Luxury oceanfront homes and condos prices around Daytona Beach

DAYTONA BEACH, FLORIDA

According to the local Multiple Listing Service (DBAAR), there were 61 homes in the greater Daytona Beach area with price tags of more than $1 million on the list last week. One of them had a price in excess of $3 million.

According to same system, there were 57 condos in the greater Daytona Beach area with price tags of more than $1 million listed last week. Six of them had prices in excess of $3 million. They ranged from Ormond Beach to Ponce Inlet.

While there has been a slight slowdown in the local luxury home market, they are nonetheless continuing to sell, said Realtor O. Kheir of Sea Quest Properties, Inc.

"Realtors in our area are selling resort property in the $1 million to $3.6 million range," Kheir said. "They are staying a little longer on the market, but there are buyers buying." At present there are 23 pending sales for homes and condos greater than $ 1 million. In contrast there are 555 condos and houses pending closing in the same area.

The highest priced condo Kheir has under contract carried a price tag of $1.35 million for a large highly amenitized condo in Daytona Beach Shores. This pre-construction condo is developed by Cook Development and should be completed in 2008.

"I have more listings from $250,000 to $ 1 million," Kheir said.

In Daytona Beach Shores, and neighboring Ponce Inlet, several upscale condominium developments in progress offer baby boomers an upscale development between the Intracoastal Waterway and the Atlantic Ocean. The immediate area known as "The World's Most Famous Beach" offers over 22 miles of beaches.

Upscale development includes The Mediterranean, The Island Crowne around Ormond Beach. Further to the south are upscale opportunities in the Marina Grande on the Halifax, The Ocean Vistas, The Marbella, The Palmas De Mallorca, and other projects under way. " Local developers are paying attention to detail, with refined architecture, semi-private elevators, summer kitchens, and many offer luxury clubhouses, fitness center, and one even offers marina slips for the boater."

"Fully amenitized condos, like The Costa Bella Collection, perform well in all markets where the buyer wants to enjoy oceanfront living with grand vistas of the waters of the Atlantic Ocean and The Intracoastal Waterway," Kheir said. "My buyers are not overly interested in just golf and tennis anymore, they want marinas, concierge service and high end retail areas."

Baby boomers agree.

Inquiries from Europe and the United Kingdom demonstrate that buying in the greater Daytona Beach area Europeans are using the strong Euro to leverage a relaxed lifestyle, and they are close to Orlando's attractions like Disney, historic St. Augustine, and the wide beaches.

Indeed, because of that, Kheir expects an increase in luxury condo and home sales next year. With the upcoming elections, interest rates should hold steady - and the rates are much lower than previous decades. Also, some developers are offering exciting incentives and very innovative marketing campaigns. Kheir recently won the Summer Sizzle sales promotion by selling 3 condo units totaling around $ 3 million in one building offered by Cook Development.

"People buy here largely because of what this area has to offer, world class racing, golf courses, and some fine restaurants. We offer a relaxed lifestyle that draws."

And values, Kheir adds, will continue to rise, though not at previous years' breakneck pace.

"They don't make any more ocean, and since waterfront living has a wide appeal, I sell condos to a lot of people from outside our immediate area" Kheir said.

And where will beachside housing prices go?

The sky is the limit, Kheir said, and returned to answering emails and returning phone calls. He also updates his cluster of websites and his main worldwide placeholder called "TheNewDaytona.com "