Are there really 2 shadow inventories?

Are there really 2 shadow inventories?

Everyone knows and talks about the “shadow” inventory of bank owned and other foreclosures that have not yet hit the real estate market. I know of several Ormond By The Sea homes and condos that are bank or Government owned that have not yet been placed on the market for sale. Maybe they are waiting so as not to flood the market or maybe they are trying to determine who actually owns the property and getting their paperwork correct before trying to market the asset. Whatever the reason for delay there will certainly be an impact on value of similar neighborhood properties once those that have been vacant for months finally come up for sale.

And the second “shadow” inventory that nobody is talking about? This is the home or condo that is not on the market because the owner cannot bring the price they “want” in today’s market. We talk to these owner everyday and when the market turns around there are a number of owners who really want to sell but are holding on and creating a pent up demand.
Are there really 2 shadow inventories or does the second have its own name?

Ormond Beach Florida Real estate market watch

Ormond Beach Florida Real estate market watch


Real estate market watch for Ormond By The Sea Florida May, 2011

Ocean View Realty Group has updated the Ormond By The Sea Florida Real estate market watch page on its web site to reflect May, 2011 activity. Numbers of homes and condos for sale as of May 31, 2011 are indicated as well as the sales of Ormond By The Sea Florida homes and condos in May, 2011. As always, you can see a breakdown of condos for sale by price range or by condo name.

There is also a section with Plantation Bay Golf and Country Club in Ormond Beach Florida homes for sale by price range and home sales during the month.

All information is taken from the Daytona Beach Area Association of Realtors® Multiple Listing Service (MLS). View the updated information at http://ovrealty.com/Market_Watch.html

View the Daytona Beach Area Association of Realtors® Multiple Listing Service (MLS) homes and condos for sale at the Ocean View Realty Group web site at http://webapps2.planetrealtor.com/idx/pkg_IDX.pr_IDXSearch?sStateID=FL&sRealtorID=1067885&sUserType=R&sSearchStateID=FL&sSearchSource=X

For additional information about Ormond Beach and Ormond By The Sea Florida homes and condos for sale and for rent contact Realtor® Rhonda Lehnen at Ocean View Realty Group 386-441-8245 or email Rhonda at ovforsale@aol.com

Plantation Bay Golf and Country Cub in Ormond Beach Florida Homes sold in MAy,

Plantation Bay Golf and Country Cub  in Ormond Beach Florida Homes sold in May, 2011

 Through the Daytona Beach Area Realtors® Multiple Listing Service (MLS) there were 2 Plantation Bay Golf and Country Cub home sold in May, 2011.  Additionally, there are 7 homes under contract waiting closing and 4 of those have lender involvement as either a short sale or foreclosure.  
The homes sold were:
4 bedroom on Royal Pointe Lane for $225,000
3 bedroom on Hampstead Lane for $679,000

There was no lender involvement in any of the May, 2011 homes sold in Plantation Bay Golf and Country Cub.  The 2 sales is fewer than the 4 sales in 2010 and the 5 in May, 2009.  There were 4 sales in May, 2006 and 2007.

Plantation Bay Golf and Country Club in Ormond Beach Florida Homes for sale May

Plantation Bay Golf and Country Club in Ormond Beach Florida Homes for sale May 31, 2011

Plantation Bay homes for sale as of May 31, 2011
There are 69 Plantation Bay Golf and Country Cub in Ormond Beach Florida homes for sale through the Daytona Beach Area Association of Realtors® Multiple Listing Service (MLS) as of May 31, 2011.  An additional 7 homes are under contract awaiting closing and 4 of those involve a lender as either a short sale or foreclosure.  Lenders are involved in 7 of the 69 homes for sale.

Below is a chart listing the number of homes for sale by price range.

Price range	Homes	Bank
Under $150,000	1	1
150,000 to 199,000	9	2
200,000 to 249,000	18	1
250,000 to 299,000	12	1
300,000 to 399,000	10	1
400,000 to 799,000	15	1
800,000 and over	4	0
Total	69	7

To view homes and condos available through Ocean View Realty Group or To search the entire Daytona Beach Florida area multiple listing Service (MLS) for homes and condos for sale go to the sales page of this Ocean View Realty Group web site. 

The bridge is up on the loop in Ormond By The sea Florida

The bridge is up on the loop in Ormond By The sea Florida

This time of year the boats are heading back north for the summer months so there is time to reflect as we wait for the bridge to close and let the traffic pass.
Most newer bridges are high enough so there is no conflict between the vehicles on land and the water vessels but there are still some drawbridges like the one on Highbridge Road in Ormond by The Sea Florida.

 

Highbridge



Federal law gives marine traffic the right of way over land vehicles and when a road spans a waterway the drawbridge must open upon request to allow boats to pass.  Here is the Federal Regulation relating to drawbridges. 

http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=ecfr&tpl=/ecfrbrowse/Title33/33cfr117_main_02.tpl

Many jurisdictions have specific times reserved when the drawspan need not be opened for the passage of vessels.  This is usually the case in larger cities during morning or evening rush hours.   The Secretary of Homeland Security has the authority to regulate drawbridges.

Ormond By The Sea Florida Homes sold in May, 2011

Ormond By The Sea Florida Homes sold in May, 2011

 Through the Daytona Beach Area Realtors® Multiple Listing Service (MLS) there were 18 Ormond By The Sea, Florida homes sold in May, 2011.  Eight (8)  of the sales had lender involvement, either a short sale or foreclosure. Additionally, there are41 homes under contract waiting closing and 24 of those have lender involvement. The highest priced home sold was a 3 bedroom on Saint Johns Place for $297,500 and the lowest priced was a 2-bedroom 1 bath on Margaret Road for $60,000.

Comparing to last year, there were 19 Ormond By The Sea Florida homes sold in May, 2010 and 5 of those involved the lender.

Ormond By The Sea, Florida homes sold in May, 2011 by price range.

Price range $in thousands	Number sold	1Bdrm	2Bdrm	3Bdrm	4+Bdrm	Lender involved
Under $100,000	6	0	6	0	0	4
100,000-149,999	8	0	6	0	2	3
150,000-249,999	3	0	0	3	0	1
250,000+	1	0	0	1	0	0
Total number	18	0	12	4	2	8

For information about Ormond Beach and Ormond by the Sea Florida homes and condos for sale and for rent call 386-441-8245 or visit the Ocean view Realty Group web site at www.ovrealty.com where you can also search the Daytona Beach area multiple listing service (MLS) anonymously. 

Surfside South Condo for rent in Ormond Beach Florida $1100 monthly for a year

Surfside South Unit 703

1133 Ocean Shore Blvd.
Ormond Beach, FL 32176

Spacious 2 Bedroom 2 bath direct oceanfront 7th floor condo with fabulous views of the beautiful Atlantic Ocean, garage parking and secure building entry. Rent includes water, sewer and basic cable. Large Ocean Front balcony overlooking the pool with access from the living room and master bedroom. Convenient to shopping and restaurants.  This condo is being rented unfurnished on Ormond's no drive beach.

Surfside Club South Condominium features include garage parking, beautiful designer shaped pool and sundeck area, clubroom, and onsite manager.   This unit has 1260 square foot of living space.

For Additional information and photos go to the Ocean View Realty Group web site

 http://www.ovrealty.com/Surfside_703.php

 

     

For information about Ormond Beach and Ormond By The Sea homes and condos for sale or rent, contact Ocean View Realty Group or visit our web site at http://www.ovrealty.com/.

Rhonda Lehnen is our sales specialist – ovforsale@aol.com

Deanna Thomas and Jeanne Labonte are our rental specialists – ovrentals@aol.com

Ocean View Realty Group

1350 Ocean shore Blvd. Suite A

Ormond Beach, Fl 32176

386-441-8245

Fax 386-441-2407

Toll free USA & Canada 1-800-356-3409

Vacation rental information is at http://www.ormondbeachcondorentals.com/

Billy’s Tap Room restaurant reopens in Ormond Beach, Florida

Billy's Tap Room restaurant reopens in Ormond Beach, Florida

Billy's Tap Room restaurant, an Ormond Beach landmark since 1922, has reopened under new ownership and management.


Billy's Tap Room & Grill Restaurant

 Billy's Tap Room & Grill, is on Granada Boulevard in Ormond Beach, northeast Volusia County, Florida. The address is 58 E. Granada Blvd, Ormond Beach Florida 32176.  The local hangout has quite an assortment of sports memorabilia and autographed pictures of sports legends and historical photos that line the interior and add to the ambience.  The restaurant has been closed since April 2010, due to the previous owner bankruptcy and foreclosure.  The new owners, Lillian and Doug Rand of DeLand have cleaned and painted the interior and tried to restore the old feel of Billy's Tap Room & Grill Restaurant.  They are leasing from the bank that now owns the building.  Billy's Tap Room & Grill will be open for dinner only but may add a lunch menu in the future.   Hours are Tuesday through Thursday and Sunday 4-9PM, and Friday and Saturday 4-10PM.  They are closed on Monday.  For additional information call 386-672-1910.

Ormond By The Sea, Florida Condos Sold May, 201

Ormond By The Sea, Florida Condos Sold May, 2011

 Seven condos sold in Ormond By The Sea, Florida during May, 2011 through the Daytona Beach Area Association of Realtors® Multiple Listing Service (MLS), one of which involved a lender.  That number is higher than the 2010 average of 5.5 sales each month but lower than last month's 13 sales.  May, 2010 had 4 sales which is the highest volume of sales in the month of May since the 17 sales in May, 2005.   
There are also 9 condos under contract pending sales closing and 5 of those involves a lender.
Everyone is hopeful that the sales volume will continue although 3 of the sales were for under $100,000 and only 3 were for over $150,000.  There are condos that have been foreclosed on by lenders that have not yet hit the market.

Here is the list of the May, 2011 Ormond By The Sea condo sales. 

  Condo                    Description              Sold Price

Ocean Shores              2 bedroom 1 bath              $44,000
Court of Palms             2 bedroom 1 bath              $86,900
Madeira Villa                2 bedroom 2 bath              $95,000
Villa Sereno                 2 bedroom 2 bath              $113,000
Seabridge North           2 bedroom 2 bath               $180,900
Aquarius*                    2 bedroom 2 bath               $218,000Gemini*                      2 bedroom 2 bath               $223,000 **
  *These Condo buildings are directly on the beach
 ** These sales involved a lender as a short sale or foreclosure.

Ormond By The Sea Florida homes for sale May 31, 2011

Ormond By The Sea Florida homes for sale
May 31,  2011 

  Homes for sale in Ormond By The Sea Florida

There are 90 Homes for Sale in Ormond By The Sea, Florida through the Daytona Beach Area Realtors®  Multiple Listing Service as of May 31, 2011.     An additional  41 homes are under contract awaiting closing.  As has been the case in recent months lenders are pricing their properties more aggressively to get quicker sales.  Lenders are involved in 9 of the 90 homes for sale (10%) and 24 (59%) of the 41 homes under contract.  Asking prices for Ormond By The Sea homes currently for sale range from $69,950 to $1,995,000.


The chart below shows Ormond By The Sea Florida homes for sale by price range.

Price range in $Thousands	Number	1 Bdrm	2 Bdrm	3 Bdrm	4+ Bdrm	Bank
Under 100	4	0	4	0	0	1
100-149	29	0	21	8	0	4
150-199	13	0	4	7	2	1
200-299	9	0	1	7	1	0
300-499	15	0	0	9	6	2
500-999	15	0	0	10	5	1
Over $1 Million	5	0	0	0	5	0
Total number of homes	90	0	30	41	19	9

To view homes and condos available through Ocean View Realty Group or To search the Daytona Beach Florida area multiple listing Service (MLS) for homes and condos for sale in Ormond Beach and Ormond By The Sea Florida go to the sales page of this Ocean View Realty Group web site.