Ocean Jewels Club (Daytona Beach, FL)
By Jon Zolsky, Daytona Beach, FL, Buy Daytona condos for heavenly good prices
(Daytona Condo Realty, 386-405-4408)
Friday is the day when the County schedules foreclosures for Daytona area properties. Used to be 2 days a week on average 30-35 properties a day. Not anymore. Today after a few cancellations, which is very common, there were only 5 properties left on the foreclosure list. I drove all the way to Deland, our county seat, because there was one condo-hotel unit in Oceans Jewels Club going on the chopping block. The foreclosing bank is known for the deepest discounts, starting from 10 cents on a dollar of the balance of the loan. I did not expect 10%, but I figured that it was making sense if they would go for 40%. I knew that the amount owned to the association was $16K, and it was making this deal not really likely. By law, no matter how the Buyer obtains the title, s/he is liable for the ...
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By Jon Zolsky, Daytona Beach, FL, Buy Daytona condos for heavenly good prices
(Daytona Condo Realty, 386-405-4408)
I have not visited Ocean Jewels Club since January this year. Today I have received the e-mail from the hotel manager, Tim Oliver, and I stopped at Ocean Jewels Club, Daytona Beach Condo-hotel, on my way to the office. First pleasant surprise, the Lobby is open and I was greeted by a gentleman at the Front Desk. I introduced myself. That’s how I met Tim. Tim Oliver, a hotel manager. The new company bought the commercial space, which includes Front Desk. They started there in May, and started from scratch. There was no rental management for awhile, and now it is extremely difficult to bring it back. From practically 0 they grew the number to 20, and plan to increase this number very significantly. Hotel business is tough, and requires street smartness plus knowledge and experience, espec...
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By Jon Zolsky, Daytona Beach, FL, Buy Daytona condos for heavenly good prices
(Daytona Condo Realty, 386-405-4408)
What to know and what to expect when buying a condo unit in Ocean Jewels Club-A Daytona Beach Condo-Hotel. A couple of days ago, I have received an e-mail: "Hi Jon, I am planning to buy a condo/hotel in Daytona Beach. I just found Ocean Jewels Club for 24K. What do you think about this one?" If I had to answer in one sentence, I would say that I do not recommend Ocean Jewels Club at this time. Too much uncertainty ahead. But the blog allows me to go beyond just one sentence, so here is the reason for that short answer. This 201-room condo-hotel in Daytona Beach, built in 1975, has a problem with the rental Management company. They used to have a pretty good company run by Roger Mahood, and a lot of owners still regret that he sold the management company and the space on the first and se...
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By Jon Zolsky, Daytona Beach, FL, Buy Daytona condos for heavenly good prices
(Daytona Condo Realty, 386-405-4408)
Ocean Jewels Resort, a Daytona Beach Oceanfront Condo-Hotel is not the same jewel it used to be just 10 years ago, when it was converted to condo-hotel. Reviews on Trip Advisor range from "The Jewel is a Jewel" to "Horrible, unprofessional,filthy, not fit for pigs!!!!", which is not really surprising. It is often not about the hotel/condo-hotel, it is about the expectations, and we are used to see guests making reservations for less than $50 a nights and expecting the service of Ritz Carlton. We are used to people walking in our office in the Fountain Beach Resort, also a condo-hotel, after seeing a sign offering a condo for $50K, and I love when they say that they need a 2 bdr/2 bath oceanfront. Yes, for $50K. No, a stufio with oceanview is not gonna cut it... "Ocean Jewels Resort is l...
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By Jon Zolsky, Daytona Beach, FL, Buy Daytona condos for heavenly good prices
(Daytona Condo Realty, 386-405-4408)
Oceans Jewel Club at 935 S. Atlantic Avenue was converted to condo-hotel in late 90s. This was the beginning of the condo-hotel era, units were nice, though small, but with stoves. Some with view, some direct oceanfront, and some with no view of the ocean. Commercial space including Front Desk belonged to a management company, who were running rentals and were packing the property whenever tourist were coming to Daytona. Not a glitzy property and not a snobbish place, but simple and inexpensive. The property flies Travelodge flag. About 3 years ago, the management company changed hands. The new owner was not a particular hotelier, but a butcher from New Jersey, who was looking for a partial retirement. Really, what can be easier than running a hotel operation? The new owner could still ...
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By Jon Zolsky, Daytona Beach, FL, Buy Daytona condos for heavenly good prices
(Daytona Condo Realty, 386-405-4408)
Oceans Jewels Club 935 South Atlantic Ave., Daytona Beach, FL 32118 150-room oceanfront condo-hotel was built in the 70s. Operates under Travelodge flag. Three years ago the management company was sold. New management company is not enjoying high occupancy, and in a dwindling Daytona economy is affecting the performance of the resort. Recently one of the buildings underwent the upgrading. There are 2 Pools(1 heated) plus a Kiddie Pool. Fitness Center, Oceanfront BBQ Grill and Picnic Tables. Complimentary wireless access is available in the lobby. This hotel does not rent to area locals. No pets policy. No RV/Trailer/Semi parking available. Presently 39 units for sale from $49,900 for a studio with no vew to $179,500 for a one-bdr unit. The mere number of units for sale is indicative of ...
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