Whats.wrong.with.the.Plaza? The/owners.are.bankrupt.how.dangerous.is.this.property? Thanks

Asked by Ric, Florida Thu Feb 12, 2009

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This question is about this property: http://www.trulia.com/property/1062166086-600-N-Atlantic-Ave…

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Skip Stamper, Agent, Ormond Beach, FL
Thu Feb 12, 2009
The Plaza is one of the oldest hotels, now condotels in Daytona Beach. It has had major renovations over the last few years under the Blue Waters company who recently filed for bankruptcy protection. It is a great facility with aesthetic desirability.
How dangerous depends on why you are looking at it. The potential for a new owner of the entire building one day is good because of the great location and the desirabilty of the buliding itself. Would I buy a unit there? Depends on the contract price and the maintanence fees. The fees are the potential danger. If no one pays the fees, the building goes into a state of disrepair and the fees have to be raised for those who are paying them. Get a look at the condo docs, the condo assoc. board and the reserves set aside before making any decisions. Also compare that building to other condotels that are not in potential receivership or bankruptcy.
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