Palm Coast / Flagler County Florida Real Estate News

2011 Real Estate Review for Flagler County

2012-01-25T15:25:00.001-05:00

No records were broken in Flagler County housing sales for 2011. "Steady as she goes" was the theme throughout the year with an average of 139 single family residential (SFR) sales a month with a total of 1671 SFR sales for the year - that was a 15% increase over 2010 with 1428 SFR sales. Distressed sales still made up over 50% of all sales and cash sales were still prevalent with 54% of all sales. Median Price (MP) for all SFR sales the year was $119,200 a decrease of 9% from 2010 with a MP of $130,000. For non-distressed properties the MP was $146,300 for 2011 a decrease of 10% from 2010 that had $161,500 MP for non-distressed property.

Florida Association of Realtors Early Bird news report - Florida's housing sales activity higher as 2011 ends read more…

In Flagler County most sales, 47% were in the $100,000 to $199,999 range and sales under $99,000 accounted for 30% of the sales. The luxury market, $500,000 and above had 56 sales for the year or .3% of the market.

Condos have been selling at an average of 27 a month for a total of 323. Currently there are 372 on the market, that's an absorption rate of 14 months. Still high, but that number continues to come down.

Investors looking for duplexes are happy with the prices they are seeing. The majority of prices have been between $80,000 to $100,000 with 3 units between $134,000 and $147,000 for a MP of $108,000 and 38 sales for the year.

Lis Pendens filings, the first stage of foreclosure, were down this year with 967 for the year. That's a 55% decrease from last year that had 1,764. The lower numbers are indirectly related to the Lender Processing Services (LPS) Report - Delinquency and Foreclosure Rates Down From a Year Ago: LPS read more…

For answers to your real estate questions contact me at 386-246-8585 or via email jimmy@jimmyandannette.com.

Visit our office web site at www.RMFlagstaff.com for all your real estate needs.

The below Table shows a month-to-month and year-over-year comparison of single family home sales for years 2008, 2009, 2010 and 2011. Median prices are with distressed properties removed.

	2011		2010		2009		2008
	Total Sales/ Arms Length	Median Price	Total Sales/ Arms Length	Median Price	Total Sales/ Arms Length	Median Price	Total Sales/ Arms Length	Median Price
January	80/37	$155,000	84/40	$160,000	66/20	$162,950	53/49	$160,000
February	94/37	$122,250	68/32	$189,750	98/31	$170,000	102/58	$177,500
March	124//48	$161,500	135/76	$150,000	101/35	$179,000	105/65	$190,750
April	155/56	$147,500	156/74	$161,250	110/46	$173,000	116/71	$205,000
May	158/70	$154,750	120/50	$155,000	114/49	$165,000	135/83	$210,000
June	188/82	$147,750	145/75	$165,000	132/62	$185,000	116/77	$190,000
July	171/86	$143,750	101/45	$178,280	141/63	$167,000	113/68	$196,700
August	150/72	$149,500	120/51	$185,000	131/59	$175,000	114/71	$170,000
September	144/59	$128,000	124/56	$167,750	127/56	$175,250	115/62	$199,500
October	131/61	$146,000	122/57	$145,000	128/58	$150,000	96/46	$170,950
November	132/61	$140,000	94/48	$145,000	115/57	$175,000	86/38	$169,900
December	144/59	$160,000	96/42	$166,250	126/49	$147,000	111/37	$170,000

For a full list of homes on the market visit our web site at http://www.jimmyandannette.com

Real Estate Trends for Flagler County October 2011

2011-10-13T16:13:00.001-04:00

As we approach the holidays our Single Family Sales continue to be steady. October had 125 SFR sales with a median price of $124,000, although total number of units was down by 6%, value was up by 16%. September had 132 units sold and a medium price of $105,000. Inventory was up slightly from 971 SFR on the market in September and 1,015 SFR on the market in November. The good news, most of that increase is from Arm's Length SFR being placed on the market, not short sales. Our market is similar to the state, read below form state numbers.

The following is an excerpt from FloridaRealtors News and Events dated 11/21/2011 to read the full report Click Here

Florida's existing home and existing condo sales continued to show gains in October, according to the latest housing data released by Florida Realtors®. Existing home sales increased 13 percent last month with a total of 13,755 homes sold statewide compared to 12,145 homes sold in October 2010, according to Florida

Florida's year-to-year comparison for condos, 6,132 units sold statewide in October, a 12 percent increase over the 5,473 units sold in October 2010. The statewide existing condo median sales price last month was $87,800; a year earlier, it was $80,500 for a 9 percent gain.

Cash is still accounts for over half of SFR sales with over 52%, followed by conventional 33%, FHA 8%and VA with a total of 3 transactions. More banks are providing loans and there are some new lenders in the market. Prosperity Bank is back in the home loan market and it has a great jumbo loan product that is a great program.

Condos are still moving along with 25 sold in October. The medium price challenging to identify due to the extreme values we have in the county. Palm Coast has some older complexes selling in the $65,000 range and at the other end we have Hammock Dunes with an average price of $570,000. Sales are occurring at both ends of the price points and inventories are being maintaining at around 65 units. The promenade mode of purchase for condos is also cash with over 72% of all transaction.

For answers to your real estate questions contact me at 386-256-8585 or via email jimmy@jimmyandannette.com.

Visit our office web site at www.RMFlagstaff.com for all your real estate needs.

The below Table shows a month-to-month and year-over-year comparison of single family home sales for years 2008, 2009, 2010 and 2011. Median prices are with distressed properties removed.

	2011		2010		2009		2008
	Total Sales/ Arms Length	Median Price	Total Sales/ Arms Length	Median Price	Total Sales/ Arms Length	Median Price	Total Sales/ Arms Length	Median Price
January	79/37	$155,000	84/40	$160,000	66/20	$162,950	53/49	$160,000
February	93/37	$122,250	68/32	$189,750	98/31	$170,000	102/58	$177,500
March	116//48	$161,500	135/76	$150,000	101/35	$179,000	105/65	$190,750
April	152/56	$147,500	156/74	$161,250	110/46	$173,000	116/71	$205,000
May	148/70	$154,750	120/50	$155,000	114/49	$165,000	135/83	$210,000
June	183/82	$147,750	145/75	$165,000	132/62	$185,000	116/77	$190,000
July	164/86	$143,750	101/45	$178,280	141/63	$167,000	113/68	$196,700
August	143/72	$149,500	120/51	$185,000	131/59	$175,000	114/71	$170,000
September	132/59	$128,000	124/56	$167,750	127/56	$175,250	115/62	$199,500
October	125/61	$146,000	122/57	$145,000	128/58	$150,000	96/46	$170,950
November			94/48	$145,000	115/57	$175,000	86/38	$169,900
December			96/42	$166,250	126/49	$147,000	111/37	$170,000

For a full list of homes on the market visit our web site at http://www.jimmyandannette.com

Flagler County Housing Market Recovery

2011-08-29T16:26:00.001-04:00

As our local housing market continues to slowly improve with prices at the bottom or bouncing at the bottom our representatives in congress are trying to assist us. After 3 years of neglect, our representatives are just now waking up to the issues we faced over two years ago. And just in time to squelch what improvements we made without their intervention.

From January 1, 2011 to August 23, 2011 we have seen over 1,040 single family units sold and nearly 225 condominium units sold in Flagler County. Both single family and condo sales have increased over last year by 21% for single family and 33% for condos. Most area prices have stabilized and some areas have seen slight increases. Our Palm Coast residential inventory has decreased as well as the distressed inventory (banked owned and short sales). However, we will continue to see distressed properties as we move forward into 2012.

Congress in their infinite wisdom and timeliness now want to pass a number of laws that would put us back to 2009 in our recovery. I would like to quote from Bobbie Reid's article dated 8/21/2011. "Homeowners and future homeowners will lose out if some in government have their way. Several proposals are on the table. First, to reduce FHA loan limits. Second, to implement the Qualified Residential Mortgage (QRM) with a 20 – 30 percent down payment requirement. And third, eliminate the Mortgage Interest Deduction (MID)".

According to the National Association of REALTORS (NAR), Realtor-members will fight lowering loan limits. "Our housing recovery remains fragile at best," said NAR President Ron Phipps. "Changing loan limits at this critical time, will only restrain liquidity and hamper the recovery."

I ask you, how will these proposals help us with our housing market today? The QRM will prevent young, first time home buyers from becoming homeowners. Everyone believes you must have some skin in the game, but 25% percent? With the median price for a single family home in Flagler County at $120,000 the required down payment would be $30,000. With the median income in Flagler County approx $40,000, saving 5% of that income it will take over 14 years for a buyer to save enough for the down payment. The FHA required down payment is a critical component of our housing market with 10% of single family sales either FHA or VA loans for 2011. Any change in the loan limits will affect those sales.

Again I quote from Bobbie Reid. "The Home Mortgage Interest Deduction must be preserved. Without this deduction many house hunters would simple drop out of the competition for home ownership. The deduction increases take home pay which raises home affordability."

We face larger issues in the tax code than just the MID and removing this deduction would possibly remove another 10% from the housing market. They need to overhaul the entire code not one small portion, maybe a Flat Tax for all Americans.

With the federal government's involvement we could lose up to 30% of our current home buyers. Or 314 fewer single family houses sold. The lost sales relates directly to our local GDP. The National Association of Realtors® estimates that each home sale at the local median price ($120,000) generates $26,287 of economic impact for the first two years after the home is sold, or a loss of $8,254,118 in the next two years. A loss we cannot afford!

Bobbie Reid stated and I firmly agree, "Ask your local Realtor to help you calculate your home buying power. Learn about how "Home Ownership Matters" at Realtor Magazine Online by visiting www.Realtor.org".

"Safe" borrowers equals "safe" mortgages. If loan vetting once again follows sane guidelines to approve stable buyers, "safe" mortgages will no longer be the exception".

Contact your representative and tell them we don't need nor want their help, they are too late and don't need to fix something that's fixing itself.

FORECLOSURE SPIKE IN FLAGLER COUNTY

2011-07-15T13:10:00.002-04:00

WOW! Did you read the front page of the News Journal Thursday morning, 7/14/2011? Flagler County had a huge spike in foreclosures, up 215% from 82 in May to 259 for June. What in the world is going on??? The data News Journal quoted was from RealtyTrac, the California based research firm that tracks foreclosure information across the nation. Flagler County has approximately 15% of all properties in foreclosure. I don’t think they are related, but that number is very similar to our unemployment. If you read the entire article you would have seen the 259 foreclosures notices were for all types of notices, the Lis Pendens or initial filing for foreclosure, judgment notice or notice of sale and the final judgment notice/certificate of title or when the court gives possession to the bank. The 259 filings were not all new notices; the Clerk of Court had only 50 new Lis Pendens for the month of June. Most of the notices were for notice of sale date, which means the courts are finally catching up with the back log of old cases. So we have not increased our foreclosures by that much we have just gone to the next phase or the final phase. Furthermore, I spoke with my RealtyTrac representative to confirm the number listed in the paper was correct, it was. However, digging a little further I found they have a third party company that counts each instance of notice. As an example if there are 3 people on the mortgage and there is a tenant living in the house that’s at least 4 notices sent out on 1 house. In this example, by the time the house reverts back to the bank there could be 12 notices. These inflated numbers are not a true picture of foreclosed properties.

When you look into the numbers you will see there were indicators in front of us for several years. One indicator was in the past 4 years we have had record numbers of Lis Pendens filed, which is the first step in the judicial process to foreclosure in Florida. Starting in 2007 we had 1,520 filings, then in 2008 2,787, 2009 2,674 and 2010 1,764 for a total of 8,745 new foreclosure cases. The previous 5 years had approximately 300 filings per year and so far in 2010 we’ve had 391 Lis Pendens filed year to date. Starting with 2007 and ending in June 2010 we have approximately 9,136 properties in one stage or another in foreclosure. Our record numbers started in 2007 the same time the sub-prime mortgages were starting to re-set. A more recent indicator is in the smaller number of distressed sales less than 50% and it is nearly 50/50 split between short sales and bank owned. In 2009 and 2010 the real estate market was primarily distressed properties with over 60% short sales and bank owned, a 70/30 split between short sales and bank owned.

Am I saying we are out of the distressed market….no. What I’m saying is don’t let the journalistic sensationalism overwhelm you that the sky is falling. In this article they did report the facts; it was just buried under the SPIKE IN FORECLOURE ACTIVITY UP 215%. Contact us to get real estate information for your area.

Jimmy Millhollin 386-931-0487

Annette Gardinal 386-931-0485
Broker/Owners

RE/MAX Flagstaff

Flagler Housing Update Second Quarter 2011

2011-07-12T13:28:00.001-04:00

Our second quarter Single Family Residential (SFR) sales continue to be solid. We had a total of 477 sales with most of them, over 82% being under $199,999. Our Median Price (MP) for all sales, which is hovering around $120,700, is directly related to the large percentage of sales at the lower end of the market. The upper end of the market, $500,000 and over only had 15 sales in the past quarter and a total of 30 for the year. Part of the slowdown in the upper end of the market is the lack of jumbo loans being available. The lack of funding is evident in the number of cash sales over $500,000. Of the 30 sales 18 were sold for cash. The upper end of the condo market is showing the same trend with the cash buyers. Of the 13 sold for more than $500,000 - 8 were for cash. There would be more higher end sales if there was a jumbo loan product available at a reasonable rate.

Financing for all residential, even with record lows for interest rates, is still a concern. With the housing industry slowly recovering, our politicians are trying to pass a requirement for 20% down payment and remove the mortgage interest deduction. Communicate with your elective officials and let them know to leave it alone.

Vacant land continues to take a beating. Values for a typical Palm Coast lot are between $8,000 and $10,000. Lots in The Conservatory are selling for as low as $19,000. Palm Coast Plantation for as low as $22,000 not on the lake, $32,500 on the lake and $150,000 on the Intracoastal. Grand Haven has held better values, except in Wild Oak Estates where lots have been selling for as low as $50,000.

Our current inventory of SFR in Flagler County is 1,090 and with an average of 128 SFR sales a month we have roughly 8 months of inventory on the market.

There has never been a better time to buy real estate at such affordable values and interest rates.

Warren Buffett has 5 tips for buying real estate.

1. The Basic Premise of Home Ownership -- That Homes Increase In Value Over Time -- Is Sound

2. Buy Low (And Now Would Be a Good Time for That)

3. But Don't Wait Too Long To Take Advantage of Low Prices

4. The Smart Way to Own a Home Has Three Elements - fixed mortgage, affordable payments and long-term hold

5. Buying Your "Dream Home" May Lead to Nightmares

To read more click here

Visit our office web site at www.RMFlagstaff.com for all your real estate needs.

The below Table shows a month-to-month and year-over-year comparison of single family home sales for years 2008, 2009, 2010 and 2011. Median prices are with distressed properties removed.

	2011		2010		2009		2008
	Total Sales/ Arms Length	Median Price	Total Sales/ Arms Length	Median Price	Total Sales/ Arms Length	Median Price	Total Sales/ Arms Length	Median Price
January	79/37	$155,000	84/40	$160,000	66/20	$162,950	53/49	$160,000
February	93/37	$122,250	68/32	$189,750	98/31	$170,000	102/58	$177,500
March	116//48	$161,500	135/76	$150,000	101/35	$179,000	105/65	$190,750
April	152/56	$147,500	156/74	$161,250	110/46	$173,000	116/71	$205,000
May	148/70	$154,750	120/50	$155,000	114/49	$165,000	135/83	$210,000
June	177/81	$147,750	145/75	$165,000	132/62	$185,000	116/77	$190,000
July			101/45	$178,280	141/63	$167,000	113/68	$196,700
August			120/51	$185,000	131/59	$175,000	114/71	$170,000
September			124/56	$167,750	127/56	$175,250	115/62	$199,500
October			122/57	$145,000	128/58	$150,000	96/46	$170,950
November			94/48	$145,000	115/57	$175,000	86/38	$169,900
December			96/42	$166,250	126/49	$147,000	111/37	$170,000

For a full list of homes on the market visit our web site at http://www.jimmyandannette.com

Flagler Housing Update First Quarter 2011

2011-04-08T15:31:00.001-04:00

As we close the 1^st quarter of 2011 there is some good news as well as some not so good news. Good news-Sales of SFR (Single Family Residential) continue to be positive. The not so good news-prices have continued to decline. Part of the indicated decline is due in part to the lack of sales over $500,000. There have been 15 SFR sold over $500,000 in the first three months of 2011 with most of the sales coming in March. On the other side there have been 96 SFR sold under $99,999 with most sales being in the $100,000 to $199,999 range with a total of 134 SFR. Since our high end market has not been selling our median price (MP) floats to the lower range of sales with the 1^st quarter average being $120,250. Another interesting indicator is how SFR are being purchased, nearly 60% of all SFR sales were bought with cash.

Sales have been consistent and slightly higher than the 1^st quarter of 2010 and that’s without the Federal Tax Credit policy in place. With an average of 96 SFR sales a month and 1,246 SFR in Flagler County on the Multiple Listing Service (MLS) there is 13 months of inventory listed on the MLS. In a typical housing market we would like to see 6 months worth of inventory on the market. Unfortunately we have a steady supply of houses waiting to come on the market so our inventory will continue to remain high.

Condos and Townhouses continued with similar numbers that finished last year with sales averaging 22 units per month for the 1^st quarter of 2011 and Average MP of $166,000. Ending numbers in 2010 had an average of 22 units per month for the year and average MP $176,000.

Read about Florida February residential sales.

Read the National Association Real Estate Insights

The below Table shows a month-to-month and year-over-year comparison of single family home sales for years 2008, 2009, 2010 and 2011. Median prices are with distressed properties removed.

	2011		2010	2009	2008
	Total Sales/ Arms Length	Median Price	Total Sales/ Arms Length	Median Price	Total Sales/ Arms Length	Median Price	Total Sales/ Arms Length	Median Price
January	79/37	$155,000	84/40	$160,000	66/20	$162,950	53/49	$160,000
February	93/37	$122,250	68/32	$189,750	98/31	$170,000	102/58	$177,500
March	116//48	$161,500	135/76	$150,000	101/35	$179,000	105/65	$190,750
April			156/74	$161,250	110/46	$173,000	116/71	$205,000
May			120/50	$155,000	114/49	$165,000	135/83	$210,000
June			145/75	$165,000	132/62	$185,000	116/77	$190,000
July			101/45	$178,280	141/63	$167,000	113/68	$196,700
August			120/51	$185,000	131/59	$175,000	114/71	$170,000
September			124/56	$167,750	127/56	$175,250	115/62	$199,500
October			122/57	$145,000	128/58	$150,000	96/46	$170,950
November			94/48	$145,000	115/57	$175,000	86/38	$169,900
December			96/42	$166,250	126/49	$147,000	111/37	$170,000

For a full list of homes on the market visit our web site at http://www.jimmyandannette.com

Closing Out 2010

2011-04-05T13:22:00.001-04:00

The 2010 housing year in review. Our sales in Flagler County were steady even with the increase from the federal tax credit we averaged 114 Single Family Residential (SFR) sale per month for the year. There were a couple of interesting observations for the year. First close to 75% of all sales were under $200,000 and 45% of all sales were cash. Of the 1,415 SFR sold in 2010, 1,061 were under $200,000 and 791 were reported as cash. In our luxury market $500,000 and over, only 27 sold or less than 1% of the total SFR sales. This could indicate the Jumbo Loan market is not working and buyers are not willing to shell out that much cash. Non-distress sales for the year remained around 50% of the market through-out the year and the year ended with 47% non-distressed, 36% short sales and 16% bank owned. Bank owned sales started the year at 10% and peaked around midyear with 22% and leveled out near the 16% mark. Tracking Lis Pendens (LP) filed with the court house showed a continued decrease throughout the year and ending with 53 for November and 74 for December. This was the first time since September 2007, with 93 LP’s recorded, that less than 100 LP’s were filed for a single month. With 2011 already here and moving fast we should see similar numbers this year as last year with values possibly hitting their second bottom.

The below Table shows a month-to-month and year-over-year comparison of single family home sales for 2007, 2008, 2009 and 2010. Median prices are with distressed properties removed. The 2007 short sale and REO (distressed properties) data was not available.

2010

2009

2008

2007

Total Sales/ Arms Length

Median Price

Total Sales/ Arms Length

Median Price

Total Sales/ Arms Length

Median Price

Total Sales

Median Price

January

84/40

$160,000

66/20

$162,950

53/49

$160,000

102

$225,000

February

68/32

$189,750

98/31

$170,000

102/58

$177,500

118

$230,000

March

135/76

$150,000

101/35

$179,000

105/65

$190,750

125

$206,500

April

156/74

$161,250

110/46

$173,000

116/71

$205,000

$220,000

May

120/50

$155,000

114/49

$165,000

135/83

$210,000

125

$206,500

June

145/75

$165,000

132/62

$185,000

116/77

$190,000

120

$214,000

July

101/45

$178,280

141/63

$167,000

113/68

$196,700

103

$208,000

August

120/51

$185,000

131/59

$175,000

114/71

$170,000

$220,000

September

124/56

$167,750

127/56

$175,250

115/62

$199,500

$202,450

October

122/57

$145,000

128/58

$150,000

96/46

$170,950

$200,000

November

94/48

$145,000

115/57

$175,000

86/38

$169,900

$198,000

December

96/42

$166,250

126/49

$147,000

111/37

$170,000

$180,000

For a full list of homes on the market visit our web site at http://www.jimmyandannette.com

The Rise and Fall of the Flagler County Real Estate Empire

2010-08-17T14:48:00.001-04:00

In the past 8 years Flagler County real estate values have rocked to the stratosphere and then plunged into the depths lower than Blue Springs, with vacant land taking the brunt of the decline. Vacant land in gated communities continues to decline throughout Flagler County with some communities falling further than others. Grand Haven's Wild Oak Reserve, North Park, Grand Landings, Palm Coast Plantation, Eagle Lakes, Hidden Lakes, Toscana, Grand Reserve have all declined in value while The Conservatory and Harbor Village Marina/Yacht Harbor have experienced the biggest loss of value since first being released in 2005 and 2002 respectfully. I will give a sampling of the decline by highlighting a few of the gated communities below.

The FCAR MLS has record of 23 Conservatory lots sold since July 2008 with 20 of them being distressed; lender owned or short sale. In the Conservatory properties that sold between $350,000 and $525,000 are now selling between $20,000 and $25,000. Harbor Village Marina/Yacht Harbor had similar declines in value, initial release properties sold between $265,000 and $415,000 and now they are selling between $65,000 and $150,000. The $150,000 sale was for an Intracoastal lot.

Palm Coast Plantation lots were released in 4 phases between 2001 and 2003 with non-view lots, on Emerald Lake and the Atlantic Intracoastal Waterway. Initial release prices were between $69,900 for a non-view lot and up to $300,000 in phase 4 for an Intracoastal lot. Sale prices between 2005 and 2007 went as high as $159,000 for a non-view lot and $510,000 for an Intracoastal lot. This year there have been 7 sales since 1/1/2010 with prices between $44,000 for a non-view lot and $205,000 for an Intracoastal lot.

Grand Haven Wild Oak Estate lots were released in 2005 selling between $160,000 and $270,000. Demand was so high the lots were bought by Grand Haven residents and never made it to the open market. This year there have been 9 sales since 1/1/2010 ranging in price from $51,900 to $150,000. The lot selling for $150,000 came with a full golf membership and 4 others had associate golf membership valued at $5,000.

A standard Palm Coast lot (80 x 125 lot) is selling for $9,000. That's a big decline from the $75,000 values some people realized in 2007, but more realistic. If you sold in 2005 to 2007 congratulations, if you bought during that time, sorry.

Vacant land continues to decline however the good news is real estate is selling in Flagler County and we have reduced our overall inventory. Single Family Residential units are selling, condos at all price points are selling and our distressed inventory is being reduced.

If you have questions for a particular property please call, 386-931-0487 or toll free 888-355-8959

The below Table shows a month-to-month and year-over-year comparison of single family home sales for 2007, 2008 and 2009. The 2008 and 2009 median prices are with distressed properties removed. The 2007 short sale and REO (distressed properties) data was not available.

	2010		2009		2008		2007
	Total Sales/ Arms Length	Median Price	Total Sales/ Arms Length	Median Price	Total Sales/ Arms Length	Median Price	Total Sales	Median Price
January	84/40	$160,000	66/20	$162,950	53/49	$160,000	102	$225,000
February	68/32	$189,750	98/31	$170,000	102/58	$177,500	118	$230,000
March	135/76	$150,000	101/35	$179,000	105/65	$190,750	125	$206,500
April	156/74	$161,250	110/46	$173,000	116/71	$205,000	98	$220,000
May	120/50	$155,000	114/49	$165,000	135/83	$210,000	125	$206,500
June	145/75	$165,000	132/62	$185,000	116/77	$190,000	120	$214,000
July	101/45	$178,280	141/63	$167,000	113/68	$196,700	103	$208,000
August			131/59	$175,000	114/71	$170,000	93	$220,000
September			127/56	$175,250	115/62	$199,500	85	$202,450
October			128/58	$150,000	96/46	$170,950	75	$200,000
November			115/57	$175,000	86/38	$169,900	83	$198,000
December			126/49	$147,000	111/37	$170,000	73	$180,000

For a full list of homes on the market visit our web site at http://www.jimmyandannette.com

Long Winter Comes to An End, Finally!

2010-04-20T21:04:00.007-04:00

Welcome to the New Year. The first quarter flew by in such a hurry we are already in the second quarter. Now that the weather is warming up, so is the housing market. March finished strong with a big number of houses sold-136- and April has seen 60 SFR sold in the first half of the month. Are we seeing the housing market turn around or is this the final rush before the tax credit ends? First quarter sales were good but there are still 14 months worth of inventory on the market.

Short sales are still driving the inventory consisting of 60% of sales in the past six months. In some neighborhoods Pending Home Sales (PHS) are 100% short sales. However in the same neighborhoods active inventories show a decrease of short sale inventory to approximately 45%.
To assist with the short sale problem the administration first came out with Home Affordable Modification Program (HAMP) followed by the Home Affordable Foreclosure Alternatives (HAFA) program. If you or someone you know would like more information click here.

Florida Realtors® has announced the findings of its unique Face of Foreclosure research project, designed to study the impact of foreclosures on both the Florida housing market and on individual Florida homeowners facing foreclosure. Read the report (PDF)

A Condo and Townhouse update. Condo/Townhouse sales saw quite a few transactions, a total of 58 in the county. Palm Coast had 23. Canopy Walk with 3, 2-3 bedroom and 1-2 bedroom (short sale) with a median price (MP) of $150,000. European Village even had 2 REO sales with a MP of $54,750. Fairways had 4 sales with a MP of $62,500. Kings Colony had 6 sales with a MP of $75,750. Lake Forest had 2 sales with a MP of $90,000. Palm Club had 2 sales, 1-1bedroom and 1-2 bedrooms with a MP of $61,600. Savannah Square had 2 sales with a MP of $105,000. Woodhaven had 2 sales with a MP of $77,500. Flagler Beach had 12 sales with a MP of $164,000. Bridgewater had 1-3 bedroom short sale for $135,000. Costa Del Sol 1-2 bedroom sale for $176,000. Marina Bay had 1-3 bedrooms sale for $260,000. Nautilus had 2-2 bedrooms sale for $180,750. Ocean Beach Club had 1-2 bedroom sale for $165,000. Ocean Palm Villas had 2-2 bedrooms sale for $95,000. Ocean View Manor had 1-1 bedroom sale for $100,000. Sea Watch Villa had 1-2 bedroom sale for $163,000. South Beach had 1-3 bedroom sale for $354,000. Wondsong had 1-2 bedroom REO sale for $85,000. Bunnell had 5 sales in Palm Pointe with a MP of $73,500. Northern Peninsula had 17 sales with a MP of $350,000. Cinnamon Beach had 7 sales, 3 short sales and 1 REO for a MP of $325,000. Hammock Beach Club had 3 sales, 1-1 bedroom, 2-3 bedrooms and a MP of $463,000. Hammock Beach Villas had 1 sale, and 1 REO sold for $270,000. Casa Bella has 1 sale for $565,000. LaGrande Province had 2 sales, 1-2 bedroom and 1-3 bedroom with a MP of $374,000. Portofino had 1 sale for $525,000. Surf Club had 2 sales, 1 short sale, 1-2 bedroom and 1-3 bedroom with a MP of $239,000. Southern County had 1 sale at Plantation Point for $90,000.

Next update I'll focus on vacant land.

If you have questions for a particular property please call, 386-931-0487 or toll free 888-355-8959

The below Table shows a month-to-month and year-over-year comparison of single family home sales for 2007, 2008 and 2009. The 2008 and 2009 median prices are with distressed properties removed. The 2007 short sale and REO (distressed properties) data was not available.

	2010		2009		2008		2007
	Total Sales/ Arms Length	Median Price	Total Sales/ Arms Length	Median Price	Total Sales/ Arms Length	Median Price	Total Sales	Median Price
January	84/40	$160,000	66/20	$162,950	53/49	$160,000	102	$225,000
February	68/32	$189,750	98/31	$170,000	102/58	$177,500	118	$230,000
March	135/76	$150,000	101/35	$179,000	105/65	$190,750	125	$206,500
April			110/46	$173,000	116/71	$205,000	98	$220,000
May			114/49	$165,000	135/83	$210,000	125	$206,500
June			132/62	$185,000	116/77	$190,000	120	$214,000
July			141/63	$167,000	113/68	$196,700	103	$208,000
August			131/59	$175,000	114/71	$170,000	93	$220,000
September			127/56	$175,250	115/62	$199,500	85	$202,450
October			128/58	$150,000	96/46	$170,950	75	$200,000
November			115/57	$175,000	86/38	$169,900	83	$198,000
December			126/49	$147,000	111/37	$170,000	73	$180,000

For a full list of homes on the market visit our web site at http://www.jimmyandannette.com/

Come in From the Cold and Let the Housing Market Warm You Up!

2010-01-31T11:17:00.003-05:00

The month of December finished on a high note with 128 SFR sales for the month and a total of 1,397 for the year. However December was the first month since July with more short sales (60) than non-distressed sold (54) and the second time we broke through the $150,000 median price (MP) bottom. The drop in (MP) was due to the high number of SFR sold under $99,999 which was 21. In October there were 23 SFR sold under $99,999 and we saw similar MP for the month, $150,000. I believe the market will continue to move along at the current pace even with another rash of possible loan defaults in 2010. Continued sales will be in part because the federal administration has extended and expanded the Federal Home Buyers Tax Credit until April 30, 2010. Loan defaults will be in part of continued high unemployment in Flagler County.
Short sales are still a concern. As of December 31^st over 79% of all pending home sales (PHS) were short sales, 412 of 517. Some neighborhoods the percent is over 95%, with Lehigh Woods and Seminole Woods being the highest. Locally, high unemployment will continue to increase our short sale market. We are experiencing 16.9% unemployment in Flagler County and with no jobs in sight we'll continue to have high unemployment. If you have questions about the sort sale process visit our new web site at Short Sales Explained.
Condos continue to be a great buy. Units in Fairways and Woodlands have sold for under $75,000. These units are perfect for the snow bird wanting to get out of the weather up north. If you or someone you know is looking for a condo, now is a GREAT time to buy in Flagler County.
A recent TV program promoted homeowners to walk away from their homes. Please before you or anyone you know even thinks of that as a solution please read below and then contact us.
Banks pursuing payback from walkaways
Increasingly aggressive mortgage lenders seek money from former owners who had a short sale or walked away.
Read more.
If you have questions for a particular property please call, 386-931-0487 or toll free 888-355-8959
The below Table shows a month-to-month and year-over-year comparison of single family home sales for 2007, 2008 and 2009. The 2008 and 2009 median prices are with distressed properties removed. The 2007 short sale and REO (distressed properties) data was not available.

	2009		2008		2007
	Total Sales/Arms Length	Median Price	Total Sales/Arms Length	Median Price	Total Sales	Median Price
January	66/20	$162,950	53/49	$160,000	102	$225,000
February	98/31	$170,000	102/58	$177,500	118	$230,000
March	101/35	$179,000	105/65	$190,750	125	$206,500
April	110/46	$173,000	116/71	$205,000	98	$220,000
May	114/49	$165,000	135/83	$210,000	125	$206,500
June	132/62	$185,000	116/77	$190,000	120	$214,000
July	141/63	$167,000	113/68	$196,700	103	$208,000
August	131/59	$175,000	114/71	$170,000	93	$220,000
September	127/56	$175,250	115/62	$199,500	85	$202,450
October	128/58	$150,000	96/46	$170,950	75	$200,000
November	115/57	$175,000	86/38	$169,900	83	$198,000
December	126/49	$147,000	111/37	$170,000	73	$180,000

For a full list of homes on the market visit our web site at http://www.jimmyandannette.com/

Sure is Deep, and Cold Too

2009-12-01T20:52:00.003-05:00

Have we hit bottom and if not, when? These are the questions we're asked the most when talking to anyone about real estate in Flagler County. To answer them we would have to see the following indicators; increase of sales, increase in median price, increase in pending home sales and a reduction in inventory. However, by the time we see those indicators we will be past the bottom. Looking back at the past several months our housing market has been touching the bottom and ever so often it will break through the bottom to set a new low. October sales did just that, broke through the bottom and set a new median price, $150,000. The reasoning for this is outlined below; if you look at the number of sales, 128, we are doing well and the number of Pending Home Sales (PHS) has been consistent. Inventory and median price have not shown the same improvement. Here is the break down; Sales of Single Family Residential (SFR) homes continue to be steady, with 127 in September and 128 in October. However, a big jump in sales under $100,000 brought the non-distressed Median Price down over 15% or from $175,250 to $150,000. Sales of SFR under $100,000 doubled from September to October, with 11 in September and 23 in October. Distressed properties still dominate sales commanding over 54% of the market.
Short sales are still a concern. As of November 30th over 80% of all pending home sales were short sales, that's 427 of 513 SFR pending sales being short sales. In the next two years we have another looming number of mortgage resets coming due. The good news is the mortgages that are re-setting are prime mortgages not sub-prime. Meaning the borrowers had good credit when they took the loan and should be able to pay the new premium. There will still be short sales, due to the job market decreasing and unemployment on the rise, but not the numbers we experienced the last three years. If you have questions about the sort sale process visit our new web site at Short Sales Explained.
Bank owned properties are still not making a big impact in the MLS. There are a lot out there which can be seen by looking in the tax rolls and on bank web sites. Hopefully they will continue to slowly release the properties as to not inundate the market with them.
With inventory increasing it is still very much a buyer's market and with the tax credit being extended and expanded this should continue to see brisk sales in our market area. Read our BLOG on the tax credit at Federal Home Buyers Tax Credit. Single family residential (SFR) inventory has increased for the second consecutive month, September had 1321, October had 1348 and November has 1401. The number of vacant properties has kept pace with the increase of inventory with 451 SFR showing as vacant in the MLS.
The Pending Home Sales (PHS) indicator is showing another decrease in numbers. This is the fifth straight month with decreasing numbers. Even with the decrease, the number of sales at the end of the month have remained consistent.
The condo market has seen some fantastic buys, Canopy Walk 3/2 on the Intracoastal with a detached garage for $155,000, Tidelands $150,000 and at Palm Pointe 2/2 for $54,450. On the other end of the price range 4/4/1 at Le Jardine sold for $1,500,000 originally offered at $3,600,000. If you or someone you know is looking for a condo now is a GREAT time to buy in Flagler County.
Below is a news release from the Florida Realtors^®with regards to our state's economy.
3 economic reports give reasons for optimism

Positive employment, consumer spending and home reports suggest a modest recovery rather than a second recession. Read more.

If you have questions for a particular property please call, 386-931-0487 or toll free 888-355-8959

The below Table shows a month-to-month and year-over-year comparison of single family home sales for 2007, 2008 and 2009. The 2008 and 2009 median prices are with distressed properties removed. The 2007 short sale and REO (distressed properties) data was not available.

	2009		2008		2007
	Total Sales/Arms Length	Median Price	Total Sales/Arms Length	Median Price	Total Sales	Median Price
January	66/20	$162,950	53/49	$160,000	102	$225,000
February	98/31	$170,000	102/58	$177,500	118	$230,000
March	101/35	$179,000	105/65	$190,750	125	$206,500
April	110/46	$173,000	116/71	$205,000	98	$220,000
May	114/49	$165,000	135/83	$210,000	125	$206,500
June	132/62	$185,000	116/77	$190,000	120	$214,000
July	141/63	$167,000	113/68	$196,700	103	$208,000
August	131/59	$175,000	114/71	$170,000	93	$220,000
September	127/56	$175,250	115/62	$199,500	85	$202,450
October	128/58	$150,000	96/46	$170,950	75	$200,000

For a full list of homes on the market visit our web site at http://www.jimmyandannette.com/

Home Buyer Credits

2009-11-17T13:57:00.001-05:00

Not just for the first time buyer

Last week, a new law takes effect that extends, through next spring, a temporary tax credit of up to $8,000 for some first-time home buyers, and a new tax credit of up to $6,500 for certain repeat home buyers.

1) First-time home buyers continue to get a credit of as much as 10% of the purchase price, up to a maximum $8,000. "First-time" is defined as people, including both partners of a married couple, who haven't owned a principal residence for three years before the purchase.

2) All taxpayers who claim a credit must use the home as a principal residence for the next three consecutive years.

3) The credits offer dollar-for-dollar reductions of tax and are refundable. This means that a taxpayer who doesn't pay enough tax to offset the credit can get a refund. For example, if you qualify for an $8,000 credit but only owe $5,000 in tax, you could receive a $3,000 check from the Internal Revenue Service.

4) Under the new law, as under the old, 2009 law home buyers may claim the credit on either their 2008 or 2009 returns, and 2010 buyers may claim the credit on either their 2009 or 2010 returns.

5) Taxpayers do not qualify for a credit if they buy from a lineal ancestor or descendant, including parents or grandparents and children or grandchildren.

Several important features took effect as of Nov. 6^th

1) To take advantage of the tax credits, a buyer must have a contract in place before May 1, 2010, and the deal must close before July 1, 2010. No further extension is expected.

2) The price of the house is now capped. For purchases made after Nov. 6, no credit is available for any home costing more than $800,000.

3) There is now a tax credit for repeat buyers as well as for first-time buyers. Taxpayers who have lived in one residence for five consecutive years of the past eight can now qualify for a tax credit of as much as 10% of the purchase price, up to a maximum $6,500, of a new principal residence. The new home does not have to cost more than the old one.

4) Income limits for people who qualify for a tax credit are far more generous than under the previous law. For single filers, the credits now phase out between $125,000 and $145,000 of modified adjusted gross income; for married couples, the range is $225,000 to $245,000. For most people, modified adjusted gross income will be the same as adjusted gross income.

5) The new law contains anti-abuse measures designed to stem fraud, which became a problem with the previous home-buyer tax credit. Most buyers must be 18 or older, and no taxpayer may take a credit if he or she is claimed as a dependent on someone else's return. Taxpayers taking the credit will also have to furnish proof of purchase. According to Robert Dietz of the National Association of Home Builders, this will usually be a HUD-1 form.

6) People taking the tax credit, as under the old law, aren't allowed to buy a home from a lineal ancestor or descendent. The new law, applying to purchases made after Nov. 6, also says a person may not take a credit if the home is purchased from a spouse or the spouse's lineal relatives.

How About the active Military?

In general, members of the military, foreign service and intelligence communities who are serving overseas on "official extended duty" for at least 90 days during 2009 and the first four months of 2010 have an extra year to take advantage of these credits

Just when you thought you ran out of Lending Options…

New Opportunities Arise!

2009-09-27T11:49:00.002-04:00

Summer is Still Hot and so is the Housing Market!

With the last throws of summer here and fall not far away the weather should be cooling off. But, it has still been hot and we are still in the pool. Our single family residential sales continue to be hot with 131 SFR sales in August, that's just 10 less than July. Of the 131 sales 59 of them were arms length, meaning non-distressed. Distressed properties had 50 short sales and 22 bank owned (REO). With distressed properties still dominating the market median price continues to decline. Since the end of the second quarter median prices for all SFR sales have fallen 6%, from $139,000 to $132,000. With over 50% of the market being made up of distressed properties median price will continue to decline, however the fall should be slight. On a brighter note the median price for non-distressed properties was $175,000 for August and that is in keeping with the month over month median price for this type of sale. For the past 8 months the median price for non-distressed averages out to $171,500.

Inventory continues to decrease although at a much lower rate. As of September 22^nd the Flagler County Association of Realtors MLS had 1321 SFR listed for sale in the county. At the same time frame July had 1324 SFR for sale. But this is a far cry from the 2100 SFR for sale last November 2008. All property types have decreased in inventory and are starting to flatten out.

Pending home sales (PHS) were down for the second consecutive month, with 575 PHS as of September 22^nd. Distressed properties make up the majority of the PHS with 449 short sales and 27 bank owned properties.

Condo inventory has decreased for another month with 553 currently on the market however the percentage of listed short sales is increasing. Pending Condo sales have increased for the 9^th straight month. Which is good news but with that increase distressed properties have also increased.

With few lenders willing to fund vacant land-residential lot sales continue to flounder. Only 60 sales have been recorded in the FCAR MLS system this year and inventory has been steady, not a lot of fluctuation. Some gated communities have been hit hard with declining prices and are flooded with short sales and bank owned.

Palm Coast Lots (PCL) have returned to a sensible value, approximately $17,000 for a standard dry lot. Salt water and fresh water canal and golf course lots are still feeling out the market.

If you have questions for a particular property please call, 386-931-0487 or toll free 888-355-8959

	2009		2008		2007
	Total Sales/Arms Length	Median Price	Total Sales/Arms Length	Median Price	Total Sales	Median Price
January	66/20	$162,950	53/49	$160,000	102	$225,000
February	98/31	$170,000	102/58	$177,500	118	$230,000
March	101/35	$179,000	105/65	$190,750	125	$206,500
April	110/46	$173,000	116/71	$205,000	98	$220,000
May	114/49	$165,000	135/83	$210,000	125	$206,500
June	132/62	$185,000	116/77	$190,000	120	$214,000
July	141/63	$167,000	113/68	$196,700	103	$208,000
Aug	131/59	$175,000	114/71	$170,000	93	$220,000

For a full list of homes on the market visit our web site www.JimmyAndAnnette.com

Annette and I

2009-08-31T12:28:00.002-04:00

are always looking for useful information to send you. Please read about the exciting news about our new theatre ground breaking. Epic Theatres Groundbreaking September 2 11:00 AM - 12:00 PM The long-awaited groundbreaking ceremony for Epic Theatres will be September 2 at 11:00 a.m., at Central Avenue in downtown Palm Coast. There will be a brief ceremony followed by remarks by Mayor Netts, Chairwoman Holland and Frank DeMarsh. Movie refreshments will follow with a opportunity to socialize with City and County officals and staff, other Town Center property owners and members of the business community. For more information, please contact Palm Coast Holdings at 386.446.6226. www.JimmyAndAnnette.com jimmyandannette.blogspot Avoid Foreclosure Remember that our business is based on referrals and we depend on your vote of confidence by referring us to your friends and family.

For the latest housi

2009-08-19T11:14:00.001-04:00

For the latest housing sales in Flagler County read our post at http://htxt.it/yYoz For general real estate news go to www.JimmyAndAnnette.com If you or someone you know has missed or is about to miss a mortgage payment go to www.AvoidForeclosureFlagler.com for answers to your queations.

2009-08-19T11:04:00.002-04:00

The Dog days of July

Summer is here in all its glory and our string of increasing home sales has sustained another month. With a slight improvement over last month of 7% our Single Family Residential (SFR) sales continue to press upward from 132 in June to 141 in July. Of the 141 properties sold 63 were arms length, 67 were short sales and 11 were bank owned. While this is good news the Median Price (MP) continues to be dragged down by distressed properties; short sales and bank owned. Our average MP for the year up to and including July is $170,900 down 11% for the same time frame in 2008 which had a MP of $189,900 through July.

Inventory is still dropping with only 4071 active listings in Flagler County listed in the Flagler County Association of REALTORS (FCAR) Multiply Listing Service (MLS) system down from 4175. SFR inventory dropped again in active listings from 1353 to 1324 as of 17 August, 2009. This marks the 9^th straight month of reduction of active SFR. Condo inventories had its first drop in 6 months from 599 July 25^th to 571 August 17^th.

Pending Home Sales (PHS) fell for the first time in 8 months with 587 SFR under contract down 2% from 593 last month. This indicates a smaller number of SFR sales in August and so far there have been only 41 SFR sales for the month. Condos have seen 6 months of increased pending sales with 53 as of 17 August, up from 44 in July. This increase in Pending Sales has shown up with small increases in monthly condo sales, with 18 in July, 11 in June and 16 in both April and May. Current absorption rate has declined to 44 months of outstanding inventory on the market, that's down by 6 months from July which had 50 months of supply.

Condos have seen a steady increase of pending sales and sold, while the distressed units continue to build. Of the 571 active condos 1210 are listed as short sales and 31 as bank owned. This segment of the market has seen the biggest increase of distressed properties as we continue to feel the impact of the sub-prime mortgage market. Although the MP for condos is holding out in the $200,000 range, it is a bit misleading due to the huge range of condo values we have in Flagler County.

Residential vacant land has continued to show little increase in value. Sales are slow and steady with distressed properties driving sale prices. Inventory is still hovering around 850 and sales dribble in around 7 a month. Palm Coast Lots had a good second quarter but in July sales fell off to 13 with a MP of $16,000. Short sale and bank owned lots still make up a large percentage of the active inventory and pending sales.

As you can see from the information above there are a lot of distressed properties out there. If you know anyone who is having trouble making their mortgage payment, or who has missed a mortgage payment…. they are not alone. For information on how to avoid foreclosure visit www.AvoidForeclosureFlagler.com or call 386-517-2828

If you have questions for a particular property please call, 386-931-0487 or toll free 888-355-8959

The below Table shows a month to month and year over year comparison of single family home sales for 2007, 2008 and 2009. The 2008 and 2009 median prices are with distressed properties removed. The 2007 short sale and REO (distressed properties) data was not available.

	2009		2008		2007
	Total Sales/Arms Length	Median Price	Total Sales/Arms Length	Median Price	Total Sales	Median Price
January	66/20	$162,950	53/49	$160,000	102	$225,000
February	98/31	$170,000	102/58	$177,500	118	$230,000
March	101/35	$179,000	105/65	$190,750	125	$206,500
April	110/46	$173,000	116/71	$205,000	98	$220,000
May	114/49	$165,000	135/83	$210,000	125	$206,500
June	132/62	$185,000	116/77	$190,000	120	$214,000
July	141/63	$167,000	113/68	$196,700	103	$208,000

For a full list of homes on the market visit our web site www.JimmyAndAnnette.com

High-end homes: Is t

2009-08-14T14:03:00.001-04:00

High-end homes: Is the tide turning? Sales seem better than analysts thought, and nation's largest luxury builder says it's more than just first-time homebuyers. Read more. Foreclosure Assistance Click here for full MLS listings Flagler Real Estate News

Let us help you eval

2009-08-14T12:15:00.001-04:00

Let us help you evaluate your options and get back on track to a solid, stable future. For information see below link. http://htxt.it/eEyn www.AvoidForeclosureFlagler.com www.JimmyAndAnnette.com http://htxt.it/BnXC

UF: 'Cautious optimi

2009-08-12T20:55:00.001-04:00

UF: 'Cautious optimism' for Fla. real estate Study calls job market key to real estate resurgence and finds positive economic trends, such as higher confidence by investors. Read more.

Foreclosure bargains

2009-08-10T13:52:00.001-04:00

Foreclosure bargains are disappearing Some houses go under contract less than 90 minutes after they're put on the market, says the founder of Foreclosure.com. Read more. Jimmy M Millhollin, ABR, CRS, CDPE, GRI, SRES, e-PRO, TRC RE/MAX Oceanside

June Real Estate by the Numbers

2009-07-29T15:33:00.001-04:00

We had a bump of 13% in sales of Single Family Residential (SFR) from 114 in May to 132 in June. Total number of non-distressed SFR sold was 62 with a median price (MP) of $185,000; for short sales sold 54 with a MP of $126,000 and 16 REO (Bank owned properties) sold with a MP of $120,000. With 53% of the sales consisting of short sales and REO's our prices continue to decline, all be it slight, approximately .03% per month.

Inventory continues to drop, total active in Flagler County, 4175 down from 4311 in May and residential 1353 down from 1504 in May. Condos are the only property type with increase numbers with 599 up from 585 in May. A small increase month over month, but from the first of the year it's up 15%; from 514 in January to the current total of 599. At the current rate of sales, 12 a month, we have 50 months of condos on the market.

Pending home sales continue to climb with a current count of 593 SFR and 44 condos under contract. Of the 593 single family 475 are short sales and 34 are REO. Condo sales were similar, of the 44 pending 31 are short sale and 2 are REO. As you can see we are closing our short sales at a pretty good rate. I spoke with an agent in Volusia and they indicated a 3% closing ratio for short sales in Daytona Beach Association.

As stated above the condo market is still floundering and the long term does not look any better. There were 11 sales in the month of June, 43 for the 2^nd quarter and 74 in the first half of the year. With an average of 12 sales a month and with currently 599 on the market we have approximately 50 months of inventory. The number of short sales is increasing along with the total inventory. Total number of condos pending as of July 25^th was at 44 with 31 being short sales and only 2 REOs.

Residential lot sales in the county were higher this past quarter; 27 sold compared to 14 in the first quarter. Inventory has continued to decline overall for the year, with 995 listed in January '09 to 862 as of July 25^th. There were 21pending with 16 being short sales and 3 being REOs. Lots in gated communities have come way down in price, especially in The Conservatory. Lots that sold between $400,000 and $500,000 at the initial offering are being short sold $43,700 to $74,000. OUCH!

Palm Coast Lots (PCL) picked up in sales for the second quarter with 63 and a MP of $15,500. Number of pending PCLs which had been averaging 32 a month fell to 18 under contract as of July 25^th.

If you have questions for a particular property please call, 386-931-0487 or toll free 888-355-8959

	2009		2008		2007
	Total Sales/Arms Length	Median Price	Total Sales/Arms Length	Median Price	Total Sales	Median Price
January	66/20	$162,950	53/49	$160,000	102	$225,000
February	98/31	$170,000	102/58	$177,500	118	$230,000
March	101/35	$179,000	105/65	$190,750	125	$206,500
April	110/46	$173,000	116/71	$205,000	98	$220,000
May	114/49	$165,000	135/83	$210,000	125	$206,500
June	132/62	$185,000	116/77	$190,000	120	$214,000

For a full list of homes on the market visit our web site www.JimmyAndAnnette.com

National news has co

2009-07-26T10:24:00.001-04:00

National news has continued to remain positive. Below is a link to REALTOR magazine an interview with NAR's chief economist Lawrence Yun. REALTOR,R Magazine-Daily News-Homes May Be Undervalued Today Shared via AddThis

REALTOR‚® Magazine-Daily News-Homes May Be Undervalued Today

2009-07-26T10:09:00.005-04:00

National news has continued to remain positive. Below is a link to REALTOR magazine an interview with NAR's chief economist Lawrence Yun.

REALTOR‚® Magazine-Daily News-Homes May Be Undervalued Today

Shared via AddThis

May Sales Bring June Smiles

2009-06-22T11:05:00.002-04:00

There have been a number of reasons to smile so far this month. For one, May sales were up over April with 114 single family residential (SFR) in May and 110 SFR in April. The second reason to smile is the SFR inventory was down for 7 of the past 8 months with a high of 1938 in November 2008 to current low of 1504 for May 2009. A third reason to smile is for Pending Home Sales (PHS); they were up for the 6^th consecutive month to 526 for May. All of these signs are pointing in an upward direction for home sales. Can we thank the lenders for providing loans or have the sales been cash? Of the 114 sales more than half of them have been sold via mortgage. A total of 69 sold with a mortgage while the other 45 were sold for cash. The lenders are giving mortgages to qualified buyers with credit scores of 620 or higher, a job and a down payment.

Nearly 60% of our SFR sold market consists of short sales and REO properties. Of the 114 sales, 46 were short sales and 20 were REO properties for a total of 66 distressed properties. The Median Price (MP) for arms length (market value) sales was $165,000, short sales $128,000 and REO properties was $136,000*. *There were 2 million dollar homes sold last month driving the REO MP up. Without the 2 million dollar sales the REO MP was $125,000. As we continue to slosh our way through the short sales and REO's we are starting to see higher end properties come on the market; currently 30 short sales over $500,000 and 3 over $1 million. Water front (saltwater canal) homes are still declining with a sale price to list price of only 72% telling me buyers are still not wanting to shell out big bucks for salt water homes.

The condo market is okay but not as promising as the SFR market even though we had two consecutive months with 16 sales (April and May) and of the 16 sales only 1 short sale and 1 bank owned (REO). Other good news there are 38 condos currently in pending. However inventory has increased from 528 in November '08 to 585 for May '09 and short sales and bank owned have increased in the same time frame also, short sales rose from 86 to 109 and bank owned jumped from 1 to 29. We will have several months of this type activity and will continue to see a decline in condo prices for the near future.

Residential lots have started to level out, at least the decline is not as severe. There were 12 sales for May and 30 in pending, inventory has decreased from 976 in November '08 to 939 in May '09. But like condos, shorts sales and bank owned have increased during that same time frame, short sales 52 to 80 and bank owned 16 to 47.

Sales of Palm Coast Residential lots continue to increase (23 in April and 19 in May) and inventory has decreased from 1014 in November '08 to 836 in May '09. Short sales and bank owned have remained constant, averaging 20 for short sales and 28 for bank owned. Pending sales for Palm Coast Lot have increased slightly from 23 in December '08 to 29 in May '09. This is most likely due to the Median Price averaging $16,500 for the year.

It is a buyer's market however, for SFR it is starting to turn. If you or someone you know is looking to capitalize on the $8,000 federal credit give us call today.

If you have questions for a particular property please call, 386-931-0487 or toll free 888-355-8959

The below Table shows a month to month and year over year comparison of single family home sales for 2007, 2008 and 2009.
The 2008 and 2009 median prices are with distressed properties removed. The 2007 short sale and REO (distressed properties) data was not available.

	2009		2008		2007
	Total Sales/Arms Length	Median Price		Total Sales/Arms Length	Median Price	Total Sales	Median Price
January	66/20	$162,950		53/49	$160,000	102	$225,000
February	98/31	$170,000		102/58	$177,500	118	$230,000
March	101/35	$179,000		105/65	$190,750	125	$206,500
April	110/46	$173,000		116/71	$205,000	98	$220,000
May	114/49	$165,000		135/83	$210,000	125	$206,500

We love referrals and check out our listings at www.JimmyAndAnnette.com.

Lots of rain the past few days

2009-05-19T20:50:00.002-04:00

Lots of rain the past few days. Sure is needed but it has really slowed down the showings. Even with the slow down on showings some listings have had multiple offers something we haven't seen in some time. This is not the norm, slow and steady progress is what is needed to eliminate the short sale inventory we have in our area.

Relaxing by the pool

2009-05-17T11:04:00.001-04:00

Relaxing by the pool drinking coffee and reading email.

Hope Springs Internal

2009-04-14T15:39:00.001-04:00

Spring, the time of year rain falls, flowers bloom and birds go to nest. This season like no other screams new, clean, bright, unmarked, unsullied, and brand new. Yes, there's something in the air, Hope Springs Internal and the opening of BASEBALL!

Another ritual of spring is the administration's first 100 days in office. The news media always gives the new president a critique on their progress or lack thereof. The economic crisis President Obama inherited put him behind the eight ball, but fortunately he has placed a number of great minds in position to assist him to rectify the problems. As my mom always told me "Time Will Tell" I only hope we can correct the mortgage issues before millions lose their homes. There has been nothing earth shattering during the presidents first 100 days, but there has been a steady growth of consumer confidence.

The homes sales in Flagler County made a late inning run and finished the month with a 101 single family residential (SFR) sales. The month finished with a median price (MP) for non-distressed properties of $179,000; February had 97 SFR sales and a MP of $170,000. The end of March also marks the end of the first quarter. There were 264 SFR sales with a MP of all home sales at $138,000 the sales numbers are similar to 2008 but the MP is down by 18%. First quarter of 2008 had 264 sales and a MP of $166,332.

Short sales and bank owned are still a big part of our market and will continue to be so until we get through all the sub-prime mortgages issued in 2004, 2005 and 2006 and the recession with the loss of jobs. Those mortgages will be re-setting until 2011 so we will be seeing these issues for some time to come or until the lenders and the feds take up the mortgage crisis in earnest and find a solution.

Some of the housing market indicators we use are; sales, median price (MP), inventory and pending home sales (PHS). Our sales continue to be steady month after month inventory of SFR has been declining for the past several months with 1721 listed on April 6^thdown from January which had 1779. And Pending Home Sales (PHS) numbers have been increasing over the past quarter with 448 SFR currently under contract. With steady sales, inventory declining and PHS increasing we should see a stabilization of sales price. So why has the MP dropped 18%? I believe the reason is the continued increase of distressed properties. Until the lenders are more responsive to short sales we will continue to see the wild fluctuation of prices in those sales.

The below Table shows a month to month and side by side comparison of single family home sales for 2007, 2008 and 2009.
The 2008 and 2009 median prices are with distressed properties removed. 2007

sales did not have a distressed property category.

	2009		2008		2007
	Sales/arms length	MP	Sales/arms length	MP	Sales	MP
Jan	62/20	$162,950	53/49	$160,000	102	$225,000
Feb	96/31	$170,000	102/58	$177,500	118	$230,000
Mar	101/35	$179,000	108/65	$190,750	124	$215,000

Visit our web site www.JimmyAndAnnette.com for real estate information you can use.

Remember we love referrals.