Homebuyers are flocking to Florida beaches where Daytona still ranks as among the most popular and famous.
"The real estate market in Daytona Beach has been booming again," says Realtor Wanda Kelly. "Prices are on the rise and the mortgage rates have dipped. Beachside is extremely strong, with new condominiums being built where the old "Mom and Pop" motels once stood. Condotels are a very hot market, due to their affordability and return on investment plus appreciation. There are still visible remnants of last year's hurricanes, but it is a cleansing process, and Daytona Beach will bounce back better than ever. Prices are still on the rise. The number of residential listings in the MLS have increased and are back to the norm. Homebuyers are coming from the north, south, east, and west. Daytona Beach is ideally situated between Jacksonville and Orlando and about 2.5 hours from Tampa."
Realtor Diane Kirvan explains, "Daytona Beach is central Florida's fun coast -- 42 miles of white, flat, partially drivable, sandy beaches, including the world's most famous beach."
About the market, she says, "We are still experiencing a strong seller's market and area home prices are continuing to escalate at a rapid pace. Home sales are brisk. Inventories of homes for sale are down, demand is high, mortgage interest rates are still at all-time lows. Baby boomers are beginning to retire to warm, sunny Florida in record numbers and investors are finding our area properties to be among some of the best investments in the nation, which are the main reasons for our strong real estate market. It is looking more and more like 2005 may be our best sales year in history. Median pricing in our area jumped to $208,700 in June, 2005. Statewide, the median price for existing single-family homes was up 31 percent to $248,700, compared to $189,200 during the same period in 2004. The strength in sales of existing single-family homes pushed the median price to the biggest jump in prices in nearly 25 years. Predictions are that mortgage rates may rise, but not nearly enough to slow the real estate boom."
Kirvan advises, "Buy now before prices escalate even further. Some buyers, especially first-time homebuyers, who fail to buy in 2005, may find it impossible to find affordable housing in our area in 2006. Sellers, take advantage of our hot market, especially if you are wanting to move up to a bigger or newer home. New home builders are barely able to keep up with new housing demands. We are also finding that many home builders are raising their new home prices on a monthly basis, so every month you wait will cost you more."
"Known as "The World's Most Famous Beach" and home to Nascar Daytona Beach, this is a booming city," says Realtor Natasha Ares, "Developers and residents are working together and turning this city into a world-class destination. An eclectic city with everything from miles of beaches, historical districts, diverse shopping, a wealth of dining options and entertainment, and we can't forget about all of the outdoor and water activities. Daytona Beach has so much to offer and has the added convenience of being near to cities like Orlando and Jacksonville."
She continues, "Who hasn't caught the Florida bug? Everyone from retirees, second-home buyers, investors and local residents are all here scurrying to buy what they can why they can still afford it. Our market is not showing any signs of slowing down. Being fueled by low interest rates and prices that are considered affordable for coastal living the greater Daytona Beach area is still one of the best investments you can make."
"The average days on the market for residential resales is 58 with an average selling price of $266,000.00. The condo market is exploding with developers purchasing all available waterfront properties they can and converting everything from shopping plazas to whole neighborhoods into high-rise luxury condos with every amenity you can imagine. We are growing and becoming a first-rate Florida destination so if you have been thinking about buying your own piece of the paradise pie, don't hesitate any longer."