Sherry Armstrong Daytona Beach FL real estate

Our local paper does a great job of publishing events and happenings around our Ormond Beach and Daytona Beach areas. I was properly impressed by the range of activities scheduled under the "Senior Lifestyles" heading, just for the week of Nov. 15:

'HUG-A-BEARS' HEADING TO SOLDIERS OVERSEAS
Members of Florida Chapter 39 of the AT&T Pioneers are making "Hug-a-Bears" as the group's annual Christmas project. Soon the bears will travel all over the world in packages sent to American service personnel.

"POKER RUN BENEFITS FAMILIES
For the fourth year, a bike run sponsored by the AT&T Pioneers and the Communications Workers of America will benefit Family Renew of Daytona Beach, which offers transitional housing for single-parent and two-parent families with minor children.

"DON'T GET TAKEN IN
The Council on Aging's consumer education seminars continue all month with information from the Florida Department of Financial Services concerning how seniors can avoid being victims of financial fraud.

"LEARN, LIVE, LAUGH Bishop's Glen Retirement Community, 900 LPGA Blvd., Holly Hill, is offering the following free presentations on topics of general interest:
2 p.m., Nov. 17, "Is it Alzheimer's Disease?" Learn the signs.
9 a.m., Nov. 18, bring your Red Hat group to a Red Hat Breakfast Buffet.
2 p.m., Nov. 19, a Holiday Blues Grief Workshop will discuss ways to celebrate and memorialize lost loved ones during the holiday season"

(resource: News-Journal Onlne)

Wow! Believe me, there are more - our seniors are active, enjoying our weather, and livin' the lifestyle they can't in the snow and ice. Come join us and call or email me about that 2nd home you'd love to have. Now is the time - prices couldn't be better!

Our part of Florida has a lot of condo complexes - many with stunning oceanfront units on white sand no-drive beaches.  What a life! And the prices are such bargains, you can buy now to retire later at square foot costs unimagined a couple of years ago.

But along with a condo comes a Homeowner Association which will charge dues for maintenance (no lawn for you to mow, remember?).  Here are a few tips on what to consider when you find what the association charges and what they do for the homeowners.

1.  How is the fee determined?

On new construction, developers must obtain state approvals before their projects can be offered to prospective buyers. Part of the submission process for developments with an Owners Association is the creation of a detailed budget for the operation and maintenance of the common area and the provision of necessary services.  The developer will be paying the Association fees on all unsold property within the Association, and is not the one benefiting from high fees.

On existing buildings, an association has been formed with an elected board and usually a management company reporting to them.  The board will annually set the fees based on the income and expense budget submitted by the management company.

2.  What does the fee cover?

Amenities vary widely from condo complex to complex.  Some have only common grounds, like the mail area and walkways.  Others have fitness centers, pools, rooftop tracks - just about any amenity you can think of.  One of the responsibilities associated with real estate ownership is the obligation to maintain and protect the improvements from deterioration, damage, weathering - since this is not your own responsibilty, the association is charged with maintenance.

The common areas such as a lobby, pool, gym, or even hallways, need to be cleaned regularly, maintained occasionally, painted often, and replaced over time.  Are utilities included? Are water, sewer, electric, gas, trash and cable billed individually or are some paid collectively through the Association? 

The management company also will charge an annual fee which will be part of the HOA.

3.  Is the fee reasonable for letting someone else do the maintenance? 

Add it all up and see if the economies of scale allow for a high level of service at a true cost lower than you could do it yourself. Factor in convenience, security, and time saved.

Realize you would be paying for services at a volume discount, meaning the number of units in the building will force economies of scale.  You are protecting your investment and may be getting tax benefits. 

4.  Is the building right for you?

All the amenties may not be what you want in a maintenance-free home.  You may not want to pay for someone else's use of a pool, or playground, or fitness center.  Be sure you will not only use the amenities but that they will give you value for your investment, and be helpful when you resell.

Our Daytona Beach and Ormond Beach areas have a condo complex for about any taste and price range.  Use the RealBird widget below to search for condo homes for sale - it is set up for Oceanfront within 30 miles of Daytona but you can change those filters to suit your search.  Contact me for ideas on how to find your home at a price you can afford. 

Florida has had one of the highest rates of foreclosures in the country, but do we have deals and bargains on homes, condos, apartments! Don't rush into becoming an investor, and do your homework - when you decide this is the right place for your money, consider Daytona or Ormond Beach.

The most important considerations to investing in Florida real estate for rental income are
*Location
*Condition
*Price
*Financing

Location
1. Areas with homes priced in the middle ranges are usually well-maintained, and command reasonable rents
2. Run-down neighborhoods, with boarded up homes and lots of foreclosure signs, can represent opportunities, especially if you see new construction, and if the location is near schools and public transportation
3. Look for neighborhoods with a preponderance of 3 bedroom/2 bath homes, and ones similar in size and age. For condos, look for buildings with mostly 2 bedroom units.

Condition
1. Homes built in the last 10 years are more desirable, as fewer systems will have had time to break down, and major renovations should not be necessary.
2. If you do find an older home you think has room for appreciation, be sure all the parts like wiring, plumbing, foundation, and roof have been updated.
3. Determine which maintenance issues are cosmetic and which will require major work. Painting, carpet, wallpaper, countertops are all minor repairs. Roofs and foundations and possible termite damage are not.

Price
1. Be sure and make your offer contingent on an inspection. If you choose to buy a foreclosure at auction, you will have to do this before you place an offer. If you buy a bank-owned property, they will not give you any disclosures - it is Buyer Beware.
2. The actual price you decide to offer is dependent on many factors, and a real estate professional familiar with the area like myself is your best resource. You will not get an appraisal with a bank-owned home, and a seller in financial difficulty will not buy one either. So a Realtor who prepares a Comparative Market Analysis will give you the most accurate idea of the property value.
3. You can tie your offer to the appraisal done by your lender, though this contingency may not be acceptable to the seller. One recent article I read suggested you offer 50-60% of the listed price of a bank-owned home, dependent on condition, as a starting point.
4. Don't be in a hurry. If you do offer 60% less than listing price, be prepared to wait while the bank hopes for higher offers and eventually decides on yours. In the meantime, keep looking.

Financing
1. Check with your local lender
2. Be prepared to put more down than for an owner-occupied home
3. Consider living in 1 of the units

You can understand now all the decisions you will have to make to start in real estate investing, but the appreciation and rewards have historically outperformed all other vehicles. Our Daytona Beach and Ormond Beach areas are overflowing with great opportunities for investment properties. Let me know what information you need to get started.

Florida's existing home sales rose in September, which marks more than a year (13 months) that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors. September's statewide sales also increased over sales activity in August in both the existing home and existing condominium markets.

Existing home sales rose 34 percent last month with a total of 14,419 homes sold statewide compared to 10,778 homes sold in September 2008, according to Florida Realtors. Statewide existing home sales last month increased 4.1 percent over statewide sales activity in August.

Florida Realtors also reported a 77 percent increase in statewide sales of existing condos in September compared to the previous year's sales figure; statewide existing condo sales last month rose 8.9 percent over the total units sold in August.

The best news, of course, is our own backyard. Sales in the Daytona Beach MSA (metropolitan statistical area) rose significantly in September.

Single Family:
Sept. 2009 - 766 sales
Sept. 2008 - 536 sales
Median Sales Price
Sept. 2009 - $132,000
Sept. 2008 - $160,000

Condos:
Sept. 2009 - 140 sales
Sept. 2008 - 74 sales
Median Sales Price
Sept. 2009 - $176,000
Sept. 2008 - $237,500

While sellers may be groaning, this is great news for buyers - what bargains are available! It's just astounding you can buy oceanfront homes for such low prices.

NAR Chief Economist Lawrence Yun said, "Now that the market is showing some momentum, we have an opportunity to achieve a more rapid and broader stabilization in home prices...The outlook for home sales and prices depends on whether the tax credit is extended," he continued, describing it as "the best tool in our arsenal to encourage financially qualified buyers to stimulate the economy and help reduce the budget deficit."

Congress is working on extendng the tax credit. If you have an opinion, contact your senator or representative today. And - contact me to discuss our buying opportunities. If you can't move here, at least consider a 2nd home, or rental investment to hold and use later. Give me a call or email to discuss your options and which community will best suit your needs.

Indigo Lakes Golf & Country Club is the center of the Indigo Lakes community, located about 1.5 miles from the Daytona Speedway and 15 minutes from the intracoastal waterway. Homes for every price range and taste can be found here, on large lots built around the golf course, next to the preserve areas that create more open space, or on spring-fed Lake Timaku for a waterfront view. Compared to some of the newer areas of Daytona Beach, Indigo Lakes is more modestly priced.

Most homes were built in the late 1980's, are single story, 3 bedrooms/2 baths, and have screened porches. The styles include condos, zero lot line attached and detached, golf-course view and golf-course frontage homes with pools. The homeowners association maintains a community pool and tennis courts, and the fees include common areas, exterior painting, basic cable, and yard maintenance. HOA fees vary from the mid-$300's to $540 quarterly, for waterfront lots.

Prices range from single family attached homes at $175,000 to $210,000, to single family detached at $175,000 to $600,000. Square foot values from $97 to $196 for about 1500 sq ft up to 2900 sq ft.

The Indigo Lakes course is 18-holes, par 72, open to the public, and was called "one of the top 10 golf courses in Florida" by Golfweek Magazine.

Here's a new listing in Indigo Lakes. 3 bedrooms/3 baths, 1800 SF interior, on the 7th tee of the Indigo Lakes golf course in a cul-de-sac, listed for only $219,900!

Features include screened porch, cathedral ceilings, storm shutters, appliances, fireplace, wet bar, ceiling fans, central air, central heat, and all the Indigo Lakes amenities, like pool, clubhouse, and golf.

This is not a fixer upper - just a real bargain for a golf course home in Florida!

Contact me for details and a private showing.