Palm Coast, Flagler County, Flagler Beach Real Estate
Archive for January, 2009
REOs – Housing: Where is the Bottom?? – Not so fast – Huge levels of Bank owned properties coming Nationwide.
Jan 27th
Source: www.realtor.org
I just spoke with a REO specialist to pick his brain about what he sees coming up in the near term. We had a very good and frank discussion. I highly respect his opinion, he is well connected and has been in the biz since before I was born and handles tons of REO property listings in all of Northern Florida.
The news I am getting out of him is that the foreclosure coming on the market stalled for the holidays…but are now starting to flood onto the market and there is a huge backlog coming online very, very soon. Good news for savvy buyers to pick up some great deals….horrible news for sellers…this indicates to me another very serious price drop in the next 6 months.
Also if you have not had the opportunity…please read the following article…it is by far the best I have seen on the housing market and economy to date…
“Housing: Where is the Bottom?”
it is not an easy or pleasant read…so be prepared!!!! But in my opinion nails it!!!!!
No I am not the type that believes in blowing smoke and telling you how fabulous things are…there are enough of those people out there…I wish I could drink the kool-aid.
I disagree with NAR that the banks will be able or willing to reduce principal balances on loans to slow down the process. Actually, I am seeing and hearing the opposite. The banks are starting to just go straight forward with the foreclosures and then deeply discounting to liquidate inventory quickly. They are tired of the short sales and are attempting to expedite the foreclosure process to more quickly raise much needed capital.
NOW: If you are realistic and looking for a home to purchase for the long term…this is a great time to start picking away at the best deals. This is not a market for short termers/flippers or those without the proper capital to make it through the next few years. And, please, please, please…focus on LOCATION – LOCATION – LOCATION!!!!!! They can build more gated communities, they can build more golf courses and lakes, they can build more condos, but they cannot build more Saltwater Canal, Intracoastal or Oceanfront property…food for thought!!!!
WARNING: This is also not a market for working with inexperienced, part time and un-seasoned real estate professionals in any capacity. Make sure to interview your agent well before entering into any type of transaction at this time. Personally….if I was a buyer or seller…I would not work with anyone without at least 50-100 or more transactions under their belt….and if they are not technology savvy….find another person to work with pronto.
80% of all buyers are initiating there search for real estate online now…and if you are working with someone that is not familiar with how to capitalize on that…you are missing out on much needed marketing to get your property sold. I also would make sure that they are well versed in short sales and foreclosures…even if you are not in one of those categories…you want someone working for you who knows how they impact you too….because they do!!!!
Kristi Ross – REALTOR - With over 13 years of experience in buying, selling, managing & investing in real property personally in addition to being a very active, full time REALTOR in Palm Coast/Flagler County, Florida for 7 years ….I have learned that information is power and I am an advocate for customer empowerment.
Please feel free to search the MLS for free at my website www.Palm-Coast-Hot-Properties.com. You can sign up to be on the list of first to know when properties meeting your ideal criteria are newly listed, go pending or are sold.
**Disclaimer: The search homes information is provided through IDX and Kristi L. Ross PA, Hawk Beach Realty, I, My Broker or associates are not in anyway responsible for any representations, opinions or comments or mistaken information provided.
Palm Coast looks to keep Much Needed Sea Ray Jobs in Flagler County
Jan 15th
Palm Coast looks at Sea Ray funding options
“PALM COAST — City Manager Jim Landon didn’t bother to sugarcoat it Tuesday. Landon proposed at a City Council workshop costly economic incentives to help improve Sea Ray Boats’ local plant and keep the manufacturer in operation. As part of the deal still under consideration, Palm Coast could grant Sea Ray $1.2 million in funding for outstanding capital improvements. In turn, the company must remain open or repay the city. The city also will offer $200,000 debt forgiveness annually for each year Sea Ray stays open, Landon said. “This, by no means, is a giveaway; this is an investment,” Landon said.”
Jobs are vital to the success of the Palm Coast Community. With the sudden stop in both residential and commercial construction that helped boom Flagler to the fastest growing County in the United States for several years…the economy has been hit very hard due to a lack of diversification in industry. When the construction shut down…all the jobs disappeared..skyrocketing Palm Coast, FL to one of the highest unemployment rates in the nation.
It almost seems to be that every time Palm Coast, FL takes one step forward, with the announcement of new jobs coming to the area with “Project Sprint” and AMREP’s decision to move 700 new jobs to their Palm Coast Data Offices, in addition to keeping the 1000 employees already here…it takes one step backwards. Sea Ray offers high paying jobs for the area and to lose them would be straining to say the least.
As far as a community, a place to live, a place to retire…Palm Coast, FL will always be desirable…but we cannot live off of retirees alone. It will be interesting to see how this scenario plays out..stay tuned.
That being said…the home prices in Palm Coast, Fl & Flagler County have once again become very affordable in the last three years, and since it is a desired area for those that work anywhere from Jacksonville to Orlando…and for second home owners wanting to have property at the beach or on the Intracoastal Waterway…now may be a great time to buy some excellent bank owned and waterfront properties.
We will be looking back on this time as an opportunity in the future…but you must be prepared to buy and hold in this market and buy for the right reasons. This is not a flipper’s market anymore…so unless you have a good 7 – 10 year time frame…now is not the time for you to purchase.
If your time frame is long term and you are looking for a home to call your own or rental property to add to your portfolio…I would jump quick because the best properties come on and off the market quickly.
If you are in a position where you “MUST SELL” your home…feel free to contact me to discuss how we can make that happen. If you are considering just listing your home for sale in “hopes” that it will sell and are not properly educated on the current market conditions…please read my blog post
“Not at risk of foreclosure? Then take your house off the market TODAY!!!!!!”
Kristi Ross – REALTOR - With over 12 years of experience in buying, selling, managing & investing in real property personally in addition to being a very active, full time REALTOR in Palm Coast/Flagler County, Florida for 7 years ….I have learned that information is power and I am an advocate for customer empowerment.
Please feel free to search the MLS for free at my website www.Palm-Coast-Hot-Properties.com. You can sign up to be on the list of first to know when properties meeting your ideal criteria are newly listed, go pending or are sold.
*DICLAIMER: The above statistical data was gathered from the Flagler county MLS and is not to be guaranteed reliable or accurate and is for informational purposes only.
**Disclaimer: The search homes information is provided through IDX and Kristi L. Ross PA, Hawk Beach Realty, My Broker or associates are not in anyway responsible for any mistaken information provided.
