So I thought I had heard of everything until today, the listing machine cornered me and told about his latest fund raiser. Hospice of Volusia/Flagler's 1st Annual Rubber Duck Race..and guess what? I adopted a lucky duck..for $5.00 you can adopt your own rubber duck. No not for your tub...but for the rubber ducky race!

Race To Win A Prize!

Help make a difference in a child's life!

Event Schedule

Sunday October 26, 2008

At the Jackie Robinson Ballpark, Daytona Beach, Florida. East Orange Avenue and Beach Street on the Halifax River.

11:00 am-4 pm-Music, entertainment, arts and crafts, face painting and clown...and old fashioned fesitival.

At 2 pm...the races begin..

3 pm Winners will be announced.

There are so many prizes so go check out www.hovfduckrace.org....and hopefully my rubber ducky will win!

If you would like additional information contact Midori Miller, of CENTURY 21 Sundance Realty

Midori Miller and her team service all of Flagler and Volusia county which includes: Oak Hill, New Smyrna Beach, Edgewater, Ponce Inlet, Port Orange, Daytona Beach, South Daytona, Daytona Beach Shores, Holly Hill, Ormond Beach, Ormond by the Sea, Flagler Beach, Palm Coast and all surrounding areas.

VIEW MLS LISTINGS NOW! CONTACT MIDORI MILLER SUBSCRIBE TO THIS BLOG!

2008 3rd Quarter Ormond By The Sea Florida Condo Market

The Daytona Beach Area Realtors Multiple Listing Service had 11 Condo sales in Ormond By the Sea, Florida, in the July to September quarter of 2008. Sale prices for 2 bedroom, 2 bath Condos ranged from $154,500 to $197,500 and that accounted for 8 of the 11 sales. Only 2 sales were $190,000 or higher and 6 of the 8 were $177,000 or less. Comparing the numbers, last year there were 20 sales and in 2006 there were 15. The 2007 average sale price for 2 bedroom Condos across the street from the beach was $213,000. This year the average was $177,333, so Condo values have decreased by $42,000 in the past year.

Ocean View Realty Group

For additional information about Ormond By The Sea rental homes and condos contact Deanna Thomas, our rental specialist ovrentals@aol.com Thinking of buying or selling an Ormond By The Sea home or condo? Contact Realtor Marion O'Connor or Rhonda Lehnen or Shonda Stebleton at ovforsale@aol.com Ormond By The Sea home and condo owners.................... picture your property here for rent by Ocean View Realty Group. Contact Ocean View today.

At Ocean View one call does it all!

Vacation rental information is on our vacation rental web site at www.OrmondBeachCondoRentals.com Toll free--USA and Canada 1-800-356-3409 Phone 386-441-8245 fax 386-441-2407

mail to:ovrealty@aol.com

Are you interested in purchasing a foreclosure home in the Daytona Beach or New Smyrna Beach area but aren't sure where to start? I can help.

The brokerage I work for has been handling bank owned REO properties for almost 10 years. I was working with short sales long before many agents even knew what they are. I have 4 years experience in this market.

We work directly with the largest banks and lending institutions in selling off their unwanted assets.

I have worked with people who have been told by other agents to avoid short sales and bank owned properties. This is foolish. When I see the prices my buyers pay vs what other buyers pay, I don't understand it. The foreclosure market has its positives and its negatives. The positive is mainly the price. The negative is some bureaucracy. Agents with experience can navigate the bureaucracy with little problem.

Ask yourself:

Does your agent's leadership have many years experience in selling REO properties?

Does your agent know the REO system and work with it every day?

Does your agent know, and have regular contact with, the decision makers?

Does your agent know what REO properties are coming to the market and how they are priced?

Does your agent's brokerage manage and maintain REO properties and know what problems the property may have?

Is your agent investor friendly and understand MAO, ARV, the time/value of money, and the cost of hard money?

Is your agent "deal oriented" and want you to be successful?

Is your agent realistic about the market or do they see the world through the rear-view mirror?

Does your agent know the advantages of buying REO property and how to maximize them?

Does your agent know the negatives of buying REO property and how to avoid them?

Does your agent know when a price change is coming?

September 2008 Ormond By The Sea Florida Condo Market

Ormond By the Sea Florida, through the Daytona Beach Area Multiple Listing Service, had 2 Condos sold in September, 2008. Both second floor units, one at Sunrise sold for $177,000 and one at Seabridge sold for $170,000. The Sunrise unit is larger and has undergrounbd parking and security. There are currently 7 Ormond By The Sea Condos under contract pending sale and 109 others actively for sale. The 2 condos that sold in september averaged $173,500 while a similar condo in September 2007 sold for $215,000.

For additional information about Ormond By The Sea rental homes and condos contact Deanna Thomas, our rental specialist ovrentals@aol.com

Thinking of buying or selling an Ormond By The Sea home or condo? Contact Realtor Marion O'Connor or Rhonda Lehnen or Shonda Stebleton at ovforsale@aol.com

www.OrmondBeachCondoRentals.com

Toll free--USA and Canada 1-800-356-3409 Phone 386-441-8245 fax 386-441-2407 mail to:ovrealty@aol.com

Posted by Al Raymondi at 1:30 PM 0 comments Links to this post

Larry saw the listing on Realtor.com. I have sent Larry the information about Oceanside Inn in Daytona Beach Shores, including a few links to the blogs on Localism about this property.

Here's the e-mail from Larry:

"jon,
thanks for the information. do you have any idea what the occupancy rate is? what is the split with the resort on rentals? what is the split if i provide the rental? i am very interested in this property. have you any idea what the availability of mortgages is for a condotel? what down payment can i expect? as you can see i have a lot of questions.

thanks"

I will answer these questions, as, though each condo-hotel is different, there are more similarities in the way they operate, than differences.

1. In Daytona Beach area for our purposes we do not use the occupancy rate. It is a parameter, that can obscure, not clarify. Hotels use it, and even they rely more on ADR, than occupancy. You got busloads of groups and have your occupancy at 90%... but at $23 per night. And another one rented only 37% of the units, but for $119 a night. With the high occupancy you would still get less.

The way we look at it is whether there is enough rental income on average to pay the expenses and whether the owner at the end gets something or pays out of his pocket.

2. In Oceanside Inn the split is handled in the following manner: 10% of top is going towards commissions, credit card expense... The balance is split 50/50. The owner gets 45% of the gross income minus small repairs beyond cleaning.

3. If you send a guest, you will receive 75% of the gross income. The guest will have to pay $25 cleaning fee to bring it to rental condition for the next guest. This is in Oceanside Inn and not in other condo-hotels. Keep in mind that for that there will be no service (everyday cleaning and making the beds), but the guest will be getting towels when they need, and maintenance will be provided if needed.

4. With mortgages it is tricky.It changes so fast, that I need to call my mortgage guy every time I need to help my client with financing. Last time I was told that it was still possible but with higher down payment and decent score.

On a separate note. Everyone working condo-hotels should understand that we, as real estate agents, are offering Real Property, while selling because of potential income generated by the unit as a result of activities of the third party (rental Management company) constitutes the sale of securities, which we are not allowed to do.

The Buyer has the right toask any question, however, we suggest that during due diligence the Buyer requests rental history from the Seller, which goes to the Buyer directly. I can legally tell you that these units were originally sold for $xxx and that they were reselling 3 years ago for $xxxxx, that's legal. Telling you that you will make this much money in rental income is illegal.

Jon Zolsky, your Daytona Beach connection
www.DaytonaCondoHotel.com