February 2010 Ormond By The Sea, Florida Condo Sales Analysis

A short sale of a Mariners Bay Townhouse Condo was one of two sales in Ormond By The Sea, Florida through the Daytona Beach Area Association of Realtors Multiple Listing Service. The townhouse sold for $100,000. The only other sale was a 2nd floor Sunny Beach Club Condo unit that sold for $125,000.
February has been a relatively slow month for condo sales in Ormond By The Sea, Florida recently 3 condo sold in 2009, 6 in 2008, zero in 2007 and 1 in 2006.
We don’t really need any more reminders of what has happened to real estate values but the Sunny Beach Club Condo sale last month at $125,000 compares to the February 2006 sale of a 3rd floor condo unit for $265,000. There was a Mariners Bay Condo that sold in 2006 for $286,000. That Mariners Bay Condo was re-sold in 2008 for $180,000.
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 http://www.ovrealty.com/ where you can also search the Daytona Beach area multiple listing service (MLS) anonymously.

Ormond By The Sea Florida photos

Here are some photos of Ormond By The Sea Florida that I have used in the past on the Ocean View Realty Group web sites and Blogs.  I will try to get out and get others to post also.

 Bicentenial Park is accross the street from the beach and runs from A1A to the river.
 
    Tom Renick Park is on the Ocean in Ormond By The Sea Florida.
 
World War II watch tower                          A beautiful sunrise in Ormond By The Sea Florida
       
                               Map of Volusia County Florida showing Ormond By The sea Florida

For information about Ormond Beach and Ormond by the Sea Florida homes and condos for sale and for rent visit the Ocean View Realty Group web site at http://www.ovrealty.com/ where you can also search the Daytona Beach area multiple listing service (MLS) anonymously.

Financing tips for buyers of Ormond By The Sea Florida homes and condos

Financing tips for buyers of Ormond By The Sea Florida homes and condos
This information is taken from the buyers resources page of the Ocean View Realty Group web site http://www.ovrealty.com/buyers__resources.html

A few hints for buyers who need to finance a real estate purchase. 

- Obtain a recent credit report and review it with a mortgage specialist.
There may be ways to raise your score prior to applying for a loan.
-Increase the down payment. Since risk-averse lenders are avoiding conventional 95 to 100 percent mortgages, an applicant who can make a 10 to 20 percent down payment is much more likely to be approved.
-Be prepared to verify income and assets. It’s far more difficult to obtain “no-documentation” or “low-doc”
loans today because of stricter underwriting standards.
-Apply for a government-guaranteed loan from the Federal Housing Administration (FHA) or U.S. Department of  Veterans Affairs (VA). These loans can finance up to 100 percent of the purchase price.
-Shop around for rate quotes from banks and mortgage companies and get a pre-approval letter indicating the amount of mortgage financing you qualified for.

Now for a few things to avoid while getting ready to apply for a home loan
(or even after you apply but before the loan is closed).

1. Do not change jobs, become self-employed or quit your job.
2. Do not buy a car, truck or van (or you may be living in it)!
3. Do not use charge cards excessively or let your accounts fall behind.
4. Do not spend money you have set aside for closing.
5. Do not omit debts or liabilities from your loan application.
6. Do not buy furniture especially if it needs to be financed.
7. Do not originate any inquiries into your credit.
8. Do not make large deposits without first checking with your loan officer.
9. Do not change bank accounts.
10. Do not co-sign a loan for anyone.

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/.

What is a condo?

So what is a condo anyway??

Condo is simply a short name for condominium and is often used to describe an individual unit as well as the complex.
A condominium is individual ownership of a unit in a multiunit project that also includes undivided ownership of common areas such as grounds, parking lot, pool, etc. The project itself is generally similar to an apartment building except that each unit is individually owned. Condominium units may be occupied by full time residents, second homes used at various times throughout the year by family & friends of the owner, and/or available for rent.

Condominium Associations
Each condominium is run by an association which is made up of the unit owners. The association is a not for profit corporation with responsibility for maintaining the common elements of the condo including the building exterior. Unit owners are members of the corporation and they elect a volunteer board of Directors from their membership to run the day to day operations and maintenance of the building and grounds. Every unit in the complex has one vote in matters requiring a vote of the membership.
Each condo has By-Laws and Rules & Regulations governing use of the property & various restrictions such as on pets or rentals. Governing documents are recorded in the public records when a condominium is created and dictate how the association and the board of directors is made up, elected, the annual meeting and other corporate matters. Condominiums are a product of quality design and a sensitivity to the needs of residents.
For information about Ormond Beach and Ormond By The Sea Florida homes and condos for sale or rent, contact Ocean View Realty Group or visit our web site at http://www.ovrealty.com/.

Mortgage Companies May Sue Walk-Away Borrowers

ATLANTA, Feb. 22—Homeowners who are considering "walking away" from their home to avoid making their mortgage payment need to know that their mortgage company may try to file a lawsuit to recover the amount owed on the home.
In addition, homeowners who sell their home for less than the amount they owe—a process called a "short sale"—may be sued for the unpaid balance, even after the sale of the home. Finally, homeowners with unpaid home equity loans or second mortgages may also face legal action if they "walk away" from an unpaid mortgage, or conclude a short sale.
"My advice is that no homeowner should ever simply walk away or turn in the keys without receiving a document that absolves them of all liability," said Frank Alexander, professor of law at Emory University School of Law and a member of the board of directors of Consumer Credit Counseling Service (CCCS) of Greater Atlanta.
"A borrower facing a foreclosure should assume that a post-foreclosure lawsuit is possible," said Alexander. "In addition, no homeowner should ever participate in a short sale without receiving a signed agreement clarifying that all outstanding debt has been forgiven. The same is true for all deed-in-lieu of foreclosure resolutions."
Before the current mortgage crisis, mortgage companies usually did not sue homeowners after foreclosure or short sales because many borrowers had little income and few remaining assets, according to Alexander.
But the increase in homeowners deciding to "walk away" from their homes means mortgage companies may file more lawsuits to try and recoup their losses. In addition, Alexander says that mortgage companies are often selling promissory notes for the amount owed on the mortgage, at steep discounts, to collection agencies. The collection agencies will likely pursue the former homeowner to collect the amount owed.
Because some borrowers who decide to walk away from their homes still have good incomes, Alexander predicts an increase in the number of lawsuits filed by mortgage companies to obtain garnishment of a homeowner's wages. "Garnishment actions are going to become quite common in late 2010 and throughout 2011 and 2012," he says.
If a homeowner involved in a foreclosure, a short sale, or deed-in-lieu of foreclosure has any questions about this issue, Alexander recommends that they hire an attorney to determine if their mortgage company has any basis for legal action.
Source: PRNewswire

Florida schools rank number 8 in the country

According to Education Week, the Pew foundation in a recent report ranks Florida schools 8th in the country overall of all states and the District of Columbia.
Pew's Center on the States (PCS) works to advance state policies that serve the public interest. PCS conducts credible research, brings together diverse perspectives, and analyzes states’ experiences to determine what works and what does not.
An independent nonprofit, Pew is the sole beneficiary of seven individual charitable funds established between 1948 and 1979 by two sons and two daughters of Sun Oil Company founder Joseph N. Pew and his wife, Mary Anderson Pew.
Read the report at http://www.edweek.org/media/ew/qc/2010/QualityCounts2010_PressRelease.pdf and see how your home state ranks.

Al Raymondi and Ocean View Realty Group on Activerain and Zillow

Al Raymondi and Ocean View Realty Group have a presence on the Active rain real estate network and on Zillow.com.  Click on the badges below to review information and properties.  For information about Ormond Beach and Ormond By The Sea Florida homes and condos for sale or rent, contact Ocean View Realty Group 386-441-8245 or visit our web site at http://www.ovrealty.com/.