April 2009 Daytona Beach Homes Sales

It was the end of the real estate bubble in Daytona Beach. 343 Homes and condos were sold in July 2006. August and September of that year saw sales of 306 properties. Since then, Daytona Beach real estate sales have been above 300 only once - in August of last year.

Homes sales recorded in the Daytona Beach MLS for April were 308 condos and homes. The highest since the bubble burst in July of 2006. And these are preliminary numbers taken late tonight. We may see that number rise a bit more when all sales have been recorded.

April is the beginning of the Summer sales season. Last year in April, 278 properties were sold. As we sit now, we’re 10.8% highers than last April and 6.6% higher than last month. For the year, sales are 19.5% higher than last year.

We will be issuing a full Daytona Beach real estate monthly report for April during the next week. We will also issue a full report on sales of Daytona Beach Condos.

The Daytona Beach MLS includes Daytona, Ormond Beach, Ponce Inlet, Port Orange, Holly Hill, South Daytona, Daytona Beach Shores and Ormond by the Sea real estate.

Technorati Tags Daytona Beach Condos, Daytona Beach Homes, daytona beach mls, Daytona Beach Real Estate

News Journal Asks Is Now Time to Buy Daytona Beach Real Estate?

Bob Koslow penned a front page article for the Daytona Beach News Journal this morning titled Housing Market - Is Now Time to Buy? As we’ve been reporting, sales in the Daytona Beach MLS are up 24.3% for the first quarter over 2008. Mr. Koslow reports that for Volusia and Flagler counties combined, sales are up 19% in March and have increased for four consecutive months.

Have We Reached Bottom?

The burning question is still - have we reached bottom? Unfortunately, the nature of price reversals is that we only know afterward. No one knows if we have hit bottom. The Volusia County Property Appraiser is quoted as saying,

The stars are aligning for the market crash to be ending. It’s already ended in DeBary but not yet in Deltona and East Volusia.

The question is still when. In the meantime will prices stop falling?

A Different Perspective

We don’t know if we are at the bottom of the Daytona Beach real etate market. We don’t know if prices have stopped falling. What we do know is that tremendous bargains come on to the market. We also know that more people believe they are getting good value for their money and buying Daytona Beach homes and condos. Many more are looking and trying to find a bargain. Overall prices don’t matter as much as the price you will pay for a property. It’s your deal that matters, not all the others.

Here are my personal experiences that indicate market strength:

• My website traffic at www.lynnbyrne.com is triple last year’s rate and double from November
• Many buyers have selected me to work with them. Last year in the first quarter, there were a few buyers here and there. This year, I am showing property nearly every day.
• I am writing contracts everyday
• When an aggressively priced property comes on the market, there is now competition for that property. Bank owned, or REO properties in Daytona Beach, have seen multiple offers with the bank giving a deadline for submission. I know it’s true because my clients don’t win every bid.
• Weekends are once again for showings. People are coming to Daytona Beach for the weekend just to see properties. Most are making offers.

My clients are making a lot of offers. Some are accepted and some are not. Buyers in general are looking for a bargain and their offers reflect that. That’s a good thing. There is nothing wrong with your offer being rejected. It’s the price that you’re willing to pay and if you can’t come to terms with the seller, whether an individual or a bank, you move on.

To get the bargains that so many are seeking, patience is needed. I have worked with people for over a year before they had an offer accepted. Now that’s a patient person, but he stayed with it until he got the perfect home for him and his family.

Bargains are out there and it’s foolish to pay more than necessary. If you are looking to work with someone who is in the middle of this market everyday, give me a call today at 386-566-7503 or 888-519-9579.

Technorati Tags Daytona Beach Condos, daytona beach mls, Daytona Beach Real Estate, REO properties in Daytona Beach

South Daytona Condo For Sale for $28,900

This is not a misprint. There are no buts… This is a 2 bedroom, 2 bath condo with 1,034 sq. ft.

South Daytona is located on the mainland across the river from Daytona Beach and Daytona Beach Shores.

Daytona Beach condos prices have dropped, but this unit is a special case. Condos in this building were selling for as much as $150,000 a few years ago. A price drop of over 80%? Hard to believe, but true.

There are other low priced condos as well. If you want a taste of the market, give me a call at 888-519-9579.

For more information on this property, visit South Daytona Condo - Bristol Bay. This is taking the idea of cheap Florida condos to a new level.

Technorati Tags Bristol Bay Condos, Cheap Florida Condos, Daytona Beach Condos, Daytona Beach Real Estate, South Daytona Condos

Daytona Beach Condo Sales Up Slightly in March

Sales of Daytona Beach Condos were up from 54 units in February to 61 units in March.  Total home and condos sales recorded in the Daytona Beach MLS were 288 properties, up from 249 properties in February.

A recent rule of thumb is that one condo will sell for every four houses sold. That’s pretty close to what we saw in March with condos accounting for 21.2% of sales.

Sales in the $200,000 to $400,000 price range were up significantly. In March 20 condos were sold in that price range, while 21 were sold in January and February combined. This figure bears watching, as it is the highest number of sales in this price range since July of last year. One month doesn’t make a trend, but there are tremendous bargains in this price range and people may be beginning to take advantage of them.

Visit the Daytona Beach Condos Monthly Sale Report for complete information on condo sales going back to the beginning of 2008.

Technorati Tags Daytona Beach Condos, daytona beach mls, market reports

Daytona Beach Foreclosures Market is Hot

Daytona Beach Foreclosure, Short Sale and REO Resources

Over the past year, we’ve written blog posts and created web pages on foreclosures, short sales and REO opportunities. In February, 45% of all homes sold nationwide were distressed properties in some phase of foreclosure. The rate was even higher in the Daytona Beach area.

We’ve created this post to give a central resource for all those resources that we’ve created. As always, call me aat 888-519-9579 or Email me if you have questions or need information.

Foreclosures

Daytona Beach Foreclosures
Information on the foreclosure process and how to go about buying a foreclosed property.

Do Foreclosures Really Cost $70,000
How much does it cost a bank to foreclose. It’s important to know when you are negotiating before the bank forecloses a property.

Know the Facts About Volusia County Foreclosure Sales
Information from the Volusia County Clerk of Courts on how to go about buying a foreclosure of Daytona Beach, Ormond Beach, Port Orange or New Smyrna Beach foreclosed property.

Buy Foreclosure or Short Sale - Which is Best for Me?
A burning question in today’s market that every buyer should read.

Florida Foreclosed Homes
Cautions about scam artists and other sharks looking to rip you off.

Short Sales

Real Estate Short Sale Can Save You 20 to 40 Percent
Yes, you can save with short sales over the “market price,” but now the competition is heating up.

Daytona Beach Short Sales
Information and videos about short sales in Daytona Beach.

Daytona Beach Short Sales Buyers Video
Video, audio and a PDF file on how to buy a short sale.

Daytona Beach Short Sales Sellers Video
Not every seller is eligible for a short sale. The video explains who is eligible and how to go about the short sale process.

Daytona Beach REO Property

Daytona Beach REO Properties
The first of many pages we will create explaining the advantages and pitfalls of REO properties in Daytona Beach.

Ormond Beach, Port Orange and Daytona Beach foreclosure homes are plentiful, but there are dangers in buying many of these properties. Tax liens, contractor liens and IRS attachments could pop up after you buy the property unless you know what you’re doing. Don’t go it alone, call me today about any home or condo in the Daytona Beach real estate market.

We believe Daytona Beach foreclosure condos and homes in the higher end of the market will be increasing over the coming months. Few sales have occurred with these properties in the last year and many owners will walk away this year. This year will probably be the best year to buy a condo in Daytona Beach in our lifetimes.

Technorati Tags Daytona Beach Foreclosures, Daytona Beach Real Estate, Daytona Beach REO Properties, Daytona Beach Short Sales

Daytona Beach Real Estate Sales March 2009

Preliminary Report

Daytona Beach real estate sales were up 31.5% in March 2009 over March of the previous year. Preliminary numbers show Daytona Beach MLS sales at 288 homes and condos vs. 219 properties sold last year.

Trends Remain the Same

Sales by price did not change from previous months:

• Under $100,000 - 33.3% (96)
• $100,000 to $200,000 - 42.4% (122)
• $200,000 to $300,000 - 14.6% (42)
• Over $300,000 - 9.7% (28)

These are preliminary numbers, but they won’t change signficantly. The average home price sold was $159,815 and the median price was $133,500. In February we saw average sold price of $166,845 and a median price of $127,500. Median means one-half of properties sold under the median and one-half above.

Year to Date Sales Up 23%

Sales of Daytona Beach homes and condos are up year to date over 2008 by 140 properties or 23%. Year to date 748 homes and condos sold vs. 608 for the same period last year.

This is all positive news for the Daytona Beach market. Months of inventory has decreased to just over 19 months. At the end of December, we were at 25 months. That’s a significant drop, but still far away from a stable market.

Interest rates are low, there’s an $8,000 tax credit for first time home buyers, and prices have dropped. How long interest rates and prices will remain low is uncertain, and the tax credit expires on December 1. There are even Ormond Beach Condos for sale under $100,000. It looks like we are in window of great opportunity that we may not see again for a long time. If you are interested in homes in our area, call me at 386-566-7503 to discuss your options.

Technorati Tags Daytona Beach Homes, Daytona Beach Real Estate, Real Estate Market Report

Ormond Beach Condos Priced Under $100,000

Well, it’s happened. Some Ormond Beach condos are now listed at under $100,000. Just a few months ago, there were zero, yes zero, listed at that price. The lowest listed condos was at $119,000. Today, there are 21 units listed at under $125,000 with 12 under $100,000.

That may not seem like many units, but when you factor in Daytona Beach Condos with 190 units and Palm Coast Condos with a lot more, there are now many units available at very affordable prices.

Here are the condos in Ormond Beach listed at under $125,000:

You can see more and a wider view at Ormond Beach Condos under $100,000 on my main site.

Give me a call for more information on Ormond Beach condos at 386-566-7503 or 888-519-9579. We can also talk about condos in Palm Coast, Daytona Beach and Port Orange.

Technorati Tags Cheap Condos, Condos Under $100000, Ormond Beach Condos, Ormond Beach Real Estate

Palm Coast Homes Buyers Must Know Value and Price

There are tremendous values available in Palm Coast homes and condos. Many of these properties are priced very low making it a tremendous temptation to buy on price alone. That may be a mistake. The reason is simple, but can get lost in the urge to get a bargain - not all homes rise in value at the same rate.

Serious real estate investors seek properties that they believe have the best opportunity for appreciation. How do they do this? Well, one simple rule is the most desirable neighborhoods. In these neighborhoods, prices are likely to rise because a lot of people want to live there. The reason might be the schools, the location and the amenities.

Buyers of homes in Palm Coast, Daytona Beach, Ormond Beach or Port Orange may eventually want to sell the properties they buy now and choosing the right property could make it easier and more profitable to do so.

Now, it may seem strange that I’m talking about rising prices in a market that’s recently experienced radical price drops. I don’t think it’s strange at all that when buying, even at very low prices, that you consider selling at some point in the future. We are in the low end of the real estate cycle. We will eventually begin to climb out and prices will rise. When and by how much, I don’t know, but it’s getting closer every day.

I’m not discounty the importance of low-prices homes and condos, but I’m urging you to consider it part of the buying process. Florida real estate may not see the price boom like we saw a few years ago, but we will see appreciation. So when considering Palm Coast real estate, or any other area, make location one of the factors in your decision.

Flagler County was the fastest growing county in Florida a few years ago and should be at the lead in growth when it picks back up. Here’s a few things to remember about location, that may help:

• Newer homes and newer communities with current architecture are usually more valuable than older, dated homes
• Waterfront - ocean, lake, river adds value and desirability to many homes. Palm Coast and Flagler have oceanfront, lake front, and river front properties. In addition, there are many homes on canals that lead to the river and eventually out to the ocean.
• Close to schools

As your Palm Coast Realtor, I can give you more information on these critical factors. Call me at 386-566-7503. There’s no obligation and never a hassle.

• Gated Communities with superior amenities are attractive to many people

Technorati Tags Flagler County, Palm Coast Condos, Palm Coast Homes, Palm Coast Real Estate, Palm Coast Realtor

Port Orange Wins New Raydon Headquarters

Good news for Port Orange Real Estate. The city has announced that Raydon will be consolidating operations and building it’s new headquarters in Port Orange on Williamson Blvd.

Raydon was looking for a new headquarters. They needed a place to consolidate their headquarters and 289 employees. The city of Port Orange, through a package of incentives and aggressively expediting the approval and permitting process, has won the new building on city owned property off Williamson Blvd.

As part of the deal, the city will be selling the property that Raydon will use for its new facility to Raydon. Raydon plans to be in the new headquarters in the first quarter of 2010.

My hat if off to Port Orange for aggressively easing what is many times the problem for businesses, the local government red tape and delays. I’m sure the elimination of these bottlenecks help convince Raydon that this was the right move for them.

Daytona Beach will lose Raydon to Port Orange, but the jobs will stay in the county rather than moving to another location. Raydon is also hoping to expand up to 400 employees. It’s great for the employees too. They won’t need to relocate and uproot families.

To the management of Raydon, thanks for keeping your company in the Daytona Beach area.

Technorati Tags Daytona Beach, port orange, Port Orange Real Estate, Raydon

Daytona Beach Condos Report Published

Daytona Beach condos normally sell at a rate of about 1 to 4 compared to homes. February was in line with that rate with 54 condos selling out of 256 total properties, or 22.1%.

Much like Daytona Beach and Ormond Beach homes, the majority of the sales are in the lower price ranges with 77.7% of condo sales under $200,000. That means, of course, that in the higher price ranges, not much is selling.

You can see the sales for the last 14 months by visiting our Daytona Beach Condos Monthly Sales report at www.lynnbyrne.com. The condo market had 1782 condos for sale at the end of the month for a total of 33 months of inventory. Months of inventory with houses and condos combined is 22 months, so we can see that condo inventory is pushing total inventory way up.

There are a lot of great values out there for patient buyers. Plenty of condos are available through short sale at good discounts. Sales are up so far this year, so while we’re not saying buy now, we are advising everyone to keep an eye on prices and mortgage rates (if you plan to finance).  We know that price will stabilize, but no one can predict when. My best current guess is late this year or early next, but that will be average prices. You’re buying one home or condo, not an average, so patient buyers willing to negotiate aggressively are paying below what the “average” will be a year from now.

Call me at 386-566-7503 if you need market information or to discuss current opportunities.

Technorati Tags Daytona Beach Condos, Ormond Beach Homes, Real Estate Market Reports