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August 2016

Found 7 blog entries for August 2016.

Daytona Beach has been ready to rock for years. The city jumped for joy when Bayshore Capital excitedly announced a few years ago that a Hard Rock Hotel and Cafe would be built along The World's Most Famous Beach, putting Daytona Beach on an exclusive list of the hotel chain's International locales. Locals laid down cash deposits to be among the first to own high luxury units in the planned condo complex, and other development projects and real estate efforts began to emerge and market around the Hard Rock plans.

But when the hotel asked the city to nix beach driving in front of the facilities to better compete against other high end hotels in the area boasting car-free beach fronts, the city agreed and all hell broke loose. A string of lawsuits

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Average rents have been soaring upward for decades with no end in sight. The latest reports show that the national average for monthly rent sits at $1277, up a whopping 26% from just five years ago. 

Locally, rents have been pretty on par with the national averages. Currently the median rate sits at about $1250, with some variations around the county. (For example, the median rent in Deltona is $1150, while the median rent in Ormond Beach is $1525.) 

No matter where you live in the area, though, or how you spin it... buying is cheaper than renting here. In fact, buying is cheaper than renting in MOST areas.

Here's a look at the results of a recent study done by GoBankingRates looking at the cost of renting vs. homeownership at state levels.

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July home sales dropped by double digit percentage points again in July as inventory levels remained painfully low, forcing buyers to shop in a market with 300 fewer homes than were listed the same month last year. Median sales prices, meanwhile, held steady compared to June and were up substantially compared to a year ago. 

For the month ending on July 31, 2016, the Daytona Beach Multiple Listing Service (MLS) reported that 438 existing single-family homes (detached) were sold in the greater Daytona Beach area with a median home sales price of $195,000. The figures represent a 11.5 percent drop in the number of homes sold and a 16 percent increase in median sales price, year over year. Year-to-date comparisons show sales are down by 5.6 percent and

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Have you been tossing around the question of whether to buy a detached single family home or a condo? There are lots of reasons why buyers could be pondering the question. And there are a number of reasons why maybe those who aren't pondering the thought, should be. 

Here's the thing, though. No one can make the decision for you or be absolutely sure what the right decision will be for YOU. This is a choice only you can make. 

So, to help you along the process, we've pulled together a quick list of condo pros and cons for your review. If the cons weigh on your hear, it may mean a single family home is best for you. If the pros pull you in, it could mean the condo life is calling.

The Good And Bad In Buying A Condo

Pro: No exterior maintenance.

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There are lots of benefits buyers find to buying a condo. Owners don't have to worry about building repairs or yard maintenance. They often have access to great amenities like pools and fitness equipment. There's a greater sense of security, and condos offer the ability to "lock it and leave it" when traveling or visiting seasonally.

Despite the desire, though potential buyers and current homeowners out there have long struggled to land the condo they’ve been dreaming of thanks to difficult financing conditions. Banks and regulatory agencies can be quite picky when deciding in which condo buildings they will allow buyers to finance a unit.

Despite the greater affordability of condos, financing for the units have historically been tough to get

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With the record high temps that graced the Daytona Beach area in July, condo sales also rose a bit.  

An analysis by The Wyse Condo Team at Keller-Williams Realty in Port Orange, FL, showed that condo sales rose by more than 11 percent year over year, as median sales prices fell by more than 13 percent. Month over month, however, sales fell and prices rose. 

According to the Daytona Beach Multiple Listing Service (MLS), there were 124 condo sales in July with a median sales price of $177,250. 

“In general, the condo market appears to be softening a bit and seems to have shifted from the seller’s favor into more neutral territory.” said Ron Wysocarski, CEO of The Wyse Home Team at Keller Williams Realty in Port Orange. “In year to date

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Housing experts are raising the warning flags indicating homeownership is now on a downward trajectory and stagnant incomes likely hold a big piece of the blame.

In fact, some of the nation's top housing experts are now saying that income growth's failure to keep up with rising housing costs is now making renting a long-term reality for many Americans - young and old. 

But renting isn't what Americans want to be doing. According to the 2016 Housing Survey done by Ipsos Public Affairs on behalf of Wells Fargo, most Americans believe owning a home is an important part of the "American Dream" and an achievement to be proud of.

Despite those desires, though, the U.S. homeownership rate fell in the second quarter of 2016 to 63.1 percent, according to

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