Daytona Beach Real Estate

Good news for the Daytona Beach real estate market. This new tax credit adds the third key to an already attractive buyer’s market. With prices so low, and interest rates so low, and now a possible tax credit, now may be the best time to buy.

As part of the American Recovery and Reinvestment Act of 2009, a provision for a tax credit of up to $8,000 for new home buyers was included, but, it’s not just for new home buyers.

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The Daytona Beach real estate market has been in a slump for about 2-1/2 years now. The latest news is that building permits are down from 5138 in 2006 and 3750 in 2007 to 2983 in 2008. That’s a drop of 20.5% over 2007 and a whopping 41.9% over 2006.

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A few days ago, Senator Johnny Isakson had added an up to $15,000 federal tax credit to the so-called “Stimulus Bill.” It didn’t make the final version.

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Senator Johnny Isakson from Georgia, added a provision to the monstrous new stimulus bill that would give buyers of a primary residence, a $15,000 federal income tax credit.

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Mercedes Homes has built a lot of Daytona Beach homes over the past decade. Now they’ve filed for bankruptcy, and depending on how a bankruptcy judge rules, current warranties may be voided. That would put quite a few people in a bind.

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Rates were at 5.14% on Monday and 5.44% at the end of business today. Rising rates can cost you big time - look at the math now!

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It seems that mortgage modification is now a hot topic in Washington and more news is coming out nearly everyday. A few days ago, Citibank, removed its opposition to bankruptcy judges and trustees negotiating mortgage modifications with lenders and banks on behalf of homeowners.

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We just published our Weekly Daytona Beach Real Estate Report and a few quick notes came from our analysis this week:

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Over 560 Daytona Beach condos were sold in 2008. In what price range were most sold?

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Total sales of Daytona Beach homes and condos from the Daytona Beach MLS were 2900 in 2008. It will come as no surprise that this is the lowest sales level this decade.

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