Sherry Armstrong Daytona Beach FL real estate

I have just reviewed the monthly statistics for our area from the Daytona Beach Area Association of Realtors Multiple Listing Service and thought you'd like to know the market activity from August 1, 2009 to August 31, 2009. There are currently 5436 active residential listings. There are 2720 listed houses as of September 1 and 209 houses sold between August 1, 2009 and August 31, 2009. There are 1307 listed condos as of September 1 with 85 condos sold between August 1, 2009 and August 31, 2009.

There are always some of these houses and condos that are Short Sales and agents may have offers that the banks have not approved as yet. Bank approvals for short sales are starting to move a little faster than in the past! We also have Bank-Owned properties in the marketplace. Financing options are changing as well so buyers may, in some cases, can still obtain financing but with more challenges, which often means delay in obtaining loan approvals. With Taylor, Bean and Whittaker closing its doors, other lenders offering FHA financing have been buried, as they absorb all the loans that were in process. This has slowed closings down nationwide.

For a breakdown by price ranges of properties that are selling, please contact me directly. There are some great buys available in all price ranges in this area but you need a local market expert to help you.

I am an experienced real estate professional who has over 23 years of home buying and selling experience. For local knowledgeable service in the Daytona Beach FL real estate market, contact me directly at 386-679-3191 or yourkeytothebeach@gmail.com .

Sherry Armstrong, Realtor
www.sherryarmstrong.com

Florida's existing home sales rose in July - the 11th month in a row that sales activity increased in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors (FAR). Statewide existing home sales in July also rose over the previous month's sales level.

Florida's median sales price for existing homes last month was $147,600; a year ago, it was $193,800 for a 24 percent decrease. According to housing industry analysts with the National Association of Realtors (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

For condos, 5,035 units sold statewide compared to 3,396 units in July 2008 for a 48 percent increase. The statewide existing condo median sales price last month was $108,300; in July 2008 it was $168,700 for a 36 percent decrease. The national median existing condo price was $183,300 in June 2009, according to NAR.

Here are the real estate market statistics for Daytona Beach:

Single Family Homes
Sales July 2009 - 755
Sales July 2008 - 595
Median sales price July 2009 - $131,600
Median sales price July 2008 - $171,100

Condos
Sales July 2009 - 130
Sales July 2008 - 103
Median sales price July 2009 - $174,000
Median sales price July 2008 - $265,600

(resource: RealEstateChannel)

You can see there are still some great opportunities here in Daytona for buyers. Use your tax credit and start looking for a new home while the prices and rates are still low.

There are only 100 days left for first-time buyers to qualify for the $8,000 federal first-time home buyer tax credit. In order to qualify, the transaction must close before 11:59 p.m. on November 30, 2009.

Don't wait on the sidelines and miss this opportunity. Even though you have 3 months, in reality, you need to start looking now. If you decide on a short sale or bank-owned property, plan on at least 60 days to close. That only leaves you 30 days to get pre-approved by a lender, research communities, preview homes, and learn the market. Just having loan approval, an accepted offer or a signed contract won't be enough to qualify for the Housing and Economic Recovery Act.

Examples of scenarios that could cause your purchase to take longer than 60 days include:

1. Competition with other buyers meaning a bidding process to get an accepted offer
2. Disclosures and contingencies - while sellers have to disclose, banks do not so you will need more time to complete your inspections
3. Appraisal - in this widely fluctuating marketplace, appraisals are taking much longer because prices are going up or down so rapidly based on the foreclosures that sell
4. Loan approval - loans are available, but lenders are much more strict. You may have issues to clear up on your credit report before you can close.
5. Holidays - Thanksgiving falls right before the deadline.

Contact me to discuss the salient points of the First Time Home Buyer Credit, and what you need to do to act now to use this government assistance. We have a very strong Buyers Market in the Daytona Beach Area now, and prices are just great! You can find some real values in our Daytona Real Estate.

Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com

Sales of existing single-family homes in Florida rose 23 percent in the second quarter, year-over-year, according to the latest housing statistics from the Florida Association of Realtors. Statewide, 43,125 existing homes sold in the second quarter, up from 35,008 in the year-ago period. That's the fourth consecutive quarter home sales have increased, year-over-year. Condo sales statewide rose 29 percent, to 14,742 from 11,459 a year ago.

In the Daytona Beach area, there were 1,924 homes sold in the second quarter of 2009, compared to 1,713 sold during the same period last year, or an increase of 12 percent. The median sales price was 24 percent lower, from $174,500 in the second quarter of last year to $132,500 for the same period this year.

Condo sales in the Daytona area were also up, but not by the same large margin. The area reported 373 sales during the second quarter of 2009, compared with 293, or an increase of 27 percent. Values also fell, but not by nearly as much as in Orlando. The median price was $176,700 in the second quarter, compared to $229,400 in the same period last year, or a decrease of 23 percent.

"Many homebuyers are realizing that this is the time to buy - with a good selection of housing inventory, affordable pricing and low mortgage rates," FAR President Cynthia Shelton said in a news release.

For area-specific real estate statistics in the Daytona Beach area, including Ormond Beach, Palm Coast, Port Orange, and more, just call or email me. I can provide sales for any community in our area.

Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com

(resource: Orlando Business Journal)

Wilbur-by-the-Sea is a small community nestled along the Atlantic, south of Daytona Beach.  It is a quiet residential, unincorporated area without a condo or hotel, but with stunning beachfront homes, on a no-drive part of the Daytona Beach (these are protected sand dunes which provide a natural nesting habitat for our native sea turtles). The beach consists of approximately 100 yards of soft, white, rock-free sand.

Wilbur-by-the-Sea is surrounded by uncrowded, pristine beaches, nature reserves, golf courses and historic attractions.  A few minutes' walk away is Boondock's restaurant, where you can dock your boat and stop in for fish and chips (or any of their other fresh seafood dishes). Within minutes' drive is Racing's North Turn restaurant, which in the early days of motor sports served as the turning point for the Daytona 500. There you can indulge in fresh seafood on the oceanfront dining patio as the live band plays.  Only 20 minutes from I-95, it's not a bad commute to Jacksonville or Orlando. 

Homes in Wilbur by the Sea take advantage of the spectacular views, as you would imagine, and range from the millions to under $300,000 (yes - incredible prices for waterfront homes!).  Use the RealBird widget at the end of this blog to view current homes for sale in Wilbur-by-the-Sea, and set up your own oceanfront search.

This home is listed at $2,500,000, on a 16,000 SF lot, obviously beachfront.  Living area is 3,366 SF, and includes 4 bedrooms/3 baths, 1-car garage, central A/C, fireplace, and 2 porches.  The seaside property has been renovated in a balance of tropical charm and high-end amenities.  Take a look at the VTour:  http://www.tourfactory.com/idxr417180

Ponce Inlet is 2.7 miles south, and features the Ponce DeLeon Lighthouse, constructed more than 100 years ago. This 175-foot lighthouse houses a museum with historical displays and a gift shop. A 203-step climb to the top provides spectacular views, and is the tallest working lighthouse in Florida.  Ponce Inlet is home to another marina eatery called Inlet Harbor Restaurant, which also offers fresh seafood and live band entertainment.

Daytona Beach is 7.2 miles north, with the famous pier and boardwalk, speedway, and lively nightlife.  Downtown Daytona offers the culture of a big city with the activities of a resort town.  Watersports are popular:  swimming, sunning, shelling and beachcombing, fishing, boating, snorkeling, scuba diving, parasailing, canoeing, and nature tours. The silky, white sand beaches are some of the best in the world and some of the wildlife you might encounter include the Bottlenose Dolphin, Florida Manatee and a variety of birds.   Daytona has an historic district full of antique shops and specialty boutiques. Museums, professional theater, gardens, local crafts, and live concerts bring culture to the area, with plenty of bars, clubs, and casino gambling available for nighttime enjoyment. Dining ranges from beachside sandwich shops to exquisite European bistros.

Wilbur by the Sea is a unique address in our busy, resort-like area, a quiet place to call home, to relax and listen to the ocean and enjoy the wildlife.  Contact me for information about any of the properties available in this community, or to request a free Relocation Guide.

Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com