Daytona Beach Foreclosures - Getting Started for Buyers
November 8, 2008
Foreclosures in Daytona Beach
Daytona Beach Foreclosures continue to mount creating a tremendous glut of homes in Daytona Beach, Ormond Beach and Port Orange. There are close to 6,000 residential homes for sale listed in the Daytona Beach MLS. That’s 27 homes on the market for every homes that sold in October 2008. In other words, for every home that sold 27 did not.
Foreclosures will not be going away for some time. Adjustable Rate Mortages and balloon mortgages will continue to kick in through 2011 putting more homes on the market.
Great News for Buyers - Lousy News for Sellers
The good news is that foreclosures and pre-foreclosures can be great bargains if your looking to buy a primary home, second home, vacation or investment property. Nearly every property I’ve sold this year has been either a pre-foreclosure or bank owned foreclosed property (REO property). People are getting tremendous values.
Sellers are struggling. The only segment that has been consistently selling is in the under $200,000 price range, but even in that range there are 17 homes on the market for every one that sold in October. This is a bleak picture.
To say that we are in a buyer’s market is like saying Florida is hot in the summer - a definite statement of the obvious.
How Do I Purchase a Foreclosure or Short Sale Property
If you are going to purchase a foreclosure or short sale, you really should work with an experienced Realtor, but first, I always recommend to start with your reasons for buying:
- Why are you buying?
- What is your price range?
- How long will you hold the property?
- What communities and neighborhoods do you like?
- What do you want in the home? (Bedrooms, pool, waterfront, etc.)
Once you know what you want, it’s time to search for properties or contact a real estate agent to do it for you. The choice is yours. You can search all properties in the Daytona Beach MLS and more at www.lynnbyrne.com. Just go here ==> Search Daytona Beach Area Real Estate. There are several options for you there and you do not need to register. If you want me to conduct the search for you, give Lynn a call at 386-566-7503 or 888-519-9579.
The problem with searching the MLS is that it’s not apparent to you which homes are distress properties and which are not. I have the network and the tools to help you get to seeing properties that meet your criteria faster and more effectively, saving you time and frustration.
It’s better for you to have a pro in your corner during this process. Give me a call to get started.
Video Test
July 27, 2008
First Video Posted for the Real Estate Video Team
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Daytona Beach Rentals - Apartment, Condo or House?
July 26, 2008
Should I Rent a Daytona Beach Apartment, Condo or House?
There are a lot of properties for rent in Daytona Beach. So, as a renter, you are in the driver’s seat. What are the advantages of living in the different types of rental properties available? First, for total transparency, I manage house and condo rental units, I do not manage apartments.
A general rule you need to work with is that for the same level of rental unit, regardless of type, the closer you get to the ocean, the higher the rent. The same 800 sq. ft. unit on the mainland will cost more on the beachside. There are exceptions, but this is the general rule.
If you dream of renting on beachside, be prepared to accept less space and possibly poorer condition than a similar unit on the mainland.
Next, how much do you value your privacy? If you value your privacy, you are probably better off renting a house, duplex, or triplex unit. Condos and apartments, by design, are filled with people who are often coming and going at all hours.
If you want amenities like pools, workout centers, and tennis, you should be looking for those things and apartments and condos are better for you.
Will you pay more for a condo or apartment?
In the Datyona Beach real estate market there are so many properties on the market, that I think at this point that you can negotiate a better rate with condos, but you’re best bet is to find something you like and then negotiate. If you can’t get to a price you’re happy with, move on to the next unit.
On Site Maintenance
By far, the on-site maintenance at a large apartment complex is the easiest to deal with and will generally give you the faster turn-around. When you rent a house or condo, you are dealing the owner or a property management firm like CenterPointe. Now, we pride ourselves on getting repair people dispatched quickly, but we can’t compete with on-site maintenance teams. Generally though, this is something that you shouldn’t need to deal with very often.
Your Decision
We discussed a few of the factors involved in choosing aparments, houses, or condos in Daytona Beach. The choice will come down to your preferences. You will also need to consider how close you are to work, shopping, schools and so on.
If you are looking for a house or condo give me a call for our current availability.
New Daytona Beach Real Estate Website Launched
July 10, 2008
CenterPointe Realty Launches New Daytona Beach Real Estate Website
CenterPointe Realty has just launched a new website at www.cpdaytonabeachrealestate.com. The website will combine Daytona Beach area real estate news and information with a blog focusing on homes and condos for sale, property management and rentals.
Lynn Byrne, CenterPointe’s Broker, has been serving the area since 1997 and has sold hundreds of homes and condos in Daytona, Ormond Beach, Ponce Inlet, Port Orange, Daytona Beach Shores and Palm Coast. She offers full property seach and area information at her Daytona Beach Real Estate website at www.lynnbyrne.com.
CenterPointe also manages sales and rentals at the Vantage Pointe Condominiums on the beachside. The Vantage Pointe is a large complex with one, two and three bedroom condos. The complex is right across the road from the beach and offers beautiful tennis courts, a second floor pool, a fitness center and more. Call the office at 386-253-4600 for information on sales or rentals.
CenterPointe agents are experienced. There are no rookies learning on the job. Each is dedicated to old fashioned customer service. This is a low to no pressure company focus on customer satisfaction. We answer the phone and return calls - small things that add up to respect and dedication.
We are available to work with you to determine your needs and goals and then help you find the right property. We are happy to work with first time buyers to walk you through the process, or, with experienced buyers who demand great service. Call the office, or contact Lynn Byrne at 386-566-7503.