Daytona Beach News Journal Quotes
Me as Daytona Beach Condo Expert
On Wednesday, I was quoted in a News Journal article on the current Daytona Beach Homes market. Bob Koslow wrote the article about the decline in sales in July. I reported on July Daytona Beach home sales on August 6th. The article was titled Daytona Beach Real Estate Sales Drop 30.6% in July 2010. Just to update you quickly on sales, it looks like August sales will surpass July’s sales easily. It’s nice to be considered a Daytona Beach condo expert.
Here’s the quote from the article:
“They are mostly second-home buyers and retirees renting them out who are taking advantage of the low prices,” said Lynn Byrne, a condo specialist with CenterPointe Realty. “They are mostly cash deals with buyers using retirement funds or big bonuses to invest in real estate.”
I’ve reported before that over 80% of my buyers are cash buyers. This is a bit higher than homes sold by all agents. In July, 58.2% of all homes and condos purchased through the Daytona Beach MLS were cash deals. I don’t think this surprises anyone. Mortgage loans are still difficult to obtain without good credit or a significant down payment. However, FHA and VA loans are available and are available for those with good credit score with less down.
Condos sales are up because of prices driven down by short sales and foreclosures, and their attractiveness as rental investments. As an investment, building maintenance is taken care by the association from monthly fees. A condo owner who rents out the condo will only need to maintain the inside of the unit and the A/C in most cases.
Another great thing about condo ownership for retirement and second homes is the idea of “Lock and Leave.” When a condo owner takes a trip, they don’t need to worry about whole lot. Turn the water off and go. It’s great for those who love to travel.
Click the link to find out a lot more about Daytona Beach condos for sale.