Question:  I just wonder if you could give us an update on how many homes are on the market at the present time.

Toby Says:  There are 2,288 single family homes listed for sale on MLS today (1/28/08).

Question:  What are the lots going for at the Conservatory?  Was there one available for under 100,000?

Toby Says:  There is no answer to what lots are going for in the Conservatory. The most recent sale was in September 2006, sixteen months ago. Transactions indicate market value. With no transactions, there is not market. And listing prices only indicate seller expectations or hopes. There are currently 45 lots available through MLS. One bank owned lot, backing to a preserve, remains unsold after being listed for six weeks at $209.900. Another preserve lot was recently listed at $99,000. It has generated tons of interest but may not result in a sale at that price because it is a short sale. In a short sale, the price is below the mortgage balance and the lender must agree to the selling price. The lender did not pre-approve the listing price and is under no obligation to accept any offer less than the loan amount. We’ll have to wait to see how this plays out but the interest level clearly indicates that $99,000 is low enough to attract attention. Since the $209,900 lot has yet to attracted an offer, one can argue that it represents the high end for a preserve lot. Thus the expected transaction price for a Conservatory preserve lot is somewhere in between. The lowest current listing price for a golf/lake frontage lot is $249K.

Question:  Do you know when the road construction project at Palm Coast Parkway and Pine Lakes Parkway is going to be completed? It seems to me like it's taking a long time, at least a lot longer than I expected, and I and I am sure many others are getting tired of the detour!

Toby Says:  According to the Palm Coast Utilities Department, the anticipated completion date (barring construction delays due to weather, etc.) is February 3.

Question:  I just received a brochure for Tidelands @ Palm Coast. Google got me to your website. As a local realtor, what is your opinion on Tidelands? Are these properties able to be rented out? If so, what is the rental market like? (from Warrington, PA)

Toby Says:  You can search my site using the Google Search bar on the bottom of the webpage. There are several articles about Tidelands that will give you some background information. Rentals are allowed at Tidelands, but the local rental market is currently very soft. I don't see the situation getting better for at least 12 months. My long term view on Tidelands and Palm Coast in general is very positive. You cannot find comparably priced "near the ocean" property anywhere else on the east coast. Palm Coast remains an undiscovered gem.

Question:  What is happening to the Beach Village shopping area, where Publix is to be built on SR100?  It looks like they, too, have seeded over the site and construction has stopped.

Toby Says:  Yes, the site has been seeded, but this is unlike the CVS story on the other side of SR100. CVS withdrew their building permit in order to wait for more local residential development. The Beach Village plat has been approved, but the final site plan has yet to be submitted. Site plans are approved before building permits are issued. For reasons unknown to me, the Beach Village developer wanted to get the site work done earlier in the process than is usual.

Question:  Curious about your assessment of the market values listed at www.zillow.com for Palm Coast properties.

Toby Says:  Zillow, along with many other similar services, bases their valuations on the prices of comparable recently sold homes. They look primarily at proximity and number of living square feet. You can get this data yourself by going to the Flagler County Property Appraisers website. If other homes in your neighborhood are selling for about $129 per square foot, then it’s reasonable to assume this is a good starting point. But Zillow misses factors that can make a big difference such as pool, golf course frontage, salt water canal, granite countertops etc. But Zillow gives you a good “reality check,” a starting point. It’s a good first step, but you need to make adjustments for upgrades (or downgrades). Look at some of the current listings. It’s obvious that several sellers never did an initial reality check.

Remember too, that recent sales data is from closings. The contracts were probably signed about two months earlier. In a fast moving market, such as we have now, two months can make a big difference.

Question:  What has happened to the site on the south side of SR100 east of the Food Lion? It was cleared and work was going on full blast then they put trees in and sprayed grass on it and it sits…

Toby Says:  The site to which you refer is at the southwest corner of John Anderson. Both CVS and Prosperity Bank plan construction there. CVS temporarily pulled their building permit because of the slow down in residential construction projects in the immediate area (The Preserve Condominiums and The Gardens by Ginn). Prosperity Bank still needs to go through bank regulatory approvals before getting their building permit. Perhaps the work at the future Publix shopping plaza site across the road will spur CVS into action sooner.