Over 80% of Condos Bought in Florida Are For Cash

Cash Buyers Dominate Florida Condo Purchases

Cash PhotoI just read a report over at the CoreLogic blog. Florida leads the country in cash purchases with 81.2% in January with Nevada close behind at 80.5%. See the full report here.

This report matches our experience in the Daytona Beach area. We see some investors, but we see more people are buying for retirement or as a second or vacation condo. Some people are buying for retirement a few years out and are renting the units in the meantime.

There’s a good selection of condos available in Daytona Beach at all price ranges. Check out our Daytona Beach Condos page to view available units by price.

 

Daytona Beach Real Estate April 2011 Sales Analysis

April 2011 Daytona Beach Real Estate Analysis Published

Are Daytona Beach homes and condo prices finally at the bottom? Are sales holding at their high levels? In what price range are the highest sales?

We’ve just completed our analysis for the month of April and our take on the current market. To get the full report, go here –> Daytona Beach Real Estate April 2011 Sales Report.

The quick take is that sales are up slightly over last year and big-time over 2009. Median and average sales prices have been steady within the current range for about a year. Home inventories are down over 25% since September 2008 and sales are up about 64% since then. Current months of inventory is at 10 months. In September 2008, the months of inventory was at 21.6 months.

While we can’t say that prices have hit bottom, we can say that we are near. That assumes, of course, that there are no catastrophic economic problems.

The numbers are all trending in the right direction and I’m seeing that in the market. Home and condo sales under $200,000 account for 78.7% of all residential sales and sales under $300,000 account for 90.4%. That mean that there is a huge gap in sales between lower priced and higher priced homes. The market might be considered hot for well-priced homes under $200,000 and cold for home above $300,000.

It’s important to keep in mind when thinking about real estate prices, that we remember that every sales is the result of negotiation between a buyer and a seller. The numbers reported in the Daytona Beach MLS are useful for guidance, but your skills in negotiating and choosing an agent to find the best value are important. When working with an agent, make sure to select someone who is active in the market and closing. With short sales and foreclosures, you need someone who is working with lenders every day and knows the complexity of those negotiations.

Please call me to discuss your needs. I’m available at 386-566-7503.

Spectacular Ocean Views – Daytona Beach Condo

Daytona Beach Condo

Mediterranean Building

Mediterranean Condo View

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.

Daytona Beach Real Estate Sales Down 15.9% in September

Daytona Beach Real Estate Sales Drop 15.9% in September

After five months of stronger home sales in the Daytona Beach, September sales dropped significantly to 233 homes sold from 277 in August.

Why Daytona Beach Home Sales Dropped

There are no certain explanations for the sales drop of Daytona Beach homes, but we expect very tight mortgage credit and economic fear as the primary sources. There is little good news, and borrowers with top credit and 20% down money are about the only buyers able to get financing. Lenders are looking for as close to zero risk as they can get.

What About the Bailout Bill?

The bailout, or rescue bill, was signed into law this afternoon. I don’t know the affect and neither does anyone else. My hope is that it kick starts the economy and breaks the credit logjam. We will see over the next few months.

Want More?

We’ve moved our Monthly Daytona Beach Real Estate Report to www.lynnbyrne.com to place all the reports in the same location.  You can see our:

Weekly Daytona Beach Real Estate Report

Daytona Beach Real Estate Trends and Analysis

The Upside for Daytona Beach Florida Real Estate

People with the financial resources to buy now can realized tremendous discounts to market values through short sale purchases. Banks are dealing and accepting offers we didn’t think possible even a few months ago. I’ve heaviliy involved in the short sale market and can answer any questions you might have when you call me at 386-566-7503.

Daytona Beach Condos – 2 BR 8th Floor Direct Oceanfront Video

2 BR 8th Floor Oceanfront Daytona Beach Condo

Many Daytona Beach condos offer nice views and a few offer great views, but few offer the spectacular views of this 8th floor condo in the Mediterranean building. Both bedrooms and the living room are on the ocean. Take in a full panorama from from the north to the south. View the video to see for yourself.



This beautiful condo has tile and bamboo wood floors. Granite countertops and a unique master bath. The Mediterranean Condominium amenities are top of the line with a club room with media center, pool and party facilities. The pool is on the ocean and after a workout in the modern fitness center you can take a sauna and jumped into the pool. See more details at Mediterranean Condo in Daytona Beach.

I have several condos listed in The Med, Give me a call at 386-566-7503 to decide if one is right for you. You can also search all Daytona Beach condos at my main site -www.lynnbyrne.com.

Video Listing – Daytona Beach Condo on River – 2BR/2BA+

Direct Riverfront Daytona Beach Condo

The river views are tremendous during the day and spectacular at night. Sit on you balcony or by the riverside pool and watch the boats go by. Or, you could fish or enjoy the cool breezes from the dock. Or, maybe a short walk to the beach.

This 2 bedroom 2-1/2 bath condo is fully furnished and beautifully done. There are corian counter tops and tile is used liberally throughout the home. The carpet is new and the roof has been recently redone.

But, why read my attempts to describe it when you can watch the video and see it for yourself. It’s less than 2 minutes. We’re asking $178,900 and at that price, it one of the most attractive condos on the river. Give me a call at 386-566-7503 to see it for yourself.

 



You can find more information on Daytona Beach condos at my main website, www.lynnbyrne.com.

Ormond Beach and Daytona Beach Condo Sales July 2008

July 2008 Ormond Beach and Daytona Beach Condos Sales

Condos sales in the Daytona Beach MLS were 57 units for July 2008, or 19% of the total of 299 total properties. This level is about normal for the year where condos have represented 20% of total property sale.

As of today, there are 1918 condos and condotels on the market. With 57 sales in July, that represents almost 34 months of inventory vs. 16 months for houses.

Daytona Beach Condo sales are suffering from two issues. The first issue is that there are just so many condos on the market that any single unit is going to get lost. Unless there is something spectacular about the unit – usually price – it is competing with hundreds of other units.

The second issue is that vacation condo and second home condo buyers are sitting on the side line. They don’t need to buy a condo and they are waiting for prices to bottom.

Many units were built in the past few years and many of those units were priced higher than other units in the area. We have reported in our monthly real estate reports, that over 80% of our sales are in the under $300,000 price range. High priced units are not selling very well in this market.

If you must sell a condo in the current market, you are going to need to be very aggressive on price and the higher the price of the unit, the more aggressive you will need to be. If you are not in a must sell position, you are probably in for a long wait if you choose not to be aggressive.

If you are considering buying, our advice is to pay close attention to sales and prices. Check back here often for that information and analysis.

Daytona Beach Condos Buyers Strategy for 2008

Daytona Beach Condos Buyer’s Strategy

With over 30 months of condo inventory, there is more competition among condo sellers than house sellers. Our advice is to negotiate aggressively. You can only do this with sellers who are motivated, so make sure you are dealing with someone who will negotiate. In addition, find two to three properties that you are willing to buy (at the right terms), and move from one to the other. Let the seller’s agent know that you are considering other properties. It will strengthen your negotiating position. You may need a lot of patience, but with this strategy, you can get a great condo at the best price possible.

Why Use This Strategy?

Daytona Beach condos sell at about 25% of single family home sales. Those were the results in April 2008 and those were the results in April 2005. In both months, 3 years apart, condos were 20% of Daytona Beach homes sales. One condo is sold for every four houses. Of course the big difference is in the total sales numbers. In April 2005, 108 condos sold. While in April 2008, 58 condos sold.

That does not mean that the condo market is as healthy as the single family house market. The inventory numbers tell the story. There are 1752 Condos on the market today. With 58 Daytona Beach condos sold in April, that’s 30 months or 2-1/2 years of inventory. There are 4200 houses on the market and 213 Daytona Beach houses sold last month for an inventory level of less than 20 months – not good but better than the condo level.

Part of the reason for the higher inventory number is because we are seeing the highest level of total sales in the under $200,000 market (57% in April), with a median sales price of $180,000. Condos, however, were sold at a median price of $228,000 in April, nearly $50,000 or 27% higher than the house median. Only 22% of condo sales were under $200,000 vs. 57% of houses. The condo market in Daytona Beach is a higher priced market.

That being said, it is interesting to note that even with the difference in median sales prices, the ratio of house sales to condo sales remains at 4 to 1. Simple projection says that in order for condo sales to pick-up, total sales will need to pick-up. This is not a one month fluke. January condo sales were 21% of total sales, and year to date the number is 21%. The condo market will not improve unless the overall market in the Daytona Beach area improves, or, condo prices drop significantly.

Don’t forget to consider Ormond Beach condos, Daytona Beach Shores condos, and Ponce Inlet condos. Many of the buildings are directly on the beach with a few on the Halifax river. The are also lower priced condos available across the road from the beach in Ormond by the Sea.

If you are considering Daytona Beach Condos for your primary home, or as a vacation or second home, now is a good time to take a look at what’s available. You are in a great position to negotiate in this buyer’s market. Find out about your options by giving me a call. Check out Daytona Beach Condos for Under $150,000 for more information.

Daytona Beach Condos for Under $150,000

Daytona Beach Area Condos for sale Under $150,000Vantage Pointe Condominiums

I just completed the sale yesterday of a unit in the Vantage Pointe condos in Daytona Beach. The Vantage Pointe is across the road from the beach with a great second floor pool, tennis, a fitness center and club room. The condo sold for $104,000. There are more units available in this price range at the Vantage Pointe.

As of tonight, there are 238 condos priced from $100,00 to $150,000 in the Daytona Beach MLS (Multiple Listing Service). Condos for sale in the MLS include Daytona Beach, Ormond Beach, Daytona Beach Shores, Port Orange, Holly Hill, South Daytona, Flagler Beach, Palm Coast and Ormond by the Sea. Most of the units are 1 and 2 bedroom with a few 3 bedroom units available. The one bedroom units generally have one bathroom. The two and three bedroom units can have one or two bathrooms and some have an additional half-bath.

The location of the units vary. A few are located along the beach across the A1A which runs along the coast. You can walk across the road to the beach. I just completed the sale yesterday on a unit in the Vantage Pointe condos in Daytona Beach. The Vantage Pointe is across the road from the beach with a great second floor pool, tennis, a fitness center and club room. The condo sold for $104,000.

Other units are located on the mainland and many are quite nice. You can get more space and a newer unit on the mainland. The units on beachside at this price are generally older, but most buildings are well maintained.

Condo units are very popular Daytona Beach homes for many people year round while others are used during the winter season. Some people purchase them for investments. You can get decent rents for the units during the season for about 4-5 months, or you can rent long term for lesser rents.

Now, in this price range, these are not luxury units, but many are nice buildings in nice areas. Many people are surprised at just how nice a unit they can get for less than $150,000.

If you would like a list of Daytona Beach condos available throughout the area, simply make the request through out contact form. You can also search by city, bedrooms, etc. using my Daytona Beach Real Estate Search feature. Call me if you would like to chat about the area and the different condo complexes in the area.

Daytona Beach Condos Present Opportunity

Daytona Beach Condos Buyers Face Dilemma

There is a dilemma facing many prospective condo buyers. That dilemma is in the form of a simple question – How low will prices go? The Daytona Beach MSL shows about about 1840 condos for sale. These listings include Ormond Beach condos, Ponce Inlet condos, and, Port Orange, South Daytona, and some New Smyrna Beach real estate as well.

Yes, prices have fallen and we don’t know how much further they will fall or when the drop will stop. Sellers are all over the spectrum when it comes to just how serious they are. There are some sellers who, even in this market, are just floating their unit to see what will happen. They simply are not serious. There are others who are very serious and are willing to negotiate. Then some sellers are simply desperate. Some Daytona Beach Homes and Ormond Beach Homes and condos are bank owned or soon to be bank owned. These are ripe for a short sale, where the bank will take much less than the current mortgage value simply to salvage some value from the property without paying the estimated $40,000 average cost to foreclose.

So, to answer the question of how low prices will go, let’s look at where they are now. All situations are different, but, it is possible, right now, to buy a unit at 65% of prices at the top of the bubble. Not every seller is this motivated, but some are. How do you find them? Well you can make a lot of phone calls to a lot of agents and look at a lot of units. Or, you can find areal estate agent who will do the work for you.

Most of the beachside condos are offered through Ormond Beach real estate, Ponce Inlet real estate, or Daytona Beach real estate agents. My experience in selling condos goes way back. I sold the first condo for over $1,000,000 in Daytona Beach. I know nearly all of the buildings, and I’ve sold a lot of condos. I’ve also handled many Daytona Beach condo rentals.

If you are going to buy a condo in the next few years, now is in the window of time that you should be considering. Here’s why. We are selling fewer homes and condos than before the speculative price run-up. There is a demand in normal times than is not being met. At some point there will be a re-balancing of that demand. At that point, prices will stabilize, but more importantly, sellers will be less willing to accept lower prices. That hasn’t happened yet, so the opportunity for aggressive negotiating by buyers is probably at or near it’s highest point.

If you are interested in Daytona Beach Condos or Daytona Beach homes, you are in the driver’s seat. To discuss opportunities, give me a call at 386-566-7503 or drop me a message.

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