About New Smyrna Beach's Venetian Bay

I Will Never Pay Full Price…

I have known this guy for 5-6 years. He is a retired college professor. He and his wife have bought a unit in condo-hotel and live there since then.

Sufficient to say that I do not know of anyone in Daytona area, who has money and lives in the condo-hotel.

Time from time he would start talking about buying, and every time he smiles from ear to ear and tells me that this should be a deal.

And then a new listing pops up in St. Regis subdivision of Venetian Bay in New Smyrna Beach. Exclusive area of Venetian Bay, all houses are over 2,500 sq. ft., slate roof, pavers in the driveway, masonry. The house is on the lake, absolutely gorgeous. Viking appliances, and restaurant grade Viking hood… The house was originally purchased for over $600K.

They listed it at only $244,900. There have never been anything for this price in St. Regis. This is a short sale, and I explain how it works and that $244,900 may turn to be not good enough for the bank...

We made all calculations, showing him comparable houses and price psf. CMA comes to $360K.

He tells me he will call me in the morning. He is a man of his word. When he calls me he says he is ready to make an offer.

What is the offer? $175K. I tell him it is a waste if time. What would be my suggestion? Full price?

- I will never pay the full price. Are you crazy?

These imges are photos of actual house.

Last time I wrote about Tuscany Square Condominiums in Venetian Bay (New Smyrna Beach) was in March last year. While the majority of that information is accurate, time changes, and there are few nuances that I want you to know about.

I received a call from a gentleman, who was asking about Tuscany Square Condominiums. He found me on Active Rain. I knew that the blog was written long ago, but I was in a car, and I promised to call him after getting to the office and checking with MLS.

There were 5 units for sale in March 2010. (See below)

There are only 2 units for sale today.

This 3/3 units with over 2K square feet is direct lakefront and is an unbelievable deal. Identical unit (with a bit less of a view) is for $298,500, practically it is double the price. And only 2 for sale. Wow, wow, wow...

And here is a list of sold units in Tuscany Square Condominiums:

Also, and interesting issue came to the surface. I was asked what was included in the Maintenance fee, and I very confidently said that poll is included. Guess what? It is not. This oversized pool is part of the gold club, and is offered to residents for a fee.

They have 3 levels of membership: Social, Silver and Gold, and Social is the most affordable, and if you are not the biggest fan of golf, it is for you. Membership is $600 a year for a single person, and $850 for a family.

So, how come I gave the wrong information in the first place? Well, when they initially were selling condos there, the Golf and Clubhouse were not yet built, and they allowed condo owners to use the pool as part of their regular monthly association dues. We had a client who bought a unit there, and I remember that he could use the pool.

Plus practically every other condo project in the area has their pools. So, I assumed, and I was wrong. My customer corrected me. Wow, how cool is that.

So, Tuscany Square Association monthly fee is $370 a month. Master Venetian Bay Association is $800 a year. Plus Social membership. Comes to $487 for a signle person, and to $507 a month for a family. Compare to other condos, and this is less than in new condos (like Tuscany Square Condominiums) of this size

Anyway, let me know if you can afford it, as if you can, then there is no good reason not to do it at this price. Just call me 386-405-4408. I forgot to mention that it was sold in 2007 for $382,500. There is still a mortgage on it for over $300K. If this is not a deal, what is?

Yes, it is a short sale, but for that price I would take the inconvenience.

Tuscany Square Condominiums in Venetian Bay - New Smyran Beach.

Venetian Bay is the first and so far the only Neo-Traditional style development in Volusia County. Administratively in New Smyrna Beach, it borders Port Orange on the North, and residents have a choice of going north to Dunlawton Ave, which will bring you to the heart of Port Orange and Daytona Beach Shores Beaches, or going South to SR 44, which will either take you to I-4 at Deland (the County Seat), or will take you to the heart of New Smyrna Beach and the beaches.

Going to the beaches is a 18-20 min drive (or 12 if the ticket is not a concern).

It is a large development (14,000 acres according to a hesitant developer's representative). planned for 1,800 dwellings including single family homes, townhomes, condominiums, golf estates... Approximately 800 have been built. There will be an elementary school, and Winn-Dixie (a grocery chain) comes there soon.

Beautiful entrances on both south and north side, tree lined divided road, man-made lakes with sprinklers, look gorgeous. Plenty of green space, a lot of reserves will keep it always green. The main lake is 17 acres, and Tuscany Square Condominiums are overlooking the lake.

Street lights, pedestrian sidewalks make it perfect for residents who enjoy walks, or for pet owners.

I remember how we were waiting for the developer to open reservations for Tuscany Square Condominiums. It was 2005, the market was hot, and developer reps looked through us as if we were not even were there.

The developer set the rule, that agents could only reserve one unit, so we came there in the middle of the night (at 3 AM), our whole office, so that we could make reservations for our clients. We had 3 people ahead of us.

After intensely feeding mosquitoes, the day finally came, the doors opened and the first 5 rushed in. By that time there was a sizable group of impatient buyers waiting to get to the pie. We were told that all direct lakefront units were sold. If that was the start of their sale, who bought them? Oh, they were reserved for employees.

Since then half of the condo project has been completed. The other half is waiting for better times. There is even some commercial on the first floor, and the latest addition is Luna Bella Ristorante.

It is funny that now you can buy these condos for half of that price, and no employees are competing with you for the very same units. Look at the table below. These are all condo units for sale. When I saw that 3/3 on the second floor for $179,000, it was a shock. The unit initially was sold for just under $400K, it is direct lakefront with gorgeous views.

$352 a month (in 2011 it is $370) condo maintenance plus $800 a year Master Association fee. Venetian Bay is not gated, but the Tuscany Square Condominiums are. They have a gorgeous pool a small man made sandy beach, garages. Units feature 9' ceilings, large private balcony, well equipped kitchen... State-of-the-Art fitness center, gorgeous clubhouse...

It is a terrific investment, but it is even a better place to call home.

If great places to live are on your mind, call me 386-405-4408. And, by the way, you would not need to feed the mosquitoes. Consider that I have already done it for you.

For this week's "Wordless "Wednesday" (with a few words) I'm featuring the beautiful entrance to Venetian Bay community in New Smyrna Beach FL. For this post, just enjoy this entrance photo, but if you're interested in buying or selling a house in any of the gorgeous sections of Venetian Bay, I'd love to help.

To buy or sell a house in New Smyrna Beach, or anywhere in Volusia County, make a Smart Choice and contact Daytona Beach Native, Lisa C. Hill with Florida Property Experts, for all your real estate needs. Lisa Hill has sold all types of real estate in every city in Volusia County. Don't wait. Make YOUR Smart Choice today!

www.DaytonaBeachRealEstateSales.com

For more information on Venetian Bay in New Smyrna Beach, try these links...

• Things are Just Ducky in Venetian Bay, New Smyrna Beach, FL
• Beautiful New Smyrna Beach Community
• Nature and Real Estate in Beautiful Venetian Bay
  

New Smyrna Beach real estate buyers and sellers, and/or specifically those of you who are interested in buying or selling real estate in the luxury community of Venetian Bay...

I could write another typical real estate post, extolling the usual reasons to buy a house, condo or townhouse in this unique community. But I'm opting for a slightly unconventional approach. Rather than give you the recent statistics and data, how about we appreciate the beautiful nature, and not-so-wild-life I found wandering around the community one rainy afternoon. =)

If you're interested in buying a house, condo or townhouse in Venetian Bay, or anywhere in New Smyrna Beach, or the Daytona Beach area, Lisa Hill is a Daytona Beach native with family living in New Smyrna Beach, Ormond Beach, Ponce Inlet, Port Orange, and all the way to northern Florida. I have experienced selling real estate in every city in Volusia County, and beyond. Call or e-mail me today, for recent sales data on any of the affore-mentioned areas. I'll be happy to provide detailed information on the listinings and sales data over the past decade.

Stay tuned to this real estate blog, as I begin uploading the listings and sales data for each city in Volusia County, for each year from 2000 through 2009.

For all your real estate needs, make a Smart Choice and contact Lisa Hill with Florida Property Experts for all your real estate needs.