they did sell it to SunStream, Inc from Fort Meyers. Every owner has received a nice e-mail from the new owner and Front Desk operator.

The price was far less than what Integra paid for it in September 2006. Why Integra chose to sell behind the scenes without even trying to get the best price by letting the world know about the sale is already water under the bridge. Of course, it is nice when people and companies do not need money and a quarter of a million dollars is just a change in the pocket…

I spoke to James Dion, the GM at Oceanside Inn. I was glad to see him there after the change of ownership, as often this change comes with replacing of all key figures. Not the case here. Everybody is working, and there is no hysteria, no panic…

James is very impressed with the new company and thinks it is many times better than Integra, and that owners and the association will be happy with SunStream’s strengths.

Well, this was very good news. I followed the link to SunStream’s website and I liked what I saw. Looks like the company is expanding, and this is the best indication that even in troubled economy they have the vision and money.

Welcome, SunStream!

Welcome to Oceanside Inn.

Welcome to Daytona Beach Shores.

Oceanside Inn is on my list of preferred condo-hotels in Daytona Beach area. You run into people here who are genuinely nice and – a big plus - professional. In my opinion this is one of the best examples of conversion from a old rundown hotel to a decent condo-hotel.

The company, that runs the Front Desk in Oceanside Inn, owns the first floor commercial space and has vested interest in the success of operations (unless they decide to sell their interest).

The company is running hotel rentals, they operate the Front Desk, so when you walk in the lobby, these are the people that greet you.

The resort is a 9-story building with 191 rooms, everything from a studio to triple units. The majority of units are double units. Double and triple units you can only buy it as a package, you can only sell it as a package, but they can be rented either separately, or together. Double units are two side-by-side hotel rooms with a connecting door. Each room with its own bathroom. Triple unit is just one more studio with a connecting door.

One has a kitchenette with a counter, cabinets, sink, under counter fridge, microwave and toaster oven... The other does not have a kitchenette but all owners put here small fridge, microwave and coffee- maker. In Triple units the central unit has a kitchenette.

Oceanside Inn has a conference room which they rent for meetings or weddings, a breakfast area, small gym, on-site well equipped lcoin aundryand for the guests. Outdoor inground heated pool, Tiki Bar, 6,000- sq. ft. sundeck, ample parking on two levels...

Call me 386-405-4408. It is not too late to get a very good deal in Oceanside Inn in Daytona Beach Shores or any other condo or condo-hotel in the area, and it is easier to shop when you do not have to compete with too many buyers. It's coming.

This question came from Trulia. I thought that to someone who has not been to Oceanside Inn, it is really not clear what "double unit" means. So, here is the explanation.

Oceanside Inn at 1909 South Atlantic Ave., Daytona Beach Shores, FL 32118 was a 192-room hotel. It was completely renovated and converted into condo-hotel in 2002-2004.

This is how hotel rooms became condo units. Those that were single rooms (with a kitchenette and a bathroom) are called "studios. They range in size from 406 sf to 543 sf. Maintenance fee for those varies from high 200s to low 300s depending on the size.

Some of them were combined and the doors were put between the rooms. Now they can be rented as one unit, or they can be rented separately as two units. Those are from 750 sf to 802 sq. ft. Maintenance range from $535 to $572 a month.

So, though technically these are two rooms, they are legally "packaged" together, and in the legal description it states "unit xxx and unit yyy"... You can't buy or sell one side without the other, but you can rent one and not rent the other.

Owners in Oceanside Inn love this arrangement, it gives flexibility. When they are here, and if they do not come with children and /or friends, they can use whichever is not rented, and keep the other unit on rental.

It is especially well working when owners spend substantial time in the unit, as with Maintenance fee for double units in mid to high $500s, renting one side helps offset the expenses. Oceanside Inn also has 8 triple units, meaning that they consist of 3 interconnected units.

Call me 386-405-4408 if you are looking for a very affordable alternative to oceanfront condo living, whether it is Oceanside Inn or other condo-hotels in Daytona Area .

I caught this news yesterday, and it did not surprise me that today's front page of News-Journal, our local daily newspaper, started with «Former South Daytona mayor charged with bribery, making false statements».

Besides being a former Mayor, Ronald Clifton is a real estate broker, and has a real estate company Enter Realty in South Daytona, and besides he is the principal of Clifton Management, Inc, the Condo Associations and HOA management company.

They are managing 4 condo-hotels in Daytona Beach Area. When I stopped at one of them today to show a unit to my prospect, the paper was on the counter, as they usually have free papers there, and Ronald Clifton was looking right at you from his portrait.

A few people there, who know Mr. Clifton, did not have much sympathy towards him.

The case is about a trivial bribe. Somebody was buying an unsold condo project, and there were hundreds and hundreds of thousand dollars of unpaid fees levied by City code enforcement and tax liens to the county. The investor rep approached Mr. Clifton, who just recently became an interim mayor after the sudden death of South Daytona mayor in April 2009.

They struck a deal and reduced the fees owed to the City of South Daytona from $241K to $12,500. Mr. Clifton arranged it through the city attorney and Special Magistrate Jerome Mitchell, a personal friend of Mr. Clifton. Mr. Mitchell was later disbarred, but not for this. He was involved in Real Estate deals and his handling the closings had cost Lenders $25 Mil.

I had met Mr. Clifton. He came to my office to square what I had against him and his company, after I voiced my opposition to replacing Integra as CAM manager in Oceanside Inn. He did not like it, he did not like me, and it was sort of mutual. He personally was not wrong in the takeover. There were other people with big egos and little understanding involved in making radical and unfortunate decisions. Greener pastures did not happen, but by now it is water under the bridge.

I was talking to someone, who knows Mr. Clifton and knows about the matter, and I said that I was stunned by what people would do for measly $7,500. It is just one commission check for the sale of a decent home or condo... And that person laughed and said that he did not believe it was just $7,500. He thought it was way more, and that $7,500 was just what they are incriminating...

Though it does not really matter, as bribe is bribe, whether it is $7,500 or $1 Mil, but this is something that still bothers me. In a sense it is glorifying the perpetrators, as yes, here's what he was caught red-handed, but he made way more on some other deals.

However, even though I was not hiding in the closet with a microphone, I do not believe in big money stashed in the attic. Because there were no big money. Because he was a mayor only for one month when he was approached by the representative of the investors. And we all know that there is no line of people willing to pay bribe the city official. I would believe it in Russia, but not in America.

But even if he expected it to be good source of income, he could not be so naive not to understand that with bribes even the first one could be (and I am sure it was) the last. So, still he was willing to trade the respect, the career, the family, his own freedom for $7,500.

The paper said that if indicted, he may face up to 15 years in prison. 15 years for $7,500, makes it $500 a year, less than $42 a month.

What a cheap shot, literally and metaphorically

I feel bad for his family, though...

* Image courtesy of dizznbonn via Flickr.com under Creative Commons license

For a few days already I am getting calls about a unit in Oceanside Inn, a premier condo-hotel in Daytona Beach Shores, which was listed for $27,900. Considered a city view unit (has the view of the ocean as well) is a handicap unit with no kitchenette but much bigger bathroom.

Interestingly, when it was listed for $34,900 just a week ago, I did not get calls, and when they have reduced the price, it has all changed. Was $34,900 a bad price? Absolutely not.

This is not my listing. I showed the unit a couple of times, but no offers. When last Saturday I got a call from someone from someone at the bank who owns it, or their Asset Manager, who checked Oceanside Inn on Google and saw that we sell more than anybody else there, I told them that I know about the unit and that I was showing it.

When they told me that they have just reduced the price to $27,900, I was surprised. It really did not make much sense, and if I were the owner, I would put it at $29,900 and I am sure I would have gotten the offer. I asked them why they did not do it this way, and the guy told me that he wanted it to get it under contract this very weekend (it was last weekend), and he was asking whether I can get a buyer for it.

We had the buyer and the offer went to the agent within couple of hours. Obviously, another offer came right after ours. The listing agent called and said that the Selling bank countered our not a full price offer, and that they needed to know «yes» or «know» within an hour. Calling my buyer was just a formality, as even the full price was ridiculously low. Got OK, relay it to the Listing agent.

Finita. We have the deal.

And now people are upset that they have missed it. Why? Because this was «a deal». Oh, that magic of a deal...

Look at units for sale in Oceanside Inn. Direct oceanfront unit for $55K, isn't that a deal? It was sold in April 2004 for $109,600. You negotiate the purchase price few grands down and will end up with the same 45c on a dollar. But this is direct oceanfront, and when the market heats up, the resale value of direct oceanfront will be higher (often by $50K) that what is considered «city view» unit. So, how is this not a deal? Compare it to the unit you missed. It was bought in September 2004 for $61K. Sold for 45 cents on a dollar...

Next is a penthouse-level double unit on the 9th floor on the South side. Gorgeous view of both the ocean and Halifax River. People paid $195,000 in June 2004. Now it is for $59,900. With bank approved (verbally, like it is always in Short Sales) $59,000, it is 39 c on a dollar. Isn't this a super deal? And these were not the hyped prices in the overheated market, no. These were modest developer's prices...

If you keep insisting that you missed a deal, then let me tell you that you missed more than one. And just keep missing...

The trickiest thing with great deals is that when we see them, we often do not recognize them. Because it is really more than just the price...

Here is the list of units for sale in Oceanside Inn in Daytona Beach Shores. You can see the deals (if you can recognize them).

And for those who are ready to jump on it, call me 386-405-4408.