Thursday, November 3, 2016

PALM COAST & FLAGLER BEACH, FLORIDA WATERFRONT REAL ESTATE

   Ahhhhhh... There's not too much to match walking out on your deck with your morning coffee - and taking in the Atlantic Ocean view!  How about the Atlantic Intracoastal Waterway twice-annual "boat migration parade?"  Maybe you prefer one of our ICW access Saltwater Canals, with your private, protected boat dock and lift?

   In Florida, "Waterfront" is a magic word and buyers seek it like the Holy Grail!  However, if you want "Ocean Front" in Miami, or "Gulf Front" in Naples, you need to belly up to the bar with somewhere from $10,000,000 to over $100,000,000!!!  In Fort Lauderdale, most of the upscale Saltwater Canal homes are in the $2,000,000 to $5,000,000 range!  Yikes!!!

   So, that brings us here to Flagler County, Florida, where Waterfront homes in Palm Coast and Flagler Beach are surely a bargain, compared to other markets in Florida.  Consider this:

  • There are currently 101 homes (not including condos) on the Atlantic Ocean, the Intracoastal Waterway, or our beautiful "Intracoastal access" Saltwater Canals, for sale here.
  • They are priced from a $219,000 home on a canal, to the top priced home on the Atlantic Ocean, at $4,999,000.
  • There are 14 canal front homes under $300,000.
  • The least expensive home on the Intracoastal is at $450,000.
  • The least expensive Oceanfront home, located on Florida State Road A1A, is at $700,000.
  • The "median" waterfront home shares these stats:
    • $549,000
    • 2,600 square feet, under A/C
    • $210/square foot
    • 136 days on the market

 
   If "Living On The Water" is something you wish to pursue, please check our website at www.SellPalmCoast.com.  You can email me at frankzedar@gmail.com or cell/text me at 386-931-1987.  Or you can contact my partner (also wife:-) Maritssa at 386-986-9270.  We are at Parkside Realty Group and our new office is located in the Palm Coast Town Center, next to City Hall, at 145 City Place, Suite 104, Palm Coast, FL 32164.






Thursday, July 28, 2016


July/August, 2016 - 
     Well, it's time to re-vitalize this blog!  Admittedly, it has slipped as a priority, this past year.  However, I've been told that when I was posting frequently, people actually read it... and liked it!
I've been a seriously active Real Estate Broker now, for (gasp...) 30 years!  The first 15 years were in the Northern Virginia/Washington, DC market (talk about a tough place to compete!)... and the past 15 years have been here in Flagler County, Florida (Palm Coast, Flagler Beach, Bunnell).

     It's been a real roller coaster ride, with two scorching "hot" markets and two "bubble bursting" markets... and now we are 2 years into a "healthy recovery" market.  From 2000 to 2006, we were on fire here in Palm Coast and Flagler Beach.  We were even "The Fastest Growing County in the USA" for 2 years in a row.  But, how the giant crashed...  From 2007 through 2013, we were barely scraping by.  For most of those years, 60% of our total inventory was "Short Sale" business, followed by a rash of "Bank Repossessions."  Ah, but now we are seeing a normal market, increasing steadily & slowly.

     Here is a quick peek at the current market, here in Flagler County, FL:  

Single Family Homes:
  • 718 Available
  • Priced between $59,900 and $3,250,000
  • Median price of $289,900
  • Average days on the market of 154 
Condos:
  • 279 Available
  • Priced between $62,000 and $2,550,000
  • Median price of $339,000
  • Average days on the market of 228
Building Lots (does not include commercial/industrial or large acreage parcels):
  • 1,488 Available
  • Priced between $4,000 and $1,498,000
    • (high dollar lots are almost all Oceanfront or Intracoastal frontage)
  • Median price of $36,500
  • Average days on the market of 457
     We think now is a really great time to purchase a home.  Our sense is that we have suffered greatly and are now climbing out at a healthy rate.  Buying now should be rewarded with a great entry price and increasing equity.  And then there is that great tax break!  If your mortgage is $1,500/month and $1,000 of that is interest, you get to deduct $12,000 "off the top" of your taxable income (very rough example, but you get the point).  PLUS, you're not throwing the money at "never to be recovered rent." 
     My wife and real estate partner, Maritssa Vazquez, and I are available to answer any of your questions about the market.  Visit our website at:  www.SellPalmCoast.com 
You can email me at: frankzedar@gmail.com, or call/text me at:  386-931-1987.
Thank you!!!

Frank Zedar
Broker Associate, Parkside Realty Group
Palm Coast - Flagler Beach, FL




Friday, July 17, 2015

JULY 2015 - REAL ESTATE TRENDING POSITIVE!!!

     Things in real estate were scary, from 2006, through 2012.  If you bought a home in 2005 and were needing to sell in 2010, you got the surprise of your life!  Let's see, "You're telling me that I can get $350,000 for my house?  The one I bought 5 years ago, for $500,000?"  
     If you were a Realtor, those were belt tightening times.  My wife and I are thankful we were prepared to weather that storm.  Distressed properties were saturating the market, as owners found themselves owing the bank far more than their home was worth.  Banks played the role of "bad cop" very well and were reluctant to work with people to re-finance.  Here in Palm Coast and Flagler Beach, FL, "short sales" represented 60% of our market for several years running.  These short sales, an attempt to preclude foreclosure proceedings, destroyed values for Mom and Pop "normal" sales.  To say the least, it was a mess!
     As we moved into 2013, we knew the bad stuff was over, as we started a long, slow climb out of a very deep hole.

     To say that we are in a "hot market" would be a stretch, but compared to those bubble busted years, we'll take it!  This July, 2015, shows these very positive trends:
  • Foreclosure filings (the beginning of the bank's process to take the house back) are way down from previous years.
  • Actual repossessions (the final step for the bank)  are up.  The good news here is that distressed inventory is clearing out of the market, allowing true value to be re-established.
  • Values are rising at a sustainable rate.  It's slow and steady, but the trend is heading positive.
  • Homes that are well priced and fixed up (staged well) are selling quickly.
  • Mortgage money is beginning to be more available.  For a few years it was quite odd, in that it seemed like the banks wanted to make buyers suffer... for the mess the banks created!!!
So, if you are ready, it really seems safe to say:
*** IT'S A GOOD TIME TO BUY ***


   

Thursday, January 1, 2015

Where Will 2015 Take Us?

I remember with clarity 1986...
It was the final year of my 20 year career, as a U.S. Army Officer and the beginning of my career as a Real Estate Broker - and that was 29 years ago!  I worked for a terrific firm (Mount Vernon Realty) in the Northern Virginia, Southern Maryland, and Washington, DC marketplace.  Leaving my Staff Officer job at the Defense Intelligence Agency and jumping into the civilian business world was quite a rush!  Let's see... hang up the uniform and go to Nordstrom's for pin stripe suits, button down oxford shirts, power ties, and wing tips... Check!
The real estate market was on fire and I thought I'd died and gone to heaven.  1986, 1987, and the start of 1989 were a Realtor's dream.  Then February of 1989 happened.  Listings stayed on the market longer.  Some strange things called "short sales" and "foreclosures" entered our repertoire. Prices started dropping.  Oh, oh, what was this all about?  A few years later, by 1993, we were back in a climbing market once again.
I moved to Palm Coast & Flagler Beach, FL in 2001.  It was a shock to leave my market of Great Falls and McLean, VA, where $Million dollar+ sales were routine and I was managing an office for Century 21 New Millennium (the highest producing C21 company in the world).  However, from 2001 to 2005, things were hot as a pistol here as well.  I recall our monthly office sales meeting at my Flagler Beach Re/Max office in December, 2005.  I said, "Can anyone else feel "something" happening, or is it just me?"  Well, that "something" was the beginning of the worst real estate crash in US history.  From late 2005, all the way through 2012, we were in freefall.  It was crazy.  The "depressed sales" dominated over 60% of all we did!  Ouch!
However, since the beginning of 2013, we have righted ourselves... leveled out... and started a slow, steady climb out of the hole.  It's a safe bet that, barring a cataclysmic disaster, 2015 and the foreseeable years beyond should hold more of the same.  That is a slow, steady upward real estate trend.  Inventory is available.  Mortgage rates are low.  Foreclosures and short sales are way down.  Oh, and here's the statistic I always love:  Many of the real estate agents who bailed when things got tough, are scrambling to re-activate their licenses.  As a consumer, I'd ask you to consider asking your Realtor if they remained active and productive during those really difficult years.  You're better off with a battle scarred veteran of the real estate wars.  Been there... Done that... Got the T-shirt!!!

Thursday, August 16, 2012

Foreclosure/REO Property - "Real Estate Reality"

Note to Self:
"After 25 years, you should KNOW better!"
25 Years!  
That's how long I've been a Real Estate Broker... 
Helping Buyers and Sellers and Investors navigate the mine fields of several crazy market swings.  In 1986, as a newbie, they gave me a manual "mortgage calculator wheel" to help figure monthly payments... and the mortgage interest rates on the wheel STARTED at 10%.  Why?  Because there were no available rates under that.  When I came back from Berlin, Germany with the Army in 1980, to work at the Pentagon, I bought a house with a rate of 16.75%.  So don't complain if you feel abused today with a 4.5% rate.

So, with all this experience and wisdom, I should have discipline and smart business sense, right?  I should look them in the eye and tell them they have little chance to be successful in certain types of transactions, right?  Well, I do... most of the time.  Here's the deal - I have a strong desire to help people get what they want, as far as their Real Estate Goals are concerned.  And I feel pretty good, knowing that's the heart and soul of how I approach things.  If a guy tells me he wants to buy a house, I'm going to work it for him, like a dog on a bone.

But lately, I've been experiencing a lot of push-back from specific areas of the market... and I don't like my lack of self discipline, in how I've responded.  Two quotes come to mind:

  • "Knowing that the task was absolutely impossible, I doubled my efforts anyway." (Unknown)
  • "A man's got to know his limitations."  (Dirty Harry/Clint Eastwood)
Wow!
"I can get a great deal, right?"
Here's the cheese to go with my whine.  Buyers call me and say something like, "Frank, I found this house at 3113 Chatham Road online, and it's 2,400 square feet, with 4 Bedrooms, for only $119,500!"  "Can you show it to me?"  And I immediately start to think, "Oh, Oh..."  because I KNOW it's an REO (Real Estate Owned - Bank Foreclosure)  Of course my buyer wants to see it, however, it's been on the market for only 3 days and it's listed at a "teaser price" - crafted to create competitive bids.  They race to get a "lender qualification letter" to show they can get a mortgage.  They want to offer less than the asking price, have an inspection contingency, make it subject to their bank's appraisal, and offer a $1,000 max escrow deposit.

So, what's the problem?  As soon as our offer goes in and 5 days have passed, we are told by the listing company that we need a "Multiple Offer Disclosure Form" and that "Highest and Best" offers are now due "by Noon tomorrow."  There are 12 total offers and ours is the only one that's not "cash with no contingencies."  These investors can usually close in 15-30 days and also are not timid about going over the asking price.  They realize the value presented and they know we are at the bottom now.  BOOM!  SPLASH!  (That's the sound of being blown out of the water)...

In Flagler County, Florida today, there are 685 homes For Sale, from $35,000 to $4,200,000.  Only 17% are distressed (short sales/foreclosures) and only 5% are REO/Bank Owned.  Sounds pretty OK?  Sure, BUT in the "Under $150,000," market it's different... Way different!  There's only 175 of those homes and 63% are distressed... with a whopping 35% being REO/Bank Owned!  And that is exactly the market segment that draws all the "investors with cash" looking for rental properties.  And they are driving "Mom and Pop with a mortgage" out of the segment.

I'm not saying that's bad, because it's not.  Actually, it is helping to clear out the market bottom, which is essential to real recovery.  But my "lesson learned" is this:  Keep my "non-investor" buyers with mortgages in the "normal" market and away from REO enticements.  Short sales are OK now (and I'm shocked to hear myself say that).  BUT, stay away from REO's!!!  Fool me once, shame on you.  Fool me twice, shame on me!

Monday, July 16, 2012

Palm Coast, FL, Olympic Dream - Sam Vazquez


Long journey to Olympics for one-time high school phenom Vazquez

28-year-old volunteer coach at the Illinois Institute of Technology to represent Puerto Rico in 1,500 meters

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Sam Vazquez
Sam Vazquez training at the University Chicago athletic facilities. (Phil Velasquez/Tribune Photo /July 15, 2012)


On June 14, 2003, Sam Vazquez ran the Adidas National Scholastic High School Meet in Raleigh, N.C., against one of the fastest prep mile fields ever assembled. Vazquez won in 4 minutes, 3.87 seconds, beating — among others — eventual two-time U.S. Olympian Leonel Manzano.

Vazquez, then a high school senior, and his coaches, present and future, justifiably figured he was on a fast track to make an Olympic team as well.

Almost nine years later, in an unheralded June 16 Indianapolis race that ended just before midnight, the 28-year-old volunteer coach at the Illinois Institute of Technology went back to the future.

By running the 1,500 meters in a national-record time of 3:37.60, Vazquez qualified to join old rival Manzano in the metric mile at the 2012 Olympics.

The difference is Vazquez's time is the national record of Puerto Rico, his ancestral homeland and the country for which he will be running in London.

The difference is Vazquez's career got so far off track that he spent several years running in place — when he was running at all.

"Sam had gone back to square one," said Peter Hopfe, his coach at Flagler Palm Coast (Fla.) High School andEmbry-Riddle Aeronautical University. "He had regressed to the level of when I first met him after his freshman year of high school."

Too immature for the academic challenges of college, Vazquez threw away a chance to develop in one of the country's top track programs by not caring about classes and flunking out of the University of Arkansas after finishing fourth in the Southeastern Conference 1,500 as a freshman. He moved back in with his mother in Florida, drifted from one low-paying job to another and was out of the sport for four years.

"The job that woke me up was being a sandwich maker," he said. "I was thinking, 'Someone should be making sandwiches for me.'

"At times I do regret what happened at Arkansas. Things would be so different now. I probably would have a pro contract. But I probably wouldn't have met my wife."

Vazquez met Flo Silva, 23, a native of Uruguay, in Florida through a mutual friend. They married five years ago.

She encouraged him to return to running and school. They both earned degrees last year from Embry-Riddle and ran on the track and cross-country teams. He won an NAIA national indoor title in the 1,000 meters as a senior.

"I really grew up," Vazquez said. "Going to class with Flo all the time helped me concentrate on doing two things at once and doing them both well."

They moved to Chicago last July, when she got a job in revenue management with United Airlines. They live with her mother, two dogs and a cat in a South Loop apartment that costs three times as much as their rent in Florida. They make ends meet on Flo's salary so Sam can concentrate on running.

"I wanted him to follow his dream even if we struggle financially most of the time," Flo said. "In the end, hopefully he will get a sponsorship."

Before he entered Arkansas, Vazquez represented the United States at the Pan American Junior Championships. After so many years away from running, Vazquez realized his best chance to return to elite international competition would be as a Puerto Rican, no matter that the little Spanish he speaks is with a Uruguayan accent.

Seven of the 23 athletes on Puerto Rico's 2012 Olympic team live in the United States.

Vazquez ran the 1,500 for Puerto Rico at the 2011 Pan American Games, finishing ninth. Then he began chasing the Olympic "B" qualifying standard, 3:38. It took eight races to get it.

"I knew it was in there," Hopfe said. "Sam has it back. Now he has to take it to the next level."

Hopfe acts as a mentor for Vazquez, who essentially coaches himself during workouts at the University of Chicago track. In the last two years, his times finally have become faster than what he clocked in high school.

"I think the time off saved my body," he said. "If I can gain a sponsor, I want to try to run another eight years. I'm still learning."

phersh@tribune.com

Twitter@olyphil
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