HOT! Luxury Oceanfront Condo Sales Market Report for Daytona Beach Real Estate - O. Kheir

PRLog (Press Release) - Dec 31, 2008 -
DAYTONA BEACH SHORES, FL

Broker Associate O. Kheir  with RE/MAX Signature has tracked a majority of this year's new condo sales on an Excel spreadsheet because "The local MLS does not track new developer sales" since they are not re-sales" and he figures that the local marketplace has absorbed more than $50 milllion in new condo sales in 2008. Kheir has been with Cook Real Estate Sales, Inc., the highest performing beachside real estate since it was formed almost 2 years ago, with only a half dozen agents it turned over $40 million this year - exceptional per agent performance in a down market!

So while he doesn't get credit for millions in sales on the local MLS system, Top Performer O. Kheir is satisfied with quietly chipping away at the remaining new oceanfront luxury condo inventory. One by one, customers find out that several market conditions are prompting them to action.

Unique Market Conditions
First, there is a very finite number of new condos on the ocean, and once they are sold - that's it! Second, the interest rates will soon be extremely attractive and that won't last forever. Last, prices on new condos are at less than replacement cost, so the developer can't afford to replace new inventory as it is sold.

What's the secret to selling in today's market?
It seems that there is a strong flight to quality that steers buyers to the Daytona Beach Shores luxury condo buildings like the Palma Bella and Bella Vista. Each a masterpiece of architectural design, large skyhomes with quality finishes and spectacular lobbies and common elements. Sparkling pools invite residents to splash year round, and the Atlantic Ocean is right outside these luxury condos. "These prices have been adjusted for this market, and buyers tell us what they are willing to pay" says O. Kheir.

What about short sales?
There are just a small handful for interesting deals, some bank owned REO opportunities can be "Buys of a Lifetime" and "We are equipped and experienced in handling sophisticated and complex transactions" says Kheir. Some sellers have to sell and they rely on the experienced team at Cook Real Estate Sales, Inc. to facilitate short sales. As for buyers, O. Kheir's websites keep generating an increasing number of inquiries from buyers who are coming back to buy the best values. Short sales and foreclosures seem to top the list, but for those who dream of a quick closing or a "move in condition" condo, a traditional MLS listing with an aggressive offer most times works out to the buyer's advantage. "And developers love cash buyers because obtaining favorable financing has been a moving target, my mortgage contacts are seeing an increase in applications" and that means more deals for O. Kheir and his collegues.


About Cook Real Estate Sales, Inc.
The firm specializes in luxury condo sales on the Atlantic Ocean in Daytona Beach now called "The World's Most Famous Beach" a 21+ stretch mile of wide beach. If you are looking to sell a luxury condo or home in Daytona Beach, Ormond Beach Ponce Inlet or Volusia County, it only makes sense to list your property with the team that has the buyers!

Photo:
http://www.prlog.org/10153028/1