South Daytona, FL

I'm now on post number 5 (plus the additional post that compiled the information of the first 4) of my blogging series for each city in East Volusia County, providing real estate information on the available MLS listings; the types of properties, the number available, and the price ranges for each group.

For this post we're featuring the city of South Daytona, located to the immediate south of Daytona Beach, with the exception that South Daytona does not crossover to the peninsula/beachside/east side of the Intracoastal. But South Daytona does hold some incredible, brand new condos with stunning views of the Intracoastal.

That being said, the previously mentioned real estate listings are found in the chart below. All information is from the Daytona Beach Area Association of REALTORS® Multiple Listing Service (MLS).

If you're considering buying or selling real estate in South Daytona or any of the city in East Volusia county, make a Smart Choice and contact Lisa Hill for all your real estate needs.

Markets have stabilized slowly over the last few months. While there have been many first time home buyers taking advantage of the $8000 tax credit, there are a significant number of investors buying up property.

As these homes are bought, renovated, and rented, the values of these homes are likely to increase due to the work and money invested in them. This will add to the taxable, which in turn should increase

The amount of money collected by state, federal and local governments in property taxes. While this is not a complete answer, it is one area that can help offset the massive government spending currently taking place. When real estate investors enter the market, it is usually a sign that prices may have reached the bottom. Most investors will not purchase a home where the rents will not cover the mortgage and expenses. It must be a good time to buy, or they would invest their money elsewhere. Given the fact that investors are buying, it is my impression that it is a GREAT TIME TO BUY.

Search Daytona Beach Homes

There have been many efforts to help homeowners this past year. Varying degrees of success have been reported among the numerous well intended programs. I applaud the success stories Of those that have been able to refinance, or have their loans modified in a meaningful and sustainable way. Unfortunately, not everyone in that is in need of help has received it. Even worse, some that have received help are disappointed to find that the relief was only temporary. Click here to see an article from Reuters News with more information.

There are a growing number of people on the brink of abandoning their homes, as they feel they will never catch up. Click here to see a story from Florida Realtors with sobering statistics. There are concerns that the Fed may soon stop buying mortgages at their current pace. It is not reasonable to believe that this activity can continue indefinitely. Click here to see an article From Realty Check with some interesting facts. Does this mean that we are heading back down the road to more troubled times in the housing market. I do not believe so.

Search Daytona Beach Homes

While I read about first time buyer incentive on AR all the time, I did not have that happening to us. There is a reason for that. We are in a resort market, working primarily on the beachside, and dealing with condo-hotels or beachside condos. They are not primary residences, and the question of First Time Buyer benefit was mute.

And then I received a call from Lev Levitan, a mortgage broker from Palm Coast, our neighbor city to the North. "Can you find something inexpensive for my client in Port Orange?" Of course. I got the number, called and had a conversation with a buyer, a real first time buyer. She wanted a condo or townhome, or a house in Port Orange, FL, and she could not go over $100K. Financing was a challenge, we had to arrange that Seller would agree to pay up to 6% of the closing costs, and even with that the money was very tight.

But she had a workable (awful word, but you know what I mean) score, and a decent full time employment. And she is full of life, and ecstatic about getting the place of her own.

We checked the available listings in the area. Finding properties under $100K though possible, is challenging. Anthea was not in love with anything she saw. We also had to be careful with condos, as though you could get the right price, the condo fee would be a problem when financing. She asked me about Oak Meadow Townhomes. A very good place for a starter but it is not in Port Orange. So what?

Real Estate 101. You gotta look beyond the specified location or municipality.

There were several listing there, and we looked at 5 of them. Favorites are a 2/2 townhome for $99,900 and a 3/2 for $119,900. The main reasons were the price and condition. After coming back there to show the unit to her brother, she finally decided on the one for $99,900. We negotiated the price and ended up with $92,500 with the Seller's contribution of up to 6% towards closing costs.

Financing was nerve recking process. With the changes in policy, we had 3 rejections. Lev Levitan from EQ Financial kept assuring me that he would get it financed, and after a couple of rejections I did not feel confident. We had to extend the contract, and the seller was very concerned. I feared that we would not be able to get another extension, we were getting dangerously close to the expiration of the contract, and then Lev called and said we were closing on time. What a relief.

We get to closing, and a had a combustible mix of people at the table with such great sense of humor, that bursts of laughter were coming one after another. I was very impressed at how John Pyle from Equity Title was still able to keep his cool, and did not miss a signature, and everything was done. That was that rare closing, which was absolute fun for everybody. Lev Levitan came from Palm Coast to a closing and stole my job off explaining to Anthea the Settlement Statement, but I was OK with it. I very rarely see mortgage brokers coming to closings, and it always impresses me and the Buyer. Anthea was all smiles and happiness. With a steady job and still workable credit score, she did not expect it to be difficult, and was surprised that it was anything but easy, and involved help from her mom.

But that's all done. And yesterday we went to a party to Anthea's new place, a two level townhome with 1,321 sf and a large terrace overlooking the green buffer. Quiet community conveniently located on a very quiet street between two main roads. It is not a posh community with all imaginable amenities, no. But with $50 monthly maintenance, it is a very good starter home for Anthea, who is planning on going for her Master's very soon.

On these photos you see the community, Anthea with Lev Levitan, her mom, her guests. We are wishing her the best. I am sure this is money well spent, and $8K was a great help.

Good luck, Anthea

A growing number of economists have fresh concerns about the future of the mortgage industry, and the availability of home loans for future home buyers. Many question how many buyers will be left in the market when the $8000 tax credit expires.

A New York Times article supports the notion that banks will continue to tightly monitor all lending practices, and that it will continue to be difficult for Americans to borrow money. FHA Mortgages that have provided the financing for many home buyers in 2009 may see some changes in 2010.

There is legislation being drafted to increase the required down payment from 3.5% to 5%, and would potentially take away the option for seller concessions for closing costs. The mere fact that such a proposal even exists, is cause for concern for many. This report from Fox News has more information.