Will Daytona Beach Homes and Condo Bargains Be Hard to Find?

Reports out of Las Vegas say housing bargains are drying up. Is the same thing happening in Daytona Beach?

A Wall Street Journal story by James R. Hagerty reports housing bargains are tough to come by in Las Vegas for many people. The reason he states is that investors with cash are more desirable to banks. See the full story - Vegas House Bargains Dry Up.

This report doesn’t surprise me at all. Cash buyers are more attractive to banks and lenders for both short sales and foreclosures. The reason is fairly simple, in an ironic twist, the banks know that if a buyer is getting a loan to make the purchase, the deal is not as tight. Too many things can go wrong.

We’ve been seeing this with Daytona homes for sale for some time. Many of my buyers over the past two years have been cash buyers. All of my buyers who financed were pre-approved before making any offers on short sales or foreclosures. Buyers who are not pre-approved will not be considered in nearly all cases when submitting an offer to banks or lenders.

The Las Vegas market is much larger than the Daytona Beach market, but the dynamics are very similar. Both areas have experienced a lot of foreclosures. Investors may find Las Vegas more attractive because of future economic prospects, but we can expect the same investor attention here for the more attractive properties. There will be more money chasing the bargains that bargain property available in Las Vega and our market will get attention when that happens.

To some extent we are seeing investor action here. I’ve sold more than a few properties to investors recently. Most are renting the properties out while they wait for values to rise.

What Next?

We see more investors coming to the Daytona Beach and Ormond Beach real estate market as the economy improves and prices further stabilize. We are no longer seeing the dramatic price drops we saw over the past two years. When it’s generally recognized that prices have stabilized, more investors will jump.

The point is to understand that there is competition for attractive well-priced properties and that competition will increase in the near future.

Technorati Tags Daytona Homes for Sale, Foreclosures, Ormond Beach Real Estate, Real Estate Bargains, Short Sales

New Listing - Beautiful Halifax River Home in Ormond Beach

On the Haifax River this Home in Ormond Beach Florida has magnficent views and direct river access with dock and lifts. This area of Ormond Beach is gorgeous with many fine homes on both sides of John Anderson Drive. This home is located just a little north of Granada Blvd on beach side and close to everything. The beach, restaurants and shops are within walking distance.

There are also two parks a short walk away on the beach side and two more on the mainland side over the Granada Bridge. Many people enjoy “Walking the Bridge” for exercise and the views from the height of the bridge. Oh, there’s a great view of the bridge from the backyard of this home.

If you’ve dreamed of living on the River in Florida, you must check out this home. Listed at $995,000, this home with it’s large riverfront lot, is well priced in the current Ormond Beach real estate market.

Features

• 3 Bedrooms
• 2-1/2 baths
• Large Living Area
• Formal Dining Room
• Breakfast Area
• High-End Kitchen
• Large River Lot
• Over 2,800 sq. ft. of luxury living area
• Boat Dock
• Wood Floors
• 2 Car Garage
• Complete Rebuild in 1994
• Spectacular River Views from Home and Outside Patio

For more information, give me a call at 386-566-7503. Be sure to check out more photos of this home at Ormond Beach River Front Home for Sale - John Anderson Drive.

Technorati Tags Halifax River, Ormond Beach Homes for Sale, Ormond Beach Real Estate, Ormond Beach Riverfront Home

A  Small Step to Help Haiti

This is a reprint of an article that I posted on my main website a few minutes ago. Please take a moment and do what you can. Thank you.

The earthquake in Haiti has devastated the nation and its people. I see the news on TV and although it appears horrible, I don’t think we can begin to understand how bad it is there in Haiti.

I am not able to help directly, but I can give and I have. I would like to point you to an organization that has been helping Haitians for over 25 years with health care and support. The Haitian Health Foundation spends 92 cents from every dollar donated on direct services. They were in Haiti before the earthquake and they will be there long after short-term aid is gone.

I’m giving money because that’s what aid organizations the world over ask for during these times. I’m giving to an organization that’s dedicated to Haiti because I know the money will be spent there.

Your preferences may be different, but I urge you to do whatever you can to help the people in Haiti. You may literally being saving people’s lives.

Technorati Tags Community

Make Sure You Get You Tax Credits for Consumer Energy Efficiency

<!– /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-parent:”"; margin:0in; margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:Arial; mso-fareast-font-family:”Times New Roman”;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.25in 1.0in 1.25in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} –>

Did you replace your hot water heater, windows, doors or A/C last year? Will you do it this year? You may have up to a $1,500 tax credit coming.

Many home owners are staying put. Most have no need to sell their Ormond Beach, Port Orange or Daytona Beach homes. That means that as systems like hot water heaters and air conditioners fail, they need to be replaced. If that has happened to you, you need to check the units you purchased to see if they are eligible for a tax credit from the federal government.

If you plan or need to replace hot water heaters, door, windows or and A/C unit this year, making sure that you buy a unit that is eligible for the tax credit could save you 30% of your purchase.

The federal government wants to encourage home owners to be more energy efficient. That’s why they’re providing this tax credit incentive.

The tax credit expires at the end of 2010. You can take 30% of the cost (including installation) up to a total tax credit of $1,500. If you spend $5,000 you can get the full $1,500 ($5,000 X .3 = $1,500). $1,500 is the maximum credit you can take for 2009 and 2010 combined.

The government’s Energy Star Site provides the details of determining if a product is eligible for the tax credit. It’s actually a good site with specifics of what’s eligible and a nice FAQ (frequently asked questions) section.

Technorati Tags A/C Tax Credit, Daytona Beach Homes, Energy Star, Energy Tax Credits, Hot Water Heater Tax Credit

Merry Christmas and Happy Holidays

I just posted our Christmas message on lynnbyrne.com. Please enjoy the happiest of holiday seasons.

I’m taking a break from cooking for our family Christmas dinner tonight to write a short message to all our clients and friends. At this special time of year, we wish you the best possible holiday season. We wish you joy, peace, comfort and prosperity for this season and in the coming years.

I’ve always loved this time of year. I think it’s because people seem to be kinder and friendlier. I believe in the Christmas spirit. As I grow older, gifts mean little and family and friendships mean much more. I am truly blessed with the opportunity to do what I love. I am also blessed with wonderful friends and close family relationships.

This is the time of year to enjoy each other and to eat and drink way too much. I raise my glass and toast all, “Merry Christmas and the Happiest of Holidays.”

The Byrne Family - Lynn, David and Michael

Technorati Tags Merry Christmas

Federal Reserve Chairman Ben Bernanke Talks About Home Sales

Kenneth Harvey at Realty Times reports on a speech that Federal Reserve Chairman Ben Bernanke gave in New York a couple of weeks ago. Mr. Bernanke said, “Housing in the coming year is going to be a relative bright spot - a helpful driver of national economic growth, rather than the wet blanket it’s been for the past couple of years.”

Can you believe it. Housing that has been a weight around the neck of the economy, could actually stimulate the economy next year.

Mr. Harvey also reports:

Fannie Mae issued its projections for the coming year — and predicted that housing sales will jump by 11 percent — even in the face of a slow recovery for the economy as a whole.

A few days ago, unemployment figures were reported down for the week. Now one week doesn’t make a trend, but it makes for a lot of talk in the media. Maybe it’s an anomaly, but maybe it’s the beginning of the end of this economic recession that we’ve all been living through.

We seen housing prices begin to stabilize over the past few months with prices in Miami actually up slightly.

What’s it all mean?

I’m not going to predict exactly when we will see a turn around in the economy and improved home sales. I look at it a little differently. The economy will turn around and home sales will rebound to traditional levels. It’s coming, but we won’t know when until it has actually happened. Recessions are like that. The end is called months after it actually happens.

Daytona Beach Real Estate Sales

Now Daytona Beach real estate sales have reached the level of about where they were before the run up to the housing bubble started. In the year 2000, 3671 properties were sold through the Daytona Beach MLS. Last year 2900 were sold and in 2007, 3047 were sold. As of today, 3617 homes and condos have been sold in 2009. A 10-11% increase next year is where we would likely have been without the bubble. In other words, based on year 2000 sales figures, we could expect to be at about 4000-4200 property sales through the Daytona Beach board. Not exact science, but the point is, we are probably approaching a sales level that will be pretty stable in the years to come.

We still have tons of inventory with 5375 residential properties for sale, but at November’s sales rate of 404 properties sold, that’s only 13.3 months, down from 29 months at the end of last year.

So, in Daytona Beach, if the current trend continues, and that’s a big if, we are quickly approaching a stable market. A stable market, or balanced market, means that buyer’s advantage will be less and there will be a lot of competition for well-priced properties. We are seeing that now with ocean front condos and some homes under $200,000.

Is it Time to Act?

If it’s not, it’s getting closer. The window is not closed, but it may very well be closing. Keep an eye on all the market news. Where? Well, here of course.

Technorati Tags daytona beach mls, Daytona Beach Real Estate, Home Sales Predictions, Housing Prices

Not All Home Improvements Are Worth It

Not all home improvement are created equal. Some will never pay you back the full value of your investment.

Financial Web recently published an article citing two improvements that don’t pay back the full investment. They mention spa and pools and special purpose rooms. On pools and spas Financial Web says:

“The number one money trap for many home owners is installation of a
pool or spa. Very few residents are actually willing to pay the cost to
own and maintain a pool in their home.”

On special purpose rooms, they say:

“Adding a bedroom or bathroom to your home will generally add value.
Adding a recreation room, sun room or movie room, on the other hand,
will not often pay off.”

You can read the full article here –> Unrewarding Home Improvements to Avoid.

Obviously if you’ve already invested in these improvements, you will not get the return. However, if your purpose is sheer long-term enjoyment of a pool or spa, go for it. But, remember, other people (like buyers) won’t pay the premium for the pool or spa that you added.

When buying a Daytona Beach Home, keep in mind that what others value about their properties may not translate into the appraised value.

Technorati Tags Buying a Daytona Beach Home, Home Improvement, Return on Home Improvement Investment

Luxury Lakefront Flagler Beach, Florida Home Showcase

Our new showcase feature starts with this Flagler Beach Luxury Waterfront Home. This showcase features extended descriptions, features and pages. Here’s what the introductiion page looks like:

Now, it’s difficult to see the details in this thumbnail of the showcase, so click on over to see it in all its detail. This is a unique home. After meeting with the owner/builder for over two hours, I came away with a respect and appreciation for all the detailed planning he put into this home.

It’s 5 bedrooms and 4-1/2 baths on a lake that’s directly off the Intracoastal Waterway with views of the lake and the waterway from all three floors. The features are amazing. For instance, the kitchen has three ovens, two dishwashers, gas stove with 6 burners, multiple sinks and granite countertops throughout. The appliances are top of the line GE Monogram and really fit well with the design. Windows line the whole south wall for sunlight all year round.

The master suite has wood floors, an eye-level fireplace, waterfront views and a bath built for pampering. The tub is a Shiatsu Massager with air jets and colored lights. The shower has three jets to make showering an envigorating experience.

This is a must see for the luxury buyer in the Flagler Beach and Daytona Beach homes market. You will search a long time before you find a home like this.

Luxury sellers can expect this type of showcase for their properties. Please contact me to discuss options for your property.

Technorati Tags Daytona Beach Homes, Flagler Beach Luxury Waterfront Home, Luxury Home Showcase

Daytona Beach Condo

Mediterranean Building

Many people prefer condos that are on higher floor, but this second floor luxury unit in the Mediterranean Condo building in Daytona Beach has some of the most beautiful views I’ve ever seen. Being on the second floor gives views of the ocean that you don’t see from higher floors. It’s almost like living right on the ocean.

This 3 bedroom / 3 bath condo was a former developer model and the design and layout are beautiful. Check out the video below to get a feel for the beauty of the condo and the views.

Check out Mediterranean Condo in Daytona Beach for more info on this amazing condo. Call me at 386-566-7503 for more information or to see the unit. You can also find more information on all Daytona Beach Condos for sale.

Technorati Tags Daytona Beach Condos, Luxury Condos, Mediterranean Condo, Oceanfront Condos

Sales of Daytona Beach Homes Up 58.7%

Sales of Daytona Beach homes and condos in September were up 58.7% over last September. Needless to say that’s is a huge increase.

Sales under $200,000 accounted for 72.4% of all sales and sales under $300,000 accounted of 88.6%. No homes were sold over $1,000,000. The 370 homes and condos sold in September fell just short of July’s sales of 375 properties that was the highest in over three years.

Month to month, September sales were 10.4% higher than the 335 sales recorded in August.

What Do The Sales Numbers Say?

The numbers tell us one simple thing about the Daytona Beach real estate market - more people believe that homes and condos are at price right. The numbers don’t tell us anything about reaching a price bottom or whether prices will go up or down. It was recently reported in USA Today that people are finding bargains in the Daytona Beach area and that’s true. It’s hard to believe some of the deals we’re seeing.

Is Now The Right Time to Buy?

Buying or investing in a home is a decision that only you can make. There are no guarantees, but patient buyers will find great deals. Foreclosures and short sales are keeping prices down, but eventually that will runs its course and pressure will begin to mount for prices to rise again. If you are ready to explore the market and discuss options, give me a call at 386-566-7503.

Reported sales are from the Daytona Beach MLS.

Technorati Tags Condos, Daytona Beach Homes, Daytona Beach Real Estate, MLS