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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