JetBlue Lands in Daytona Beach

The first Jetblue flight from New York’s JFK Airport landed at Daytona Beach International Airport on January 7th. This is a big boost to our area. Personally, I love going to New York, so this will make the trip a lot easier. We won’t need to drive to Orlando or stop in Atlanta. New we have a direct flight to The Big Apple.

See more here –> http://airwaysnews.com/blog/2016/01/07/b6-lands-in-dab/

Roller Coaster Coming to Boardwalk on Daytona Beach

 

Boardwalk Gets Roller Coaster

Within a few weeks, the Daytona Beach Boardwalk will get a roller coaster to go along with the ferris wheel and other attractions. This is more good news after the announcements of a coming Hard Rock Cafe and a new resort complex.

WFTV Channel 9, ran a story yesterday with a video news report. You can go that that link here.

Anything that brings and keeps tourist coming helps because bed tax revenue increases. This helps all around with jobs and more revenue to further improve the area and bring in more tourist. It also helps stabilize the housing market and real estate prices.

 

Port Orange Florida Real Estate – Raydon to Build HQ in Port Orange

Port Orange Wins New Raydon Headquarters

Good news for Port Orange Real Estate. The city has announced that Raydon will be consolidating operations and building it’s new headquarters in Port Orange on Williamson Blvd.

Raydon was looking for a new headquarters. They needed a place to consolidate their headquarters and 289 employees. The city of Port Orange, through a package of incentives and aggressively expediting the approval and permitting process, has won the new building on city owned property off Williamson Blvd.

As part of the deal, the city will be selling the property that Raydon will use for its new facility to Raydon. Raydon plans to be in the new headquarters in the first quarter of 2010.

My hat if off to Port Orange for aggressively easing what is many times the problem for businesses, the local government red tape and delays. I’m sure the elimination of these bottlenecks help convince Raydon that this was the right move for them.

Daytona Beach will lose Raydon to Port Orange, but the jobs will stay in the county rather than moving to another location. Raydon is also hoping to expand up to 400 employees. It’s great for the employees too. They won’t need to relocate and uproot families.

To the management of Raydon, thanks for keeping your company in the Daytona Beach area.

How is Your Homes Curb Appeal?

Curb Appeal for Daytona Beach Home Seller’s

Your home is for sale in the tough Daytona Beach real estate market. Does it matter how your home looks? You betcha!

Buyers expect any home they visit or DRIVE BY to be well maintained. If it’s not, they immediately reduce the value of the home in their mind.

Yes, buyers drive by your home for sale. If your home is attactive from the outside, they may be interested at looking at the inside. In many buyer’s mind, poor condition means low price.

So what do you do?

With over 6,000 Daytona Beach Homes and Condos for sale, the competition is fierce. You need to make sure that all the items on this list are covered:

  • Well maintained grass and landscaping
  • No weeds
  • Drive clean with no stains
  • Paint is not fading, chipping or peeling
  • Brick facing is not stained, chipping or broken
  • Mailbox is attractive
  • Roof is clear of leaves and branches
  • No junk in the yard or driveway
  • Front Door is clean, not dirty, stained or rusted
  • Porches and patios are clean and free of junk

If your condo or home is older and just not that attractive, you need to make sure the basics are taken care of in order to get the best price. If you own a luxury home, you need to make people sing out WOW!

It’s not easy selling a home or condo in Daytona Beach. To get the best possible price for your property when it sells, you need to follow this simple advice.

Check out additional tips for staging your Daytona Beach home.

October 2008 Daytona Beach Real Estate Sales Report Published

Daytona Beach Real Estate Report Published for October 2008

Sales and Prices Fall

The full monthly report can be found at Daytona Beach Real Estate Monthly Sales Report that we just published at www.lynnbyrne.com.

Sales of Daytona Beach Homes and Condos fell 3.9% in October while both median and average prices dropped.

Sales from the Daytona Beach MLS fell from 233 properties in September to 224 properties in October. This is not a big drop, but is the third consecutive month of declining sales since the big month of July when 301 properties were sold. We are definitely feeling the affects of the slowing economy and tight mortgage money, but a significant number of people are still buying properties at great prices.

Medians prices dropped from $167,500 to $157,950 while the average price dropped $220,233 in September to $208,100 in October. Two factors are influenced these numbers:

  1. An increase in the percentage of homes and condos sold under $200,000
  2. A decrease in homes sold over one million dollars from five to one

The median price is the half point, with 1/2 of sales under $157,950 and 1/2 over that number. Sales under $100,000 rose by 5.9% of total sales for October causing a drop in the median number. Sales of homes over $1,000,000 drops the average price of homes.

We have been contending that prices in the high priced segments of the market have been falling faster than the under $200,000 price segment. It’s hard to tell because while 154 homes sold under $200,000, only 33 homes sold above $300,000. So there’s not much of a market at the higher prices.

The lower priced market is pretty stable with unit sales over the past two months dropping only a little over 8% while the overall market has dropped over 25%.

For a look at prices and trends for 2007 and 2008, check out Daytona Beach Real Estate Market Trends.

The report covers areas including Ormond Beach, Port Orange, Ponce Inlet, Holly Hill, and South Daytona.

If you have any questions or would like to discuss the market, give me a call at 386-566-7503 or 888-519-9579.

Daytona Beach Real Estate Sellers – Consider Lease Purchase

Is Lease Purchase Right For Selling Your Daytona Beach Home?

You need to sell or your property is sitting vacant. What can you do?

The situation for selling your home is bleak. There are over 6,000 homes and condos for sale in Daytona Beach according to the MLS and less than 300 per month are selling. Foreclosure and short sales are forcing down market prices. To top it off, buyers who want to buy, can’t qualify for the current very tight mortgage requirements. What can you do?

If your home is not in financial distress and you need to sell, or at least cover most of the costs, then you should consider lease and purchase options.

Three Lease / Option Scenarios

There are three basic scenarios you could employ:

  1. Straight Option
  2. Lease Option
  3. Lease Purchase

Straight option and lease option allow the buyer to decide, at the end of the term of the agreement, if they will exercise the option as listed. Lease purchase is a sale. The buyer must buy the property at the end of the term.

The options allow the buyer to walk away, while the lease purchase does not. Check out the Lease Options page at about.com for a great description of each scenario.

Protect Yourself

Whether your buying of selling Daytona Beach real estate through lease / options, you need to protect yourself by having an attorney draft or review the agreement. Option and purchase terms, such as the amount of option money up front and the amount that goes toward the purchase price, are between the buyer and the seller. However, the terms need to be legally binding and that where the lawyer comes in.

Home Sellers Due Diligence

If you are selling using lease option, you must qualify the buyer to your satisfaction. Getting a credit check, references and proof of income must be considered. You must satisfy yourself that the buyer can make the payments. The upfront money can mitigate risk to some extent, but you still need to be sure they can pay.

Sellers of Daytona Beach homes and condos have creative options to work with buyers who need to build a down payment, or re-establish their credit scores. It requires accepting the current market and deciding to employ some creative options. If you need more information to help you decide on these options, give me a call at 386-566-7503.

Daytona Beach Rental Season Begins

Daytona Beach Real Estate Rental Season Begins

The rental season for Daytona Beach Florida real estate begins in October and ends in April with the strongest months between November and March. We manage sales and rentals at the Vantage Pointe Condos in Daytona Beach. All the reservations are in and the winter guests have started to arrive. We are fully booked at the Vantage Pointe for the season.

Why does the Vantage Pointe Sell Out?

The Vantage Pointe is sold out every winter because of great location, wonderful amenitities and very reasonable prices. If you are interested in taking a look and booking for next year, call 386-253-4600.

What If I Still Need a Condo or Home for the Winter Season?

There are properties in Daytona Beach available for the season. Depending on your needs, I may be able to find a unit for you, but don’t wait. Call me personally at 386-566-7503 to discuss your needs and options.

Race Weeks and Bike Week Cometh

The Daytona 500 is on February 15th for 2009 and Bike Week is from February 27 to March 8th for 2009. If you are planning to come for these events and you are looking to rent a house or condo to rent in Daytona Beach, now is the time to get your reservation set. If you wait too long, you will pay more and the selection will be limited. Why not call me today? You can stay in Ormond Beach, Port Orange, Holly Hill and Palm Coast and still be close enough for all the activies.

Relief for Troubled Countrywide Sub-Prime and ARM Mortgage Holders

Bank of America Agrees to $8.4 Billion Settlement on Countrywide Loans

Relief may be on the way for some Countrywide borrowers to keep their homes. The the Daytona Beach Florida real estate markets, and others where prices went up because of speculation and freely available mortgages, this can help a lot of people.
On July 1st, Bank of America bought Countrywide. Several state Attorneys General had filed lawsuits against Countrywide because of their lending practices. An agreement has been reached for a program with Bank of America that is designed to allow borrowers who purchased their homes through sub-prime or certain adjustable rate mortgages before December 31, 2007 to keep their homes.
If you are one of the families “who are seriously delinquent or are likely to become seriously delinquent as a result of loan features, such as rate resets or payment recasts,” then the program may be for you according to Bank of America.
Countrywide staff will begin contacting eligible mortgage clients by December 1 and will not begin or continue foreclosure action against a borrower who may be eligible for the program.

Borrowers will need to prove they can pay the first year payments. The bank will expect that principal, interest, tax and insurance payments will equal, 34% or less of the borrowers income.

Loans could be modified through FHA refinancing, reduced rates, or reducing the pay-option ARM requirements. No fees will be charged to modify the loans and prepayment penalties will be waived.

$150 million is being set aside to help Countrywide borrowers who are already in foreclosures or in serious risk of foreclosure. $70 million will be paid to borrowers who lost their homes to help with the move to their new homes.

If you are a Countrywide borrower who may be eligible for the program, they will contact you. I imagine if you called today, they would have very little information. You should hear from them after December 1st.

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.

2 Things That Must Happen for Daytona Beach Real Estate to Grow

Daytona Beach Florida Real Estate Sales – 2 Things Need to Grow

There is a lot of news, analysis, analysis of analysis, finger-pointing, blame gaming, doom and gloom predictions, and plain bickering going on about the economy and real estate. It going to go out on a limb here and attempt to simplify what needs to happen for home sales in Daytona Beach to break out of the current level.

There are two major factors, and I believe only two, that focus our market problems:

  1. Lack of money for mortgage loans
  2. Lack of confidence of home buyers

Lack of Money for Mortgage Loans

As easy as it was to get a mortgage a few short years ago, it is that difficult now. Near perfect credit and 20% down is being required by many lenders. In addition, income to cover the payments needs to be verified. Why? Lender’s are looking to be as close to zero risk as possible.

For the Daytona real estate market to grow from current levels, credit must be available to people with good credit who fall into what used to be considered reasonable risk. This will happen, the question is when?

Congress and the Administration are attempting to pass a widely unpopular measure to remove bad mortgage debt for giant mortgage lenders. The reason is that with this debt on the books, they are hurting for cash to fund operations, and they are unable to borrow against the lousy debt. The banks and mortgage companies don’t trust each other because they are nowhere close to zero risk themselves. Who would want to do business with Washington Mutual, IndyMac or Wachovia knowing there disasterous financial conditions.

If this bill is passed in some modified form, credit may be available much sooner than if the markets take care of themselves. In the meantime, the market will continue as it is. I’m not calling it bad now, bad was January, when only 164 homes were sold in the Daytona Beach MLS. I’m not calling it good by a long shot. Too many sellers are really hurting because of the drop in prices and the lack of buyers.

Lack of confidence of home buyers

Home buyers lack confidence in two ways:

  • Buyers are unsure that prices are finished dropping
  • They are unsure about the economy in general

Falling Prices

Are prices finished dropping? Probably not and the reason is that short sales and foreclosures are flooding the market. Short sales are selling well under market value and sellers without problems are competing against those lower prices. The economically distressed sales are depressing prices.

I could argue that buyers can get such good deals now, that they are protecting themselves pretty well against prices falling, but that is a longer term view. I believe the deals that people are getting now will be the best for a long time, but, they will not be able to sell until the market recovers. So they are getting great deals, but they’re stuck with them for a few years.

General Economic Conditions

Everybody knows that consumer confidence is low and if it wasn’t low before, it is now. When the President of the United States says that unless Congress takes action immediately, Americans will lose their pensions and jobs and that home values will fall further, most people panic – at least a little. Now honestly, President Bush doesn’t know for sure what will happen, no one does. But, action is required. The bailout of Wall Street excesses leaves a bad taste in my mouth, and if polls are to be believed, 8 or 9 out of 10 people agree with me. But something needs to be done and this is a good start.

If money is available for mortgages, people still need to be confident that they will have their jobs and companies and a way to pay the mortgage.

We Need Both Mortgage Money and Confidence

We need both available mortgage money and buyer confidence for the Daytona Beach real estate market to grow. One will not work without the other. These are tough times in the real estate business, maybe the toughest ever, but this is part of a cycle and sales will eventually grow. When you, your family and your friends feel better about the economy and your situations, then we will have turned the corner. If at that point money is available for mortgages, the pent up demand that’s building now will result in market growth.

Until then, it takes cash or great credit to buy. People who are in that position can take advantage of a great prices right now. People call me now with requests that were impossible a few years ago. They want more house or condo and amenities at low prices and we are finding them what they want. I am making sales and I’m amazed at the value people are getting for their money. If you want to take advantage of great deals, call me now at 386-566-7503. Homes in Ormond Beach and Port Orange, with their popular schools and lifestyle, are now at affordable prices we couldn’t have imaged just a short time ago. There really are tremdous opportunities.