Daytona Beach Real Estate

Both Volusia (Daytona Beach, Ormond Beach, Port Orange, Deland and surrounding areas) and Flagler (Palm Coast) Counties home markets have been classified by Countrywide, the mortgage lender, as category 5 counties in their soft market categories list.

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There are close to 7,000 homes for sale on the market according to the Daytona Beach MLS. In December, 231 sales of residential homes were recorded for the Daytona Beach area in the MLS.

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The ongoing debate involves tax relief for Florida residents and business owners; double homestead exemption and portability. The opposition comes from those who believe, especially at the local levels, that services will be downgraded with these tax cuts.

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Yesterday, I completed a contract at 96% of asking price on a condo in Daytona Beach – this was also the highest of the last three sales in this particular beachside condominium complex.

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Merrill Lynch, the large financial firm whose previous predictions resulted in a $7.9 billion loss in their third quarter of 2007, has released a new forecast. Merrill Lynch is forecasting a 25-30% drop in national housing prices in the next few years.

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In a surprise move, the Federal Reserve cut its federal funds rate by 3/4% from 4.25% to 3.5%. This rate impacts credit card, home equity line of credit, and auto loan rates.

What about mortgage rates? Mortgage rates are tied to long-term bond yields.

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Yes, we could be seeing the bottom of the real estate market in Daytona Beach and around the country. Major economists and bankers have forecasted a recovery for the real estate market in 2008.

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A review of Daytona Beach home prices over the past five years may show unexpected strength in the market.

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Daytona Beach Condo Rental Season at Peak
The Daytona Beach condo rental season is in full effect. This is the time of year that our winter residents come to enjoy the great weather.
Two of the major Daytona Beach area events will soon be enjoyed by locals and visitors. Race weeks start with the Rolex [...]

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