I wrote a blog post about Kingston Shores condominium in Ormond-by-the-Sea a few days ago. It is very general in nature, give you an idea of the location, the community, and details of the complex.
But how is the market in Kingston Shores condominium? Below is the statistical data from MLS
Sold in 2015
Sold in 2016
Look at what units were selling in 2015. Isn’t it shocking? Yes, those 3 first were troubled REOs. Two least expensive units are in the same building, actually, one under another.
We bid for both for my investor but somehow unit 65 was gone, my investor bought the other one.
Next REO unit came about a month later and was snatched in matter of days if not hours, and it was sold for more than the initial asking price of $62,500.
The market was changing right in front of our eyes. And still, when you look at price per sq. ft., the prices are very low even right now. It is still rather underpriced and while we notice the increase, it is all happening slowly.
We went through that in the last cycle. And then prices went to way above $100K. Is it good or bad?
For the Condominium it is good. The higher the prices, fewer investors. More people live full time, fewer rentals, fewer problems, more care about the property.
Imagine a happy moment that units are for $20K, and it would become a rental place, and wait for the trouble, police cars called on daily basis, endless problems…
So, the dynamics is good for Kingston Shores. And it is noticeable in upgrades and changes to the property, that are see with a naked eye.
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