Have Daytona Beach Real Estate Prices Hit Bottom?

Have Daytona Beach Home and Condo Prices Seen the Bottom?

I’ve been looking at the Case-Shiller home price data today and the data seems to be showing that the two Florida areas included in the index are at or near bottom. The index includes Miami and Tampa metro areas. There is no specific listing for Daytona Beach home sales, but I think we are pretty much in line with Miami since we are on the east coast while Tampa sits on the west coast.

During the past twelve months, prices in Miami are up 1.8% while prices in Tampa are down 2.0%. If we average them, we’re pretty much flat. That’s a pretty good indication of where we are in Daytona Beach, Ormond Beach, Port Orange and the surrounding areas.

The Pundits Speak

The National Association of Realtors Chief Economist, Dr. Lawrence Yun, and Zillow chief economist Dr. Stan Humphries, have spoken recently on the market. While they’re not in complete agreement, their message is that home prices will bottom or rise slighly in 2012.

Dr. Yun says, “The housing market has clearly turned the corner… Rising sales are bringing down inventory and creating much more balanced conditions around the county, which means home prices will be rising in more areas as the year progresses.”

Dr. Humphries said recently, “For people who have been waiting to time their home purchase close to market bottom, it’s time to start shopping… When the bottom will hit will vary by market, and it’s nearly impossible to time a purchase exactly right. But home prices are not the only part of the equation. Buyers also should take into account the possibility that rising mortgage rates could offset any further home value declines that may occur.”

You may be thinking there’s some conflict of interest with these organization predicting a bottoming of prices, but I think it’s important to note that they haven’t made predictions of this sort previously. They are very careful because their predictions will be well publicized and they’ll lose credibility. They err on the side of caution. So when these two chief economists speak and agree, it’s a pretty big deal.

What Now For The Daytona Beach Real Estate Market?

As Dr. Humphries says above, no one can predict the exact bottom. Further, just because we’ve hit bottom doesn’t mean prices are going to leap upward. From the Miami Case-Shiller data, we see that the area hit bottom about six months ago, but there hasn’t been a big jump in prices since then.

Buyers of Daytona Beach homes and Daytona Beach condos who have been on the fence about prices, may want to start looking now. We believe there are plenty of bargains out there and there will be for the short term. Remember all price data reflects averages. Some buyers will get much better deals than others. That’s where we can help. We know the market and what’s selling and can help you get the best price for a property. We also are still working a lot of short sales and that’s where many of the best bargains can be found.

Please give Lynn a call at 386-566-7503 to discuss your options. Check here to –> search all homes and condos for sale in the Daytona Beach area.

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.

Know the Facts About Volusia County Foreclosure Sales

You Must Know the Facts about Volusia County Foreclosure Sales

The Clerk of Courts for Volusia County has published a Volusia County Foreclosure Sale Information Sheet. If you are considering purchasing a foreclosure in Daytona Beach, Ormond Beach, Port Orange or anywhere else in the county, you should read this two page sheet. Why? Check this out:

“There are certain risks associated with bidding at foreclosure sales. One of them is the possibility of a foreclosure sale which is set aside because a defendant has filed for bankruptcy protection. If that is the case, even where the Plaintiff and the Clerk are unaware that a defendant has filed for bankruptcy protection, the foreclosure sale can be set aside, or is considered to be null and void. IF YOU BID AT A SALE, AND THE SALE IS SET ASIDE FOR REASONS OTHER THAN CLERK’S ERROR, THE CLERK WILL RETAIN THE SALE AND REGISTRY FEE EARNED.”

The Information Sheet also includes

  • Fees
  • Deposits
  • Payment Requirements
  • What happens if you don’t pay
  • Certificates of Sale

The Clerk of Courts also advises that you hire an attorney for this process. This is a very good idea unless you have a lot of experience in buying foreclosures from the county.

We know that Daytona Beach real estate and the rest of the county is being severely impacted by short sales and homes going into foreclosure. If you are looking to take advantage of foreclosure sales, arm yourself with the best information and representation.

Selling Daytona Beach Homes – Why Not Move Up?

Selling Daytona Beach Homes – Why Not Move Up?

What if you could move up to the home or condo of your dreams for much much less than you ever thought possible?

Here’s what one of my clients did:

  • Bought a home in a secure, gated community, for $250,000 that gave her nearly 500 sq. ft. of living space, an enclosed pool with a fantastic pool deck, a double lot on a lake, and $60,000 in lush landscaping that the previous owner had installed. She bought it as a short sale, so she paid $160,000 less than the previous owner.
  • Sold her existing home that she bought in 2004 at a price about 6% over what she bought it for
  • Moved up in home size, luxury and style

We just created a page on www.lynnbyrne.com called Daytona Beach Homes – Advanced Buying Strategy where we tell the whole story and how you can do it too.

The strategy takes advantage of the current market for Daytona Beach condos and homes. Basically, you can move up to a larger, newer, more luxurious, better located home for very little money.

You can take advantage of this strategy in the Ormond Beach Real Estate market, or Daytona, Port Orange, Ponce Inlet or anywhere else in Florida or the country.

There are certain segments of the Daytona Beach Homes market where this works best and we talk about that on the advanced buying strategy page. You can view the strategy or give me a call at 386-566-7503 to get the story in more detail.

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.