July Foreclosures Down from 2009

Foreclosure filings in July dropped 9.7% from the same month last year, the second straight month of yearly declines, according to RealtyTrac, an online foreclosure marketplace.

After a 1% yearly increase in May, filings declined 6.9% on an annual basis in June and nearly 10% in July. Default notices were down from the previous year for the sixth straight month in July, as servicers and lenders have escalated repossessions (REOs) to near-record levels.

The bad news was there were 325,229 properties that received a foreclosure filing in July, a 4% increase from May. It also marks the 17th consecutive month that foreclosure activity exceeded 300,000, said James Saccacio, CEO of RealtyTrac. 92,858 properties went back to the banks as REO in July, the second highest monthly total since RealtyTrac began tracking them in April 2005. It's 1% below the peak in May when there were 93,777 REO properties reported.

On the metropolitan-statistical area (MSA) level, the top-10 areas are showing a "bumpy downward trend," according to RealtyTrac. While those areas all showed decreases from last year in July, five of them had decreases from the previous month.

I haven't seen any specific numbers for Ormond Beach foreclosures, but our inventory still includes a disproportionate number of short sale and bank-owned properties. Which means it is still a great buyer's market.

Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com

Florida One of Top 4 States in Foreclosure Filings

Florida, California, Nevada and Arizona continued to lead the nation in the most residential foreclosures from January through June of this year.

According to RealtyTrac, the leading statistical source for foreclosure data, 154 of the 206 U.S. metropolitan areas with a population of 200,000 or more posted year-over-year increases in foreclosure activity, even while foreclosure activity decreased in nine of the 10 metros with the highest foreclosure rates.

Florida, California, Nevada and Arizona accounted for all top 20 metro foreclosure rates. Florida led the way, with nine of the top 20 metro foreclosure rates, followed by California with eight, Nevada with two and Arizona with one.

James J. Saccacio, chief executive officer of RealtyTrac, said, "If unemployment remains persistently high and foreclosure prevention efforts only delay the inevitable, then we could continue to see increased foreclosure activity and a corresponding weakness in home prices in many metro areas."

The good news is that the Daytona-Ormond Beach area was not in the top tier. The bad news is the Orlando-Kissimmee market was #8.

There are always two sides to bad news. This is great for buyers, who are finally discovering the low prices and bargains available in Ormond Beach for waterfront and canalfront homes.

Contact me for some ideas on how you can take advantage of this market.

Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.daytonabeachscene.com

Ormond Beach 30-year Mortgage Rates still at Record Lows

Frank Nothaft, Freddie Mac's chief economist stated, "Fixed-rate mortgages continued to hover at 50-year lows, thereby supporting homebuyer affordability and refinance activity. Over the past month, about four out of five conventional loan applications and more than one-half of FHA and VA loan applications were for refinance. Compared to the recent peak in 30-year fixed interest rates 13 months ago (week of June 11, 2009), current rates are a full percentage point lower. With today's rates, homebuyers would save about $1,500 in payments each year on a $200,000 loan compared to rates last June."

30-year fixed-rate mortgage (FRM) averaged 4.57 percent with an average 0.7 point for the week ending July 15, 2010, unchanged from last week when it averaged 4.57 percent. Last year at this time, the 30-year FRM averaged 5.14 percent. This rate ties the all-time low reached last week in Freddie Mac's 39-year survey.

Call or email me to start looking at a home in Ormond Beach. Don't lose the opportunity to take advantage of these rates in your investment portfolio.

with Your Key to the Beach,
Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.daytonabeachscene.com

Ormond Beach Mortgage Rates Hit Another Historic Low

The average interest on a 30-year fixed mortgage dipped to a new record low of 4.57% this week, down from 4.58% just a week ago, according to Freddie Mac, which began tracking rates in 1971. Last week's rate represented another historic low.

Pessimists in the real estate market say the low rates may not provide much of a boost for housing sales, because many people do not qualify for new mortgages or have already obtained loans at low rates this year.

Don't be discouraged. If you want to take advantage of the low rates, high inventory, and great bargains available in Ormond Beach homes, call or email and let's talk.

Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.daytonabeachscene.com

Ormond Beach Homeowners Granted Flood Insurance Extension

Congress has reauthorized the National Flood Insurance Program, and Pres. Obama has signed the bill. Extending the flood insurance deadlines will help provide additional stability to real estate markets across the nation, especially combined with the extension of the 1st time buyer tax credit. The bill, HR 5569, retroactively reauthorizes the Federal Emergency Management Agency (FEMA) to enter into new contracts for flood insurance under the National Flood Insurance Program through September 30, 2010.

Here are some sites with information on flood insurance for homeowners:

Information about flood preparedness and flood insurance

Claims Handbook

For Condos

Filing a claim

How to Buy Flood Insurance

Ormond Beach real estate offers an incredible inventory of oceanfront and riverfront homes now, at rates the lowest in history. Call or email me to see some of these great Ormond Beach properties.

Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.daytonabeachscene.com

Ormond Beach Short Sale - a Brief Explanation

A Short Sale is an option for a seller who must sell their home when the value of the property is just not sufficient to cover the balance owed to the existing lender. To "sell short," their existing lender(s), and any other existing lien holders, must approve the sales price, the sale terms, and payoff of their loan to be at a reduced amount.

The Short Sale process is as follows:
*The owner or their agent/negotiator must contact the existing lender.
*The lender will direct them to their website, or will advise how, to obtain specific forms, instructions and lender requirements.
*This group of documents, along with the lender’s financial forms (Short Sale Package*) is then sent to the lender as per the lender’s instructions.
*After the lender receives the package, it is assigned to a contact person in the lender’s Loss Mitigation Department. This process can take anywhere from two weeks to two months and sometimes longer.
*At this point the Loss Mitigation Dept then reviews the package and will contact the homeowner to request any additional items that may be required by the lender. This request is usually made verbally to the homeowner or negotiator but can sometimes be found via the lender’s website.
*The lender will then request a Broker’s Price Opinion (BPO) from an agent chosen by the lender.
*Once the lender has received the BPO as well as the Short Sale Package, they submit it for final review. When the lender has completed their final review, they may give approval "as is" or their approval may be subject to changes, such as sales price or terms. Or the lender at this time may decide that the seller did not have ample reason for the short sale, and therefore deny the request.

*Short Sale Package can consist of 100 to 200 pages including, but not limited to, the following items:
1. Listing Agreement
2. Short Sale Addendum
3. Offer to Purchase
4. Proof of Buyer’s funds
5. Owner’s Tax returns
6. Paystubs
7. Owner’s Bank Statements
8. Hardship letter from owner (explaining why the short sale is needed)

Remember that every lender and every situation is a different story. You need a Realtor proficient and experienced in short sales, who will stay in touch with the lender constantly throughout their process.

I have special training and education, plus experience, in Ormond Beach short sales. Contact me with your questions. Don't wait until your only choice is foreclosure.

Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.daytonabeachscene.com

Ormond Beach Homeowners get more Federal Funding

State Housing Finance Agencies (HFAs) in Arizona, California, Florida, Michigan and Nevada can begin to use $1.5 billion in “Hardest Hit Fund” foreclosure-prevention funding under plans approved recently by the Obama Administration. This aid will support innovative local initiatives to assist struggling homeowners in those states, as part of the first round of funding available under this new program.

“These states have identified a number of innovative programs that will make a real difference in the lives of many homeowners facing foreclosure,” said Treasury Assistant Secretary for Financial Stability Herbert M. Allison, Jr. “While we’ve made important progress stabilizing the housing market and keeping responsible families in their homes, the Obama Administration will continue to do everything it can to help those who are struggling the most during this difficult time. Today marks an important milestone for delivering relief to homeowners through the Hardest Hit Fund program.”

President Obama established the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets (“Hardest Hit Fund”) in February 2010 to provide targeted aid to families in the states hit hardest by the housing downturn. The states approved to receive aid as part of the first round of funding provided through this program each experienced a 20% or greater decline in average housing prices.

Here are Florida's hardest-hit proposals ($418 million):

*Florida will offer mortgage payment assistance to the unemployed and under-employed while they seek re-employment.
*The state will also offer principal reduction or second lien extinguishment if necessary to achieve a mortgage modification.

If you are having problems paying the mortgage on your Ormond Beach home, contact me NOW. You have options. I have received special training in Ormond Beach distressed real estate problems, and can help you.

Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.daytonabeachscene.com

Struggling Ormond Beach Homeowners Have Options

More borrowers dropped out of the Obama administration’s foreclosure prevention program last month than were added, but many of those homeowners found private help from their mortgage companies, according to recently released data.

According to a post on RisMedia.com, "The number of mortgages with permanently reduced payments under the Home Affordable Modification Program (HAMP) increased 15% in May 2010 to 340,459. The pace of temporary three-month modifications started in May slowed, with an increase of just 2.5% to 1,244,184.

"But cancellations of mortgage modifications continued to grow. Cancelled trial modifications rose 55% in May from April. More than a third of all trial modifications started since the program began last year—429,696—now have been canceled. Cancellations of permanent modifications also were up sharply, rising 70% to 6,357 in May from April.

"But overall, homeowners with permanently reduced mortgage payments have fared better in the program. The cancellations amount to just 1.8% of all the permanent modifications offered since it began last year.

"The administration’s report said that at the eight largest mortgage servicers, including Bank of America, CitiMortgage and JPMorgan Chase, nearly half of homeowners whose temporary government modifications were cancelled received an alternative modification.

"Of the 194,056 total cancellations for those servicers under the Obama administration’s plan, just 7% resulted in foreclosure actions. An additional 2% resulted in a short sale."

If you are an Ormond Beach homeowner having financial troubles, and finding it hard to make your mortgage payments, contact me NOW. You have options! I have special training in helping distressed homeowners and can help you.

Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.daytonabeachscene.com

Overpricing your Ormond Beach Home won't Help it Sell

In this market of falling prices and high inventory, it is a common mistake for sellers to price their property over the competition to try and get a little more. Especially if you are not a "short sale" seller, in other words don't have to sell, you think you should price your Ormond Beach home above those distressed properties.

Wrong.

Overpricing from the outset could actually force you to end up settling for a lower price than you would have received by setting a realistic asking price based on market research. There is a smaller pool of highly motivated buyers, and today's Ormond Beach buyers tend to be well educated about the market. Without the assumption of price appreciation, few buyers are willing to gamble and overpay for a home. In addition, credit tightening has reduced both the number of buyers who can qualify for a mortgage as well as the size of the mortgages available.

Here are just a few of the reasons you should never expect to get more than the market (or overprice your home):

1. Fewer buyers looking. There are many ways online now for buyers to find values in your neighborhood. They won't waste their time looking at a home obviously priced above sales.
2. You will help your competition. Your higher price will drive buyers to the homes in your community which are priced aggressively.
3. You risk stagnation. The effects of #1 and #2 will be to leave your property "sitting on the sidelines." You will have a longer market time, and realtors won't watch your home for a price reduction - they will show their buyers the new listings that are priced right.
4. You brand yourself as an unrealistic seller. This means tougher negotiation. With so many houses on the market, buyers won't work any harder than they have to for a home, or their agent spend any more time than needed.
5. Appraisals - if your price is above the market, it won't appraise for the buyer's mortgage. Who will make up the difference - you?

First, you need to contact a Realtor knowledgeable about sales prices in your community of Ormond Beach (me). Together, we'll create a pricing plan. When pricing your home, the best strategy is to remain objective and compare your home closely to similar properties on the market. Take the opportunity to visit open houses and pay attention to recent sales in your area.

Together we'll review recent Ormond Beach sales and discuss market trends. Then we will decide on a marketing plan to get you the best price you can in today's market. Call or email to discuss your Ormond Beach real estate options.

Sherry Armstrong, Realtor
386-679-3191
www.sherryarmstrong.com
yourkeytothebeach@gmail.com
www.daytonabeachscene.com

Ormond Beach Homeowners Optimistic about Values

Zillow.com found that about half of US homeowners, those in Florida included, feel the value of their homes increased in the 1st quarter, 2010.

This statistic, however, also means about 50 percent of those surveyed think their home's value declined in the past year. Zillow's calculations conclude that 65 percent of U.S. homes actually declined in value.

To the extent home owners are overconfident about the value of their home, Zillow says, they could feel encouraged to put their home on the market. If a lot of them did so and their home values aren't as high as they think they are, it could have the effect of pushing down prices, feels Zillow’s Chief Economist Stan Humphries.

If you would like a professional opinion on the value of your Ormond Beach home, call or email me. Every neighborhood and community is different, and I can provide you with a thorough analysis of Ormond Beach real estate market trends.

Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.daytonabeachscene.com

Ormond Beach Sellers in Trouble - Understand your Credit Score

How will a delinquency on your mortgage affect your credit score? We all know how important that FICO score is - from getting car or health insurance, at good premium rates, to getting a mortgage. But if you fall behind on that home loan, what will happen to your FICO score?

Here's a recent article released by our Florida Realtors Assn which gives some good information (published by 2010 Information, Inc., source CNN):

"Fair Isaac, which developed FICO scores, used a comparison between two people to explain how mortgage delinquencies affect credit scores.

"Fair Isaac derived these numbers from a theoretical calculation based on hypothetical borrowers – one with an initial score of 680 and one with an initial score of 780. FICO scores range from 300 to 850.

"The hypothetical person behind the 680 score had six credit accounts, while the person with the 780 score had 10. The consumer with the 780 score had no missed payments other than the mortgage; the 680 example had two late payments before they failed to pay the mortgage.

"After a mortgage payment problem, the two scores would look like this:

*After a 30-day delinquency, the 680 score drops to somewhere between 620 and 640; the 780 score declines to 670 to 690.
*After a 90-day delinquency, the 680 score falls somewhere between 595 and 610; the 780 score goes to 645 to 665.
*After a foreclosure, short sale or deed-in-lieu, the 680 goes somewhere between 575 and 595 and 780 drops to 620 to 640.
*After a bankruptcy, the 680 drops somewhere between 530 and 550; the 780 declines to 540 to 560. "

Ormond Beach sellers - let's talk about your alternatives before you get in a deep hole on your payments. You have options to foreclosure, and I'm a specialist in helping sellers who need a short sale. Let's work together before your FICO score gets too low.

Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.daytonabeachscene.com

Research Shows Housing Prices May be Nearing Bottom

New York City's Barclays Capital is reading the signs: home prices are stabilizing (with huge regional differences), loan modification efforts have increased, banks are more aggressively trying to dump their foreclosure portfolio. Could these mean the market is nearing bottom?

Barclays analyzes earnings from 20 banks, regional and national, to determine expectations of the housing market. While the 2010 outlook is mixed, many lenders agree home prices appear to have stabilized in several regions of the country. Certain markets - Arizona, Nevada, and parts of Florida predominantly - continue to exhibit softness in property values.

Our market in Florida is a good example of one of the conclusions of the analysts: the plethora of foreclosures already in the pipeline will likely weigh on the housing market for the foreseeable future.

Still, conclusions of the Barclays report indicate "The prices of real estate and the write-downs have been so significant that people are now starting to say maybe the bottom has been reached or maybe we're on the upside of that depending on the market. "

Our Ormond Beach home sales have significantly increased, but prices have not. Supply and demand will eventually exert some pressure, as inventory decreases. Contact me for ideas on how to take advantage of the Ormond Beach real estate market as it nears bottom. Search Ormond Beach homes for sale and let me discuss the best bargains you can find.

Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.daytonabeachscene.com
www.ormondbeachscene.com

Mortgage Rescue Plan will help Ormond Beach

The government has released yet another plan to help troubled homeowners and rev up the real estate industry. Here are the key points:

• As much as $14 billion of the Troubled Asset Relief Program (TARP) will be made available to pay for writing down second liens for loans whose borrowers refinance through the Federal Housing Administration.
• Lenders that facilitate refinances through the FHA will be required to write down the principal of the first mortgage by at least 10 percent so the home owner has a loan-to-value ratio no higher than 97.75 percent.
• Lenders of second liens will be offered incentives of 10 cents to 21 cents per dollar of principal they write down in connection with an FHA refinance.
• Borrowers who lose their jobs can apply to have their mortgage payments reduced for three to six months while they search for a new job.
• Borrowers with a payment still greater than 31 percent of income after they find a job will be considered for a permanent loan modification.
• To encourage more short sales and “deed in lieu” of foreclosure transactions in which the lender settles the loan for less than is owed, the government will double assistance to borrowers to $3,000 and increase incentives to subordinate lien holders and investors to $6,000.

I recently received my FSP designation (Five Star Professional, of the Five Star Institute of Default Servicing) and also hold the CDPE (Certified Distressed Property Expert). You DO have options to foreclosure.

If you are having problems paying your mortgage, act now and give me a call. We can sell your home so you can get on with your life.

Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.daytonabeachscene.com

Ormond Beach Buyers - Are You Ready for April 30?

You probably know the 1st Time Buyer Tax Credit (up to $8,000) and Trade Up Credit (up to $6,500) expire April 30. That means you need to have a signed contract to purchase by that date. If you want to buy but haven't started the process, now is the time to get serious or you will lose out. The credit applies only to the purchase of a new principal residence costing $800,000 or less, and there are income restrictions and other limitations, including a requirement to close the sale before July 1.

Assuming you qualify and want to buy, how can you speed up the process so you can find your home and have an offer accepted in 30 days? Here are some suggestions.

1. Know your Market - start searching online (here's the link on my site to Search the MLS), and get a good Realtor working for you who knows the communities (me). Sign up for the free service that daily will email you listings that meet what you want, and let me know right away if you see one you want to preview. Remember, as a Buyer, you don't pay the commission. My professional experience and expertise are free to you.

2. Talk to a Lender - you must be preapproved, not just prequalified, to meet this deadline. Find how how much house you can buy and if your credit is good enough to get you a rate you can afford.

3. Narrow your Search - Ormond Beach has many communities, which vary widely in price and amenities. Decide on the ones you like the best right away.

4. Make a List of Needs vs. Wants - You can narrow the inventory easily by knowing what features you really have to have (bedrooms, baths, location) against what you'd like (fenced yard, view, family room).

5. Can you fix it up? Are you handy with repairs? Do you want to spend your free time for a few months after you move in fixing up what someone else damaged? If not, then don't look at fixer uppers.

6. Plan ahead - a contract probably won't be accepted overnight. The seller may counter, then you may counter - this takes a few days. Don't wait until April 28 to make your offer. Keep in mind that short sales take much longer, for the bank to approve an offer.

You have time, but let's get started now. If you don't know the communities or neighborhoods of Ormond Beach, or real estate sales information, just call or email. Don't lose this great opportunity for Uncle Sam to help you purchase your new home.

Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.daytonabeachscene.com

Want a Golf Lifestyle? Try Halifax Plantation in Ormond Beach, FL

Dream of living the Golf Lifestyle but prices have been too high? Not any more. Here are some great buys in Halifax Plantation of Ormond Beach which will fit your pocketbook and make your hopes of enjoying golf every day of the year come true.

A stunning home on the 6th Fairway, this home has been reduced to $474,000. Features include a heated pool and hot tub, screened lanai, outdoor kitchen, 4 bedrooms/3 baths, 3,000 SF interior, and views of the Halifax Plantation golf course through your secluded treed lot. Want creative financing? The owner will consider financing.

This gorgeous golf course home on the 2nd Fairway of Halifax Plantation offers a split floor plan of 4 bedrooms (2 master suites) and 3 baths, 2142 SF interior, 12.500 SF lot, inground heated pool, 2-tier screened patio with triple tap draft beer system, JennAir grill, media center with big-screen plasma TV and in-ground gas fire pit. Asking price is $464,900.

Also this week are price reductions on golf course homes in the Ormond and Daytona Beach communities of Pelican Bay, Plantation Bay, Tomoka Oaks Country Club Estates, LPGA, and Cypress Head. These are not my listings, but I can help you preview any golf course home in Ormond Beach or Daytona Beach, and give you real estate sales information on all of our communities and neighborhoods.

Don't let another year go by before you put a plan in place to own that golf home you dream about - the time to buy is now! If you still want proof, search golf homes on my web site and see the prices for yourself. Call or email me for details on any golf home for sale.

Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com

www.sherryarmstrong.com
www.daytonabeachscene.com

IRS Rules on Tax Credits for Ormond Beach Buyers

The IRS has clarified documentation for taxpayers taking advantage of the 1st Time Buyer and Move-up Buyer tax credits.

While the IRS is still requiring the filing of Form 5405, it is not demanding that all parties’ signatures be on the HUD-1 settlement document in areas where requiring both the buyer and the seller to sign the document isn’t common.

The IRS clarification says: "In areas where signatures are not required on the settlement document, the IRS has clarified that it will accept a settlement statement if it is completed and valid according to local law. … The IRS encourages those buyers to sign the settlement statement prior to attaching it to the tax return.”

For repeat buyers, the IRS is seeking documentation that home buyers have lived in the previous property for a consecutive five of the past eight years. Proof can include property tax records, home owner insurance records, or mortgage interest statements.

Call or email me to look at properties. You need to be under contract by April 30, so don't wait.

Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.daytonabeachscene.com

Ormond Beach and Central Florida very Attractive Real Estate for Foreign Buyers

Property Frontiers, a six-year-old real estate investment advisory firm in southeast England, is telling its international clients "the whole of Florida is currently a hot bed of foreign buyer activity." Director and co-owner David Cox states, "Florida property is currently presenting some of the biggest bargains that the world of overseas property has even seen."

Although speaking of a development by Orlando, the same applies to the real estate of Ormond Beach. Cox feels, "When it comes to buying distressed property in (metro) Orlando, you don't need to look very hard to see that it will go back to the original value not long after the world has fully recovered from the current downturn, and once all the distressed sales and repossessed properties are gone."

Here's an example of a super buy in Ormond Beach which just had a price reduction to $124,900. This is a 2 bedroom/2 bath attached home in Lakes of Pine Run. Contact me for a private showing. To search for other great homes for sale in Ormond Beach, visit the communities on the Ormond Beach page of my web site, and use the search widgets. Don't lose this buying opportunity!

Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.daytonabeachscene.com

Trends for Ormond Beach FL New Home Buyers

The economic recession has brought some needed and interesting changes to the real estate housing market, not just in Ormond Beach. After years of More + More, Americans now want smaller houses, fewer rooms that reek of excess - like home theaters, and more practical answers.

Discussed at the recent International Builders Show, buyers today want cost-effective architecture, plans that focus on spaces and not rooms, and homes that are designed green from the outset. The key for home builders is finding the balance between what buyers want and the price point they can afford.

Carol Lavender, president of the Lavender Design Group in San Antonio, Texas, explained, "What we’re hearing is ‘harvest’ as a home theme—the feeling of Thanksgiving. It’s all about family togetherness—casual living, entertaining and flexible spaces."

Here are the 9 "must have" features in the new homes of 2010, as determined by Paul Cardis, CEO of AVID Ratings:

1. Large kitchens with an island
2. Energy-efficient appliances
3. Home office/study
4. Main-floor master suite
5. Outdoor living room
6. Master suite soaker tubs
7. Stone and brick exteriors
8. Community landscaping
9. 2-car garage

Read details of these trends in RisMedia. Some will be used more in Florida than others, and we will see even regional differences within our state. But the message is clear - for new homes and existing resales - buyers want efficiency, usefulness, and will watch their costs.

Contact me for information on which communities in Ormond Beach are offering new homes. I can help you preview the models and research the qualifications of the builders. Request the Relocation Package for Ormond Beach on my web site - that's a good place to start.

Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com

Ormond Beach FL Architecture Featured in New Book

Justin A. Nylander appreciates the varied architecture of the Ormond Beach area, and has combined his love of architecture with a skill in photography to create a coffee table book of Mediterranean revival homes throughout Florida. The book, titled "Casas to Castles: Florida's Historic Mediterranean Revival Architecture," features four homes in Ormond Beach, three in Daytona Beach, two in DeLand and 32 in nine other Florida cities. The full color book contains the history of each house, stories about the owners and 350 photos showing both exteriors and interiors.

Mediterranean revival, a blend of Spanish, Italian and Moorish style, which usually features red barrel tiles, iron work and stucco, appeared in Southern California in the 1920s when movie stars began building mansions. He said it was copied around the country, including Florida, which was experiencing a land boom at the time. Nylander attributes the variety of architecture in this area to the wealthy people from the north who built homes in Daytona Beach and surrounding communities in the early 20th century. Personally, he is currently renovating a Mediterranean home in Ormond Beach that was built in the 1920s.

In Ormond Beach, the book features The Doldrums on State Road A1A which was designed by noted architect Harry Griffin, who also was responsible for the post office on Beach Street in Daytona Beach. Daytona Beach homes in his book include the Rothschild Manor in the Ocean Dunes neighborhood, where a survivor of the Titanic lived for many years, and the Donnelly Mansion in the Seabreeze neighborhood, which is now a bed and breakfast called the Villa.

Why did Nylander pick Ormond Beach for his next book and remodel project? He grew up in Southern California, and said, "I had a love of architecture since I was a small child. I would look at beautiful homes and wonder what they were like inside." He discovered Ormond Beach in his travels and decided to move here after working in the entertainment industry in Las Angeles for 20 years. He was a songwriter, director and artist manager. "I like Ormond Beach. It's not too busy and not too quiet," he said. "I wanted to get out of the Los Angeles rat race."

"Casas to Castles: Florida's Historic Mediterranean Revival Architecture" is available for preorder at the Amazon and Barnes & Nobel Web sites and will be released to bookstores nationwide Feb. 28.

Come to Ormond Beach FL and see for yourself our homes and lifestyle. As the author says, "Many of the historic homes in this area need some TLC." At our bargain prices, you'd have room to renovate and be ready for the inevitable upswing in values. Maybe even find a home that qualifies for the National Historic Register and enjoy some tax savings. Call or email me for ideas, and learn more about Ormond Beach on my web site.

Cut Your Ormond Beach FL Taxes with Real Estate

This tax season, think real estate to save on your 2010 taxes.

*Installing energy-efficient home improvements like windows and doors in your principal residence will qualify you for a tax credit.

The credit equals 30 percent of the cost, capped at a maximum of $1,500. There's another credit of 30 percent of the cost of installing renewable-energy improvements like solar water heaters and solar panels. This credit isn't capped, and the residence doesn't have to be your principal residence. For detailed information on the laundry list of items that qualify for the two credits, go to www.energytaxincentives.org.

*You've probably also read of the tax credits for homebuyers. There are two kinds of credits for homes costing under $800,000. One is a credit of up to $8,000 for first-time buyers of a principal residence who didn't own another principal residence during the three-year period ending on the date they purchase the new place. The other is up to $6,500 for buyers who owned a principal residence for any five consecutive years during the eight-year period that ends on the purchase date. Both credits allow buyers with higher incomes to qualify and require them to sign a binding contract by April 30, 2010, and complete the deal by June 30, 2010.

A principal residence is not just a conventional single-family home. It also can be a condominium, a co-op apartment, a housetrailer, a mobile home or anything else that provides all the amenities of a dwelling, such as a houseboat or yacht that has facilities for cooking, sleeping and sanitation.

*Is a tax credit like a deduction off my taxes? As explained by Julian Block on NewsGeni.us, "Most taxpayers do not understand the difference between credits and deductions. Credits lower a person's taxes dollar for dollar, making them more valuable than deductions, which merely reduce the amount of income on which taxes are figured. The distinction is critical. A deduction of $1,000 saves $350 in taxes for someone in the highest bracket of 35 percent, but only $100 for someone in the lowest bracket of 10 percent. A credit of $1,000 reduces taxes by that amount, whatever someone's bracket is.

"Another difference is that credits come in two flavors, nonrefundable and refundable. Nonrefundable means credits cannot be refunded to the extent that they exceed your income tax. Put another way, credits like the one for child care provide no help after your income tax becomes zero. Refundable means credits like the recently revised one for first-time homebuyers can be refunded to the extent that they exceed your income tax. So even buyers who have no income-tax liability could receive as much as $8,000 from the IRS. "

If this confuses you, contact me to talk about ways you can save on your taxes and buy real estate this Spring. Search Ormond Beach homes for sale, and call me to preview your favories. Don't lose these real estate opportunities in Ormond Beach!

Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com