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Old 04-09-2007, 10:16 AM
 
Location: The best country in the world: the USA
1,499 posts, read 4,831,640 times
Reputation: 737

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I was there over the weekendm enjoying the last of the cool and enjoyable weather for 2007, as Wednesday, FL is going back to the 90 degrees everyday with 100% humidity.

One thing I noticed (and made a video of - if you need proof, I will post the video here):

More than 50% of the houses on Atlantic Avenue in New Smyrna are for sale right now. They pretty much all have "for sale" signs on the front lawn.

Is that because the area is bad? I loved it there... I like it much better than Daytona, that's for sure.

Is it because insurance is super expensive?

Is it because of the hurricanes?

Is it because there seems to be no good-paying jobs in that area?

Ideas anyone?? I felt the area was so nice, so many open spaces around town, the drive there was fun... very lovely.
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Old 04-09-2007, 10:24 AM
 
4,423 posts, read 7,365,426 times
Reputation: 10940
Quote:
Originally Posted by Nirvana-Guy View Post
I was there over the weekendm enjoying the last of the cool and enjoyable weather for 2007, as Wednesday, FL is going back to the 90 degrees everyday with 100% humidity.

One thing I noticed (and made a video of - if you need proof, I will post the video here):

More than 50% of the houses on Atlantic Avenue in New Smyrna are for sale right now. They pretty much all have "for sale" signs on the front lawn.

Is that because the area is bad? I loved it there... I like it much better than Daytona, that's for sure.

Is it because insurance is super expensive?

Is it because of the hurricanes?

Is it because there seems to be no good-paying jobs in that area?

Ideas anyone?? I felt the area was so nice, so many open spaces around town, the drive there was fun... very lovely.
Gee, when I check my weather for the week, I see that starting Wednesday it will get up to 85 and it will be cooling off nicely at night to 66. And half of every place in Florida is for sale right now.
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Old 04-09-2007, 10:36 AM
 
Location: On my way to FLA baby !!
1,999 posts, read 1,662,427 times
Reputation: 357
NSB is at the bottom of the list for hurricane probability charts.

When spring time hits half my town is for sale too!

People are selling while the market is strong in certain areas, the real estate bubble is and has burst in many areas across the country, not just in Florida.
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Old 04-09-2007, 01:49 PM
 
Location: New Smyrna Beach, Florida
131 posts, read 1,034,493 times
Reputation: 173
It's definitely not a bad area.

A couple of years ago property values in New Smyrna went through the roof, and a lot of residents beachside were cashing in and selling their homes. Many of those homes were picked up as investment properties, and now that the market is cooling people are trying to get rid of them it seems.

We also had some pretty serious beach erosion issues after the 2004 hurricanes, which I imagine has made getting insurance fairly difficult for those living along Atlantic Avenue.

Another item to consider is that some of the houses are vacation rentals. There are a couple of realty agencies in the area that manage vacation rentals as well as home sales, and the signs out front may not distinguish the two, making it appear that the homes are for sale.

Beachside tends to have a higher turnover of properties anyways, as many people will only live in the home for a couple of years before realizing that living close to the ocean isn't all that it's cracked up to be.
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Old 04-09-2007, 08:14 PM
 
1,608 posts, read 9,745,336 times
Reputation: 974
Home sales are just slow right now so it makes more homes for sale sitting on the market. NSB is nice, I live just down the road in Port Orange. I don't know if you checked out Venetian Bay while here but it's beautiful there. Don't think because there are a lot of houses for sale it must be bad, because NSB is not bad. Not at all. I think it's quite nice. I think it's just a sign of the real estate times right now.
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Old 04-19-2007, 04:23 PM
 
Location: OrmondBeachBound
27 posts, read 187,122 times
Reputation: 25
Default Any answers?

wondering if anyone has any insight into the question about New Smyrna Beach?
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Old 04-19-2007, 06:01 PM
 
Location: On my way to FLA baby !!
1,999 posts, read 1,662,427 times
Reputation: 357
And half of Lancaster, Ohio is for sale too.

Must be something going around the country.........
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Old 04-19-2007, 08:48 PM
 
1,608 posts, read 9,745,336 times
Reputation: 974
Quote:
Originally Posted by lovelucy View Post
wondering if anyone has any insight into the question about New Smyrna Beach?
Many of the home were bought up by investors when the prices were cheaper and now they are wanting to sell. Could be one reason. I don't think it's that people are fleeing the area, not at all.
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Old 04-20-2007, 01:05 AM
 
279 posts, read 471,998 times
Reputation: 79
just guessing, but i think people are freaking out about insurance and property taxes
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Old 04-20-2007, 10:42 AM
 
1,608 posts, read 9,745,336 times
Reputation: 974
Quote:
Originally Posted by john1963 View Post
just guessing, but i think people are freaking out about insurance and property taxes
Could be, but I don't find insurance to be so high... we are on the border of Port Orange and New Smyrna Beach and our homeowner's insurance is $972/year.
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