About Daytona Beach Shores' Palma Bella

Palma Bella Condominiums in Daytona Beach Shores. January 2012. 7 condo units for sale as of January 22, 2012 in Palma Bella Condominiums starting from $495K to $699K.

There were 5 units sold in 2011, and the prices held pretty steady.

Palma Bella is the crème of the crop of Costa Bella Collection of fine condominiums by Cook Development. Out of 3 buildings of 5 planned: Marbella, Bella Vista, and Palma Bella, the latter is a clear winner, even though it is very close in overall ambiance and features to Bella Vista, with which was completed only 6 moths before Palma Bella in 2007.

It was fascinating what a difference in a slipping market those 6 month had. Palma Bella really had hard time selling off the units. They had their more than fair share of Buyers walking away from their 15% deposits on $700K to over $1 Mil units. But they did it and there are no unsold units in any of these buildings.

Palma Bella is an 11-story condominium with 8 units per floor. Units range in size from 3/2 with 2,200 sq. ft. to 3/3 with 2,564 sq. ft. Beautiful Mediterranean styled large units with high ceilings, granite countertops, built-in electric grills on the balcony, gorgeous views, 100’ long pool.

But start from the entrance. The lobby takes you to an art gallery with excellent paintings on the walls behind the columns. You can buy the paintings, they exposition changes. I do not know with whom they have the arrangement, but the paintings are wonderful, and they add such a flavor rarely found in condominiums.

There are 80 units in Palma Bella, there are 80 lucky owners owning the best place to feel like you are in paradise.

See for yourself.

Call me 386-405-4408 to find out about any condo on Daytona's beachside.

Imagine a man or a woman buying a plane ticket. S/he goes on the net and searches for the best deal. S/he finally finds one. It is an exceptional price, so s/he is thrilled.

Small problem, however. The seat is not by the window, and s/he would like it by the window.

Is there anything by the window? Yep, but $200 more. What if s/he waits? Well, the seats are going fast, and the deal might be gone.

S/he still decides to wait until there will be a seat for the same money but by the window.

One hour later the deal is gone, and s/he has to book the ticket for $250 more, but by this time there are no window seats left, so s/he pays for a middle seat $250 more.

The funny thing is that s/he is happy, as this was the last ticket sold and 5 minute later it would be already too late. There might be someone who had missed the plane, and isn’t it a consolation?

Very similar to real estate.

Customers saw a 3 bdr/3 bath unit in Palma Bella in Daytona Beach Shores in 2009. They liked it but did not buy. 2 years later the price is $240K more. It is actually higher than in 2009 by more than half of its price.

They find another condo with still a very good price, but only one unit at this price. So, everything looks fine. Except that they would like a seat unit next to it. Yes, but a seat unit next to it is $200K+ more.

Oh, well, they will wait.

No problem. Come to the balcony, please. Look up there. See the plane?

Say “Good bye”…

P.S. When you need to fly and you like flying 1^st class and can only afford economy class, is there really a choice?

Yes… buy economy or stay home

Why? We want to fly 1^st class with no money down or ever and the Seller will pay for it.

Yeah… make sure you have a good parachute and learn how to say “Nice to meet you” in Great White’s language.

My blog resulted in a call from snowbirds. They have been renting here for years, and now are getting ready to retire and settle in Daytona Beach Shores. They are familiar with the area, have seen condos on the beach and know what they want.

In 2009 they fell in love with a unit in Palma Bella in Daytona Beach Shores. Priced at $398,500, this large 2,425 sq. ft. direct oceanfront three bedroom-three baths unit on the 3rd floor was an excellent buy. They were tempted, but there was an issue with getting money from the retirement plan, and, I believe, they felt that the market was bad, and when we think it is bad, we want to wait. And they passed.

Fast forward to 2011. Now they are ready, still love Palma Bella (and who wouldn’t?) and it is a classic situation, when we would like to buy something today for the price that was there yesterday. With the money, and knowledge that we have today, can we go back in time and buy something for the yesterday's price?

The lowest price for a unit on 02 and identical 07 lines in Palma Bella (Canary Island Palm model) today is $569K. What has changed is the inventory. There were 7 units for sale in Palma Bella in November 2009 and only 4 today. At the same time there are more buyers, so even a tiny bit of pressure causes the prices to go up.

Here is the list of units for sale in Palma Bella.

2 years ago developer still had units, for which original buyers put down payments, and when they walked away, a cool $100K+ deposit stayed with the developer, so when developer was offering deep discounts, that $100K was a nice cushion.

Developer has sold all his units and is no longer in the picture. And while for developer discounting was a matter of getting less and moving forward, you can't expect the same discounts from the regular sellers.

The unit was sold in December 2009 for $320,000. So, this was yesterday. And today a similar unit is for sale asking $569,000. Is it possible to negotiate? Probably... Maybe even to $520,000. That would make the difference $200,000. Considering that it was sold in December, it is about a bit less than 20 months ago.

Which makes the cost of delay $10,000 a month. And nobody guaranteed that the seller would even sell for $520K. So, is it possible that the price for a oceanfront condo may go up $200K or more while the market is so bad?

You bet

And while I can't help you buy at 2009 price, I can still help you get the best deal at today's prices.

Call me 386-405-4408. Daytona Beach area is still a good market for you, and you are still buying today for pretty much yesterday's prices...

Palma Bella is one of the newest and finest condominiums in Daytona Beach Shores. Developer - Doug Cook - brought the sense of luxury that simply was not there. Not in the name, as we call luxury any Oceanfront Condo, and though the Ocean is definitely a luxury, the condos very often not.

Palma Bella is one of the five oceanfront condominium buildings comprising the Costa Bella collection in Daytona Beach Area. Out of 5 planned 3 have been completed: Marbella, Bella Vista and Palma Bella.

Palma Bella is a gorgeous building with very spacious three-bedroom and 3 baths units. Developer used best materials and the lobby is very impressive. You find yourself in the art gallery with pictures on the walls, nice tiled common areas with a social room with full kitchen facing 100' pool and the ocean. The U shaped building has a bridge on the 9^th floor making it resemble the Atlantis on the Paradise Island in the Bahamas.

The bridge is facing west, and it is gorgeous place to watch sunsets over the city. Developer was lucky that he had all units reserved, but by the time they got to Closings, the market was not in great shape and some of the buyers/speculators walked away. That became a common challenge for condo developers getting caught in the declining market.

Palma Bella features include underground reserved parking, sundeck w/oceanfront heated pool & spa, oceanfront fitness room.

All units are 9'4" ceilings, crown molding, 5 1/4" baseboards, built-in electric fireplace, European style cabinetry in Kitchens, imported granite countertops, Jenn-Air electric grills on balconies.

Of course, everything is up to new toughest codes with impact-resistant windows and doors with saltwater protection.

Check the available units today. Everything that is under $500K is a terrific price, but look at $398,500. This is an incredible price at $164.33 per sq. ft. What an incredible market.

Call me if you want a million-dollar luxury oceanfront unit for less than 50 cents on a dollar. Call 386-405-4408 or drop me a line in the e-mail.

* The photo of the ocean is taken from unit 202. The least expensive unit 302 is just above it.

The appetite for new luxury condos at The World's Most Famous Beach is still there. Who wouldn't want a deal on oceanfront new condominiums at reduced prices?

I have talked to dozens of high end buyers recently because they know value when they see it. Motivated sellers have driven prices down as well as the availability of a (very) few beachside REO's and short sales. All things being equal, our buyers find that they can more easily (and more surely) close with a developer than a bank (short sale)

Since prices have been "adjusted" to this market smart money is leaving the stock market and falling in love with real estate again. And since no new condos are on the drawing board, the availability of new condos is VERY limited.

I was curious to know how luxury condos are selling in other markets around the country.

Bye for now,

O. Kheir, Top Producer for Cook Real Estate Sales, Inc. in Daytona Beach Shores, FL