Melrose of Ormond Beach, FL

As a realtor, sometimes I run across a community which is so perfectly suited to its surroundings, so livable, that it occupies a special place in your mind when foks ask about relocation to the Daytona Beach area.

Melrose of Ormond Beach is one of my special places. Bordering the Halifax River, Melrose offers waterfront - riverfront homes - in the price range of the high $800,000s to well over a million. The homes are gracious residences with large lots and access to the river, some with boat docks, most with views across the Halifax to Oceanside. The community was designed, or has become, water-oriented, so homeowners who buy there want to enjoy Ormond Beach waterfront real estate. If you don't have a boat, you can watch the yachts motor by, watch the play of sun on water, or rise to gorgeous sunrises.

Across E. Granada Blvd, a main street of Melrose, is the Oceanside Country Club. From the club's home page: "The Oceanside experience is casual elegance through friendly service, quality food and spirits, challenging golf and tennis, or just relaxing by the pool. Located in Ormond Beach, nestled between the Halifax River and the ocean, this private club is unique in location and style." The original golf course was designed by P. F. Seabloom in 1907 and has recently been renovated by Bobby Weed. There are 9 tennis courts, an oversized pool, restaurant, and many social events. Oceanside is home to SALLY, the Women’s South Atlantic Amateur Championship. The SALLY, which dates back to 1926, is usually held in January.

Not far from Melrose, toward the west, are the Tomoka Oaks Golf Club, and Nova Recreation Complex, 400 North Nova Road, with a sports complex, playground, and picnic tables.

Just a few blocks from Melrose, on the river, is River Front Park, 1 South Beach St, which features a fishing pier, bait shop and boat launch. And don't forget the fishing along with all the other recreational opportunities on the Halifax River!

Here are 2 homes for sale in Melrose of Ormond Beach, just a sample of the style and quality of the community. Set up your personal Ormond Beach MLS search for waterfront or riverfront homes, or just contact me and I'll do one for you.

546 S Beach is the quintessential plantation-style home of gracious southern living. The home is 4647 sq ft, but total living area is 7,156 sq ft. It fronts the river, with a pool, boat house and boat dock, and includes an in-law suite, irrigation well, veranda overlooking the water, and so much more, on a lot of 39,634 sq ft. This is a wonderful opportunity to own a large riverfront home in Ormond Beach. Listed at $1,100,000.


138 S Beach is a custom riverfront Ormond Beach home with every attention to detail. Built in 1993 by a commercial builder, the elegant home is 2858 sq ft, with a total living area of 4058 sq ft. It also fronts the Halifax River, has a detached workshop, irrigation well, 10' ceilings and tile floors throughout. There are guest quarters on the 2nd level with kitchenette, the lot is 20,800 sq ft, and includes riparian rights to the river. Listed at $895,000.


If these interest you, visit the Waterfront page on my web site for details on riverfront and oceanfront communities in the Daytona Beach area. Now is a great time to find bargain prices for these homes. There is only so much waterfront real estate in Florida, and the prices are the best in years. Think of living in Melrose on the Halifax River in Ormond Beach. If you see yourself in that lifestyle, call or email me and I can help you find a home in this special place.

Sherry Armstrong, Realtor
386-67903191
sherry@sherryarmstrong.com
http://www.ormondbeachflhome.com/
http://www.sherryarmstrong.com/

530 Scott Drive in Broderick of Ormond Beach, Home for Sale

This 4 bedroom/4 bath pool home in Ormond Beach is in the community of Broderick of Ormond Beach, not far from the Tomoka River, the Tomoka Oaks Golf Club, the River Bend Golf Club, the Nova Recreation Complex, and the Trails Shopping Center. Broderick is an exclusive enclave tucked in behind a nice family type/retiree area of single family properties close to everything in Ormond Beach. The houses enjoy large lots and square footage. Not many homes come on the market in Broderick of Ormond Beach, and this beautiful home is one of the best prices available.

An elegant 4 br, 4 ba home this residence offers a very private setting on approximately ¾ acre lot. Feel the spaciousness as you enter the grand foyer with Italian Travertine marble flooring throughout the first level. The Great Room has elaborate lighted built-ins with fireplace & wiring for any & all electronics. The banquet size formal dining room has a 12 ft. built-in custom buffet/server with granite top. Indulge in the gourmet kitchen featuring sophisticated custom high gloss cabinetry with under and over cabinet lighting, granite countertops and backsplashes, stainless steel appliances including 3 GE Monogram convections ovens, Viking range hood, refrigerator, dual dishwashers & sinks, center island, breakfast bar & breakfast nook.

The large laundry room includes an extra smooth top range and side by side refrigerator. This home was truly built for entertaining! Pamper yourself in the gracious master suite with a luxurious master bath featuring his & her cherry wood vanities, granite countertops, Jacuzzi tub, marbled tiled tandem shower & fabulous walk-in closet with complete custom built-ins. Stunning front staircase leads to upstairs quarters with 3 spacious bedrooms, two baths & 25x27 bonus room. Plenty of storage space inside & out with the oversized 3 car garage. The property is beautifully landscaped and includes a large in-ground pool with Jacuzzi jets at one end.

Enjoy the slideshow below, and visit my Ormond Beach web site for information on many of the unique communities in our Daytona Beach area and to search the Ormond Beach MLS. Contact me for real estate market data on Broderick, or a private preview of this Ormond Beach home for sale.

Sherry Armstrong, Realtor
386-679-3191
sherry@sherryarmstrong.com
http://www.ormondbeachflhome.com/

Home for Sale in Halifax Plantation, Ormond Beach, FL

Not long ago I wrote about the stunning community of Halifax Plantation, a very special master-planned community with golf, tennis, trails, and close to two state parks, in Ormond Beach, FL.

The home featured here, on Kiowa Lane, is 4 bedrooms/4 baths, 3516 sq ft, with a screened pool, 3-car garage, central air and heat, over .5 acre, with a bonus room and deck. Appliances include dishwasher, disposal, microwave, and range. There are ceiling fans, intercom, jacuzzi/hot tub, and security system. HOA is $40/month. Asking price is $479,900 and it is bank-owned.

This like-new executive home on large wooded lot in cul-de-sac has a brick paver driveway and features quality details: high ceilings, crown molding, architectural niches, and decorative tile inset. The gourmet kitchen has cherry cabinets with granite countertops and top-of-the-line stainless steel appliances. The beautiful screen-enclosed pool and spa back to a private setting.

Halifax Plantation in Ormond Beach is one of the most sought-after addresses in our area. The grounds are beautiful, the community friendly, and the amenities the best you would want. Take a look at the slideshow below and you'll see a typical Halifax Plantation home. Then visit my Ormond Beach web site for more details on homes for sale in Halifax Plantation of Ormond Beach.

Contact me for a private showing, or real estate market information.

Sherry Armstrong, Realtor
386-679-3191
sherry@sherryarmstrong.com
http://www.ormondbeachflhome.com/

Tips for Ormond Beach Home Buyers

June is National Homeownership Month. This year, with our country's economic challenges and the many incentives for 1st time buyers to own a home, the label takes on more meaning. Even with the low interest rates and tax credit, there are a growing number of obstacles for home buyers, including a higher credit score standard and more restrictions on credit. But, home loans are still available to credit-worthy buyers.

Here are a few things for buyers of Ormond Beach properties to consider:

1. Learn about the 1st-time Buyer programs, such as the tax credit on your 2009 taxes and local Florida and Volusia County incentives (just email me, I can help with this information).

2. Get pre-approved, not just pre-qualified. Pre-approval means you have applied for a loan and the lender tells you how much home you can buy. This saves you time, your lender time, and - of course - your realtor time. And that tax credit is only good until Nov. 30, 2009.

3. Be honest with your lender and yourself. Lots of folks are now upside down on their mortgages because they purchased more home with a larger mortgage than they could afford. Visit the mortgage calculator page on my web site to run the numbers.

4. Review the additional costs of homeownership over and above the mortgage and add those into your monthly bills. Whatever utilities have been paid by your landlord will now be your responsibility - sewer, garbage, taxes - in addition to utilities, homeowner's association fees, and more.

5. Be sure you understand the basics of the loan you choose before you pay any fees. What is the origination fee? Is there a prepayment penalty? What will the total fees be at closing that you are responsible to pay? How much can you legally ask a seller to pay for you? Any reputable mortgage lender will make sure these important items in your loan are explained to you thoroughly.

6. Know your credit score before you start shopping for a home or loan. You can get one free report annually and another for a small fee later. If you have issues on your report - especially if the late payments are not yours - they will take some time to clear off your record. To obtain a free copy of your credit report, visit www.annualcreditreport.com.

7. When you are ready to apply for a loan, be prepared. Don't waste your time and the lender's time - you will need 2 years of pay stubs, 2 years of tax returns, copies of monthly bills such as credit cards and car payments, and any additional information on your finances - such as proof of additional income (child support, alimony).

After writing these tips for Ormond Beach buyers, I realize that I can help you with every step of the process, from figuring out how much home you can buy to how to pay for it and what the total costs will be. And then, I can show you the houses you choose and guide you through the purchase process into your Ormond Beach home.

Remember, realtors are free for buyers - it is the seller who pays. Would you write a complex legal document without a lawyer? Probably not. So use a Realtor for your home purchase, at no cost to you. Contact me soon.

Sherry Armstrong, Realtor
386-679-3191
sherry@sherryarmstrong.com
www.ormondbeachflhome.com
www.sherryarmstrong.com

Make Your Ormond Beach Home Work for You

Now is a great time to make some improvements to your Ormond Beach home. The weak economy has brought down contractor and material prices and retailers are offering big discounts on appliances and lighting. As soon as you improve your home's energy efficiency - even if that means new light bulbs in your Ormond Beach condo - you will see a change in your energy bills. Many energy-efficient upgrades also qualify for federal tax credits. Check with our local utility also - they may offer additional incentives for replacing old appliances.

Some examples of how you can save money, as reported in On Investing, by Schwab & Company:

20% = amount saved on heating and cooling costs by sealing and insulating the shell or envelope of your home

80.4% = costs recouped at sale for installing foam-backed vinyl siding

$100 = annual savings for a typical family installing a gas Energy Star tankless water heater

77.7% = costs recouped at sale for installing wood replacement windows

(source: Hanley Wood, Cost vs Value Report, 2008-2009)

The National Assn. of Realtors also publishes yearly an extensive report on which home improvements will bring the greatest return. Contact me for a free copy.

Think Energy Star

If you plan to replace appliances, try if at all possible to purchase Energy Star-qualified products. They use 10% to 50% less energy. Energy Star appliances include dishwashers, refrigerators, cordless telephones, and TVs. Visit EnergyStar.gov.

Think Efficiency

$600 - $1200 is the amount the government's Home Energy Saver website says you can save annually by improving your home's energy efficiency. Visit HomeEnergySaver.gov.

Learn How to Save More

There are plenty of books and magazines on the subject, but here are 3 books on energy-efficient renovation:

Green Remodeling: Changing the World One Room at a Time, David R. Johnston and Kim Master
Green Building & Remodeling for Dummies, Eric Corey Freed
The Homeowner's Handbook to Energy Efficiency: A Guide to Big and Small Improvements, John Krigger and Chris Dorsi

If you need references for local Ormond Beach professionals who can help you with remodeling projects, let me know. I'm the Relocation Expert for Ormond Beach, and live and work in our community.

Sherry Armstrong, Realtor
386-679-3191
www.sherryarmstrong.com
sherry@sherryarmstrong.com
www.ormondbeachflhome.com

Plantation Bay in Ormond Beach FL

Plantation Bay Golf & Country Club, in Ormond Beach, is a very prestigious address. Developed by ICI Homes, this private community offers such amenities as two clubhouses, a magnificent 7,000 square-foot Spa and Fitness Center, and 10 tennis courts. With two 18-hole private, championship golf courses, a tennis facility, two restaurants and the pool, there is a wide array of membership choices. Plantation Bay offers a lifestyle, not just a home.

* Tennis anyone? Beautiful clay courts surrounded with high hedges of wisteria make the courts at Plantation Bay special.
* The community is gated and secure for your piece of mind.
* All of the communities are all geared for family living enjoyment, with safe environments for a family to take advantage of every day.
* Enjoy peaceful nature areas surrounding the communities. Lakes and large trees invite the wonderful Florida wildlife to your neighborhood.
* Community events in Plantation Bay include Rubber Bridge/Lunch, the Garden Club, a Social Club that meets quarterly, Beginner's Tennis, special events at the Prestwick Restaurant, Yoga/Water Aerobics/Pilates classes, and a Line Dancing group.

The Plantation Bay Golf Experience

Plantation Bay offers 45 gorgeous holes that are sure to challenge and delight every player at any level. Members are presented with lush fairways, undulating greens, and a service oriented staff to ensure a great golfing experience. Being one of the areas only golf communities that allows privately owned carts, a hassle free ride home is all that is required to complete your day at the club.

* The Club de Bonmont Course is famous for 18 matchless holes. With its recent renovation by world recognized architect Steve Smyers in 2005, the beauty and layout has the wow factor every time you step on the tee.
* The Westlake Course, the newest addition to the Plantation Bay golf experience, is a masterfully sculpted nine holes that is tied into the Club de Bonmont course to create 27 holes of pure enjoyment. With the 2nd nine to the course in the planning stage, Westlake is sure to be great compliment to the two other 18 holes offered at Plantation Bay.
* The Prestwick Course offers an outstanding championship layout with impressive playing conditions and superb amenities. The course is a shotmakers dream. With a premium on hitting your target, it is sure to challenge any level of golfer.

Provided by ICI, here is a sampling neighborhoods and prices:

Prestwick Estates $260,000-$395,200
Prestwick VI, VII, VIII $190,400-$254,900
Prestwick Townhomes $232,900-$257,100
Preswick Townhomes II $271,900-$282,100
Westlake $330,300-$374,400
Woodbridge Estates $285,900-$433,000

New construction is available in Prestwick IX, Prestwick Townhomes II, Westlake, and Westlake Townhomes. There are many resales also for sale, ranging in price from $699,000 to $165,000. You can see there is a home for every pocketbook and family size.

Contact me for more information on the quality community of Plantation Bay. I'm the Relocation Specialist for Ormond Beach and can help you with new construction or a home for resale. Visit the Plantation Bay page on my web site for links and more data on home prices, and use the widget below to search homes for sale in Plantation Bay.

Sherry Armstrong, Realtor
386-679-3191
sherry@sherryarmstrong.com
http://www.ormondbeachflhome.com/

Cash for Keys Available Now in Ormond Beach

As an additional feature of the mortgage rescue program, the Treasury Dept. has announced it will offer an incentive called "Cash for Keys" to help troubled borrowers get out from under the mortgages they can no longer afford.

Under the original Making Home Affordable program, homeowners are eligible for loan adjustments from their lenders if they meet specific criteria - such as 1) the home must be the primary residence, and 2) the mortgage balance can be no more than $729,750. Plus, 3) the reduced monthly mortgage payments cannot be more than 31% of income, and 4) the modified loan has to be greater than the value of what the property could be sold for through foreclosure.

If a borrower cannot make the mortgage payments under the adjusted terms, the lender can consider a short sale - very common now in the Ormond Beach and Daytona Beach areas, and then a deed in lieu of foreclosure, where the borrower voluntarily gives the lender the property. In both of these cases, the bank may forgive the debt, and there may be tax ramifications.

The new government plan, just announced - Cash for Keys - affects short sales and deeds in lieu proceedings. The borrower can receive up to $1,500 to assist with relocation, and Treasury will pay the lender/servicers $1,000 to complete the sale or deed in lieu of foreclosure.

Your situation will be complicated if you have a 1st and 2nd mortgage, in which case both lenders have to work together. Read the special report by CNNMoney in NewsGenius.

If you are behind on your mortgage payments and need help, contact me. I hold the designation CDPE, or Certified Distressed Property Expert, and have helped many homeowners sell their properties before foreclosure. You have options!

Sherry Armstrong, Realtor
sherry@sherryarmstrong.com
386-679-3191
www.ormondbeachflhome.com
www.sherryarmstrong.com

Lakefront home for sale in Breakaway Trails, Ormond Beach FL

A few days ago I wrote about Breakaway Trails, and hopefully convinced you what a great place to live it could be. Here's a home for sale in this gated community on the lake, beautifully maintained, on a large lot, and the sellers want an offer!

It's an exceptional 4 bedroom, 2 bath lakefront home which offers extensive 18" diagonally cut tile floors in the main living areas, carpet in bedrooms, and a screened lanai. Upgrades include 42" upper cabinets, 10 foot ceilings, double vanities, garden tub and separate shower in the master bath, double tray ceilings, and beautiful lake views! The gated neighborhood of Breakaway Trails includes tennis courts, ballfield, community clubhouse, pool and a Florida lifestyle you've only dreamed about.

The home is ready for your immediate preview and is in move-in condition. Contact me for a showing.

Sherry Armstrong, Realtor

sherry@sherryarmstrong.com

386-67903191

Ormond Beach Housing Affordability Nears Record

The National Assn. of Realtors released April figures, and reported that pending home sales rose, as 1st time home buyers took advantage of the great affordability conditions in effect now. The Pending Home Sales Index in the South rose 8.5 percent to 93.2 in March and is 7.7 percent above a year ago.

Lawrence Yun, NAR chief economist, said it should take a few months for the market to gain momentum. "This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a downpayment," he said.

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said the increase in buying power is quite remarkable. "Compared to a year ago, the typical family can pay much less in mortgage costs for the same home, or buy a better home without necessarily increasing their monthly payment," he said. "For buyers who've been on the sidelines and have good jobs, the market has never looked more favorable. Home ownership has always offered immediate benefits and long-term value, but the advantages in today's market are unique."

I've certainly seen this in our Ormond Beach and Daytona Beach real estate markets. Inventory decreased in April, and the number of homes under contract definitely rose. Visit the market pages of my web sites to get the details:
Ormond Beach numbers
Daytona Beach numbers

Contact me with questions about getting your $8,000 tax refund from the government, and other loan programs to help buyers.

Sherry Armstrong, Realtor
sherry@sherryarmstrong.com
386-679-3191
http://www.sherryarmstrong.com/

Breakaway Trails, Ormond Beach

Breakaway Trails, a gated community in Ormond Beach, Florida offers a unique lifestyle. This exclusive community is well-known for its small neighborhoods surrounded by environmentally protected nature preserves. With sparkling lakes, magnolia trees, a quaint wooden bridge, a clubhouse with pool, and tennis, Breakaway Trails offers a blend of lifestyles complete with relaxation and activity.

There are 976 residences ranging in price from approximately $300,000 to over $1,450,000. New construction is available in some neighborhoods.

Breakaway Trails community amenities include:

* Community pool, basketball courts, pavillion, clubhouse, roller hockey rink
* Estate-sized lots for privacy
* New homes or resales
* Basketball courts, pavillion, clubhouse, roller hockey rink
* Safe and secure - this is a gated community
* Enjoy a family environment - all of the neighborhoods are geared for family living
* Nature at your doorstep - beautiful natural areas surround the neighborhoods
* Beaches - the area is known for its famous drive-on beach, one of the few available in the world

Helpful Breakaway Trails links:
* Community Association
* Calendar of Events
* Newsletter
* Golf information
* Ormond Beach news
* Ormond Beach Chamber of Commerce

Advantages of living in Breakaway Trails include:

* Tomoka State Park- this park is perfect for camping, canoeing and picnicking
*Ormond Memorial Art Museum & Gardens offers exhibitions of Florida, regional, national and international artists. Additionally, the OMAM seeks to advance the appreciation and awareness of the arts through classes, lectures and demonstrations
*Daytona Beach, where one of the nation's great vacation spots provides entertainment, shopping, dining, a world famous beach and the Daytona International Speedway
* Close to arts and entertainment, such as the London Symphony
* Just minutes from I-95

Public Schools serving Ormond Beach and Breakaway Trails:

Pine Trail Elementary
300 Airport Rd
Ormond Beach Fl 32174
386-676-5300

Pathways Elementary
2100 Airport Road
Ormond Beach, FL 32174
386.676.5360

Hinson Middle School
1860 N. Clyde Morris Blvd.
Ormond Beach, FL 32117
386.258.4682

Mainland High School
125 S Clyde Morris Blvd.
Daytona Beach, FL 32114
386.258.4665

Use the search below to find current homes for sale in Breakaway Trails. When you are ready to preview a property, or just want general real estate sales information, let me know - I'm the Relocation Specialist for Breakaway Trails in Ormond Beach and can discuss our great real estate opportunities in this prestigious community.

Sherry Armstrong, Realtor
www.ormondbeachflhome.com
sherry@sherryarmstrong.com
386-679-3191

Mortgage Fraud Targeted by US Senate

Tuesday, the Senate voted 92-4 to increase the number of FBI agents and prosecutors to target more than 5,000 cases of mortgage fraud reported monthly. The vote was taken while the House held discussions on an anti-predatory lending bill, which deals with the types of subprime mortgages that led to the current real estate economic downturn.

“As foreclosures menace more and more hardworking homeowners, they become more desperate for help,” said Senate Majority Leader Harry Reid, D-Nev. “Unfortunately, schemers, swindlers and scam artists are all too happy to pounce.”

The Senate bill, sponsored by Sens. Patrick Leahy, D-Vt., and Chuck Grassley, R-Iowa, is estimated to cost more than $265 million a year for the next two years. Supporters, including President Barack Obama, say the legislation would more than pay for itself because of the fines and penalties that would result from more aggressive government investigations.

(source: FL Assn of Realtors)

If you feel you have been a victim of mortgage fraud in connection with Ormond Beach real estate, contact your local FBI office or congressperson/representative.

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

Florida Housing Recovery also Comes to Ormond Beach

According to a new report by Housing Predictor, Florida is pulling out of the housing downturn first. Previously, California has been the first state to experience a turn around.

But higher sales numbers for both single family and condos in Florida, lasting now for 7 months, indicate real estate in Florida is coming back strong. Banks are now making mortgages again, and NewsGenius reports that almost 20% of all sales are seller financed in some way.

Florida experienced the downturn in real estate before any other state, and has been in the top 3 of depressed markets nationwide. It's great that Ormond Beach real estate, along with the rest of Florida, is now trending up again.

Since this news will probably make you curious about prices, here's a search tool to give you information on our Ormond Beach real estate market (single family - contact me for a widget for the condos available).



Sherry Armstrong, Realtor
http://www.daytonabeachflhome.com/
http://www.sherryarmstrong.com/
sherry@sherryarmstrong.com
386-679-3191

Considerations if you Want to Sell in Today's Ormond Beach Market

Sometimes in the flurry of economic news and job losses and foreclosure statistics, we forget that there are families who just want to move - who have a job offer in another location, or want to move closer to children or parents, or want a different scene. How do they sell their properties in this "short sale buyer's market?"

Here are a few tips for the seller who isn't "underwater" and has been current on his/her mortgage payments, but who has to compete with the "let's make a deal" mentality rampant in our market now.

1. It used to be location location - now it's Price Price and Price. This is probably your hardest decision as a seller because - in many cases - it means losing a lot of your equity. If you want to sell in today's market, you have an abundance of competition = supply & demand = price it to compete with your competition, even if they are lower (or much lower) than you think your house is worth. Pay for an appraisal, but better yet - call in a Realtor (I'm an expert at the Ormond Beach real estate market) who will give you a Comparative Market Analysis for free with up-to-date sales information in your neighborhood.

2. Adjust your thinking. Regardless of when you purchased, you want to sell now. Forget last year's prices, forget how much you wanted to "gain" from your home. You've made the decision to sell, so you will have to also make the decision to accept today's prices. You probably will have to make buyer concessions, or repairs, or help with a buyer's closing costs. If you can't accept the idea of these possibilities, maybe you should wait to sell.

3. Be realistic. Go through your home (you may have to ask an impartial observer to do this, like a Realtor) and be honest about repairs that are needed, outdated improvements such as countertops or carpet that a buyer will want replaced or for which they will reduce the price. Remember - there are plenty of competing sellers who will reduce their prices.

4. Be the very best you can be. Insure your Ormond Beach property will make the best first impression possible as buyers drive up. If you are in a condo, you can't control the building or hallways, but you can control what they see when they open the door. Clean the clutter, and clean some more. As an Ormond Beach real estate specialist, I can help advise you on exactly what you need to spruce up your real estate to realize the highest price possible.

5. Watch the market. If you see another property go on sale near yours, call your Realtor and make sure she/he visits it and reports back - if they have an open house, go yourself. Compare and be brutally honest with yourself. You may need to reduce your price.

6. Be optimistic. The new administration has set in motion many programs to entice buyers and to help them obtain mortgage financing. People are still buying; the Great American Dream is still to own a home. Do everything you can to make it yours that they buy.

If I sound like I'm experienced in selling real estate in the Ormond Beach market, I am. I've helped buyers and sellers from Breakaway Trails to Seabridge, from beachside to the Woodlands. Give me a call or send an email - no obligation, just great service.

Sherry Armstrong, Realtor
386-679-3191
sherry@sherryarmstrong.com
http://www.sherryarmstrong.com/
http://www.ormondbeachflhome.com/

Federal Mortgage Rescue Plan Now Underway

Although the new government program for distressed homeowners was announced on Feb. 18, it took until this week to become available. Six of the nation’s largest banks signed up to participate: JPMorgan Chase, Wells Fargo, Citigroup, GMAC Mortgage, Saxon Mortgage Services, and Select Portfolio Servicing.

$50 billion has been allocated for the program, and the Dept. of Housing and Urban Development will provide additional funds. The plan calls for lenders to reduce interest rates so a family’s monthly mortgage obligation is no more than 38% of its pre-tax income. Lenders may also reduce loan balances. After the loans are modified, the government will provide enough money to reduce payments to 31% of income.

There are incentives in the program for lenders to be flexible, and for homeowners to profit. According to Realtor.org, "Participating servicers get $1,000 a year for each modification and another $1,000 a year for three years if the borrower remains current. Servicers get an extra $500 if they do the modifications before the borrower falls behind in his payments—and the borrower gets $1,500. Also, homeowners get $1,000 a year for five years if they remain current on their payments. The money must be used to reduce their principal balances."

If you are in a distressed situation, or still current on your payments but need loan modifications, be sure and contact your lender before you get behind or go to foreclosure. I just finished the course to obtain the Certified Distress Property Expert designation and have done many short sales with Ormond Beach properties over the past few years. Call or email me - I can help!

Sherry Armstrong, Realtor
386-679-3191
sherry@sherryarmstrong.com
www.sherryarmstrong.com
www.ormondbeachflhome.com

Ormond Beach 2nd Home Market

The National Assn. of Realtors released figures showing the combination of vacation and investment-home sales slipped to 30 percent of all existing and new-home transactions in 2008. Lawrence Yun, NAR chief economist, said the findings are understandable given the economic backdrop. "We expected vacation-home sales to fall given the impact of a declining economy on discretionary purchases," he said. "A steady share of investment-home sales results from buyers taking advantage of deeply discounted prices in many areas, with a smaller portion of new homes in the sales mix."

With large numbers of buyers coming into the prime years for purchasing a 2nd home, the long-term outlook for this industry looks good. According to NAR, currently, 39.2 million people in the United States are ages 50 to 59 - a group that dominated sales in the first part of this decade. An additional 44.8 million people are between 40 and 49, and another 40.7 million are 30 to 39.

Yun is positive about the sector: "While economic factors can affect sales from one year to the next, the fundamental demand from these large population groups will remain," Yun said. "Given that most people become interested in buying a second home in their 40s, the bulge of population approaching middle age should drive the second-home market over the next decade."

Ormond Beach is an attractive market for 2nd home and vacation home buyers, with its great weather, large choices of activities, and many view and oceanfront condos available. NAR studied the vacation home buyer, and found that the typical purchaser in 2008 was 46 years old, had a median household income of $97,200, and purchased a property that was a median of 316 miles from their primary residence; 35 percent were within 100 miles and 36 percent were 500 miles or more.

When asked about their reasons for purchasing a vacation home, 89 percent of buyers wanted to use the home for vacation or as a family retreat; 27 percent to diversify investments; 27 percent to rent to others; 26 percent to use as a primary residence in the future; and 17 percent for use by a family member, friend or relative.

To relate these numbers to the Ormond Beach real estate market, 26 percent of vacation homes were purchased in small towns, 23 percent in a rural area, 23 percent in resorts, 20 percent in a suburb, and 8 percent in an urban area or central city. Seventy percent of vacation homes purchased in 2008 were detached single-family homes, 18 percent condos, 5 percent townhouses or rowhouses, and 7 percent some other type. So, although Ormond Beach inventory consists of plenty of condos, we do have great buys in detached single family homes as well.

Ormond Beach definitely has a place in the investment property market. NAR found the size of the second-home market to be significant. NAR's analysis of U.S. Census Bureau data shows there are 8.1 million vacation homes and 40.5 million investment units in the United States, compared with 75.5 million owner-occupied homes. For more statistics, visit NAR's Investment and Vacation Home Buyers Survey conducted in March, 2009, at their web site.

My Ormond Beach web site reviews some of the more popular condos, with photos, and many of the neighborhoods in Ormond Beach - like Breakaway Trails, The Hammocks, and Halifax Plantation. If you are considering purchase of a 2nd home or investment property, visit my Ormond Beach real estate site and contact me for specific information about any community or market dynamics.

Sherry Armstrong, Realtor
386-679-3191
sherry@sherryarmstrong.com
(resource: RealEstateChannel)

Scammers Target Troubled Borrowers

From Realtor.Org comes a warning about scammers who are threatening homeowners, who try to take advantage of borrowers in trouble. The scammers charge fees for "quick and successful" negotiations" with banks. But in most cases, do nothing except take the homeowner's money.

The Federal Reserve issued this advice for borrowers who want to modify their mortgages:

1) Work only with HUD-approved nonprofit counselors. (See www.hud.gov)
2) Don't agree to pay a fee before you are provided with the promised service.
3) Beware of people offering "guaranteed" results.
4) Don't sign blank forms or documents you haven't read.

Contact me with any questions - I've worked with many homeowners in preforeclosure situations.

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

Ormond Beach FL Real Estate Market Statistics

I have just reviewed the monthly statistics for our area from the Daytona Beach Area Association of Realtors Multiple Listing Service and I thought you'd like to review the current activity from March 1, 2008 to March 31, 2008.

There are currently 6418 Active residential listings. There are 3691 listed houses as of today and 139 houses have sold between March 1, 2008 and March 31, 2008. There are 1828 listed condos as of today with 26 condos having sold between March 1, 2008 and March 31, 2008.

For a breakdown by price ranges, please contact me directly. There are still great buys available in all price ranges in this coastal county of Volusia, but you need a local Ormond Beach market expert to help you. I have over 21 years of home buying and selling experience.

For true local knowledgeable service in the Ormond Beach real estate market, contact

Sherry Armstrong
386-679-3191
www.sherryarmstrong.com
sherry@sherryarmstrong.com