The ability of a real estate developer to sell a condo with a view for a half million dollars is a key indicator of economic strength.
That’s exactly what the developers of the Aruba, DiMucci Tower and Max Daytona in Daytona Beach Shores and the Tydemark and Riverwalk in New Smyrna Beach are trying to do.
Among current projects, so far, DiMucci Cos. and Sylvestri Properties are having the most success. DiMucci is nearing completion on the company’s 14th tower in the Halifax Area while Sylvestri has already completed a building and is beginning construction on more at Riverwalk. The others should be able to catch up, especially when you look at what’s happening with sales of existing condos.
In the Volusia/Flagler area, Realtors sold 881 condos in the third quarter, up 8.9 percent from the third quarter of 2017. The median price, where half sold for more and half for less, hit the sweet spot of $200,000, up 5.7 percent from last year. Sales remained strong in the two-county area in October with 250 existing condos sold, up 16.8 percent from Oct. 2017. The price rise cooled a bit, though, at $189,200, down .4 percent from last year.
Condo developers probably will still remain cautious, even with the current trend. The Great Recession still looks large in their rearview mirror. But we should see more waterfront luxury condos built in the coming months that we’ve seen in the past few years.
Speaking of condos, there was an eye-catching development at Marina Grande on the Halifax in Holly Hill where Pan Am Equities of New York bought the remaining, unsold units and adjacent property for about $26 million. Whether that means the Swerdlow Group of Coral Gables will move forward with the rest of the project, which would mean building two more condo towers, we’ll have to wait and see.
In other commercial real estate news, Hakimian Holdings of Jacksonville bought the shopping center at 2200 W. International Speedway Blvd., which has a Pep Boys and Carabba's, from Haynes & Smith LLC of Daytona Beach for $8.57 million. Rohdie Group of New York has acquired the development site for a 300-unit apartment complex on LPGA Boulevard, east of Clyde Morris Boulevard, in Daytona Beach from Consolidated-Tomoka Land Co. for $4.25 million. Dr. Sean Bannan, D.D.S., has bought the former bank building at 4100 Ridgewood Ave. in Port Orange from Goodwill Industries for about $504,000.
While it probably won’t make JetBlue reconsider leaving Daytona Beach International Airport, passenger traffic increased 8.7 percent in October from October 2017. During the month, 63,821 passengers flew in or out of the county-operated airport, compared to 58,707 passengers last October.
Among some notable construction starts are ICI Homes beginning residential construction in Woodhaven, its newest development in Port Orange. Site work is starting for Gardens Apartments at One Daytona. Construction is starting on five more buildings at Springview Commerce Park in DeBary. Construction is starting on a new building for Salzburg Animal Hospital on West Granada Boulevard in Ormond Beach.
On a final note, the Tanger Factory Outlet Center in Daytona Beach is getting a Kenneth Cole store as the center remains at 100 percent occupancy.
Managing Editor Cecil G. Brumley has been tracking business and the economy in Volusia County for more than 21 years. Contact him at email@example.com (no hyphen) or follow him on Twitter @cecilbrumley.