Palm Coast Condo Market: Bottom-fishers Getting Fewer Bites

Inventory is down by half. The perception that the market is still glutted with distressed condo properties is wrong. Only 36 of 275 MLS listings are lender-owned or short sales.

By Toby Tobin

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Palm Coast, FL – April 13, 2012 – The perception that Palm Coast condominium listings are dominated by distressed properties (lender-owned or short sale) is no longer correct. Inventory is down by half. Only 36 of 275 MLS condo listings are either lender-owned or short sales.

With little fanfare, the condo market has successfully flushed out most of the distressed properties that dominated listings a few years ago. The cleansing proceeded in spite of the general lack of mortgages for condominium purchases. All but two of the 31 units sold via MLS during March were reported as cash sales.

But perceptions are slow to change. Most people think that the bottom-fisher is still trolling in a target rich environment. Not so. Check out the numbers.

**Palm Coast Condo Listings w/Lender-owned and Short Sales**
	Total Listings	Lender/Owned	Short Sales
Aliki Gold Coast	5	0	0
Bella Harbor	2	2	0
Brookhaven	13	0	0
Canopy Walk	10	1	0
Cinnamon Beach	20	0	2
European Village	12	3	3
Fairways	5	0	0
Riverview	1	0	1
Hammock at Palm Harbor	6	0	0
Hammock Beach Ocean Towers	15	0	1
Hammock Beach Club	22	1	3
Hammock Beach Villas	12	0	2
Hammock Dunes Cambria	3	0	0
Hammock Dunes Casa Bella	16	1	0
Hammock Dunes La Grand Provence	10	0	2
Hammock Dunes Portofino	6	0	0
Hammock Dunes Savona	7	0	1
Harborside Village	3	1	0
Marina Bay	3	0	1
Marina Cove	8	0	1
Nautilus	7	0	0
Ocean Beach Club	3	0	0
Ocean Marina	3	0	0
Ocean Palm Villa	2	0	1
Ocean View Manor	4	0	0
Palm Club	5	0	0
Palm Coast Resort	6	0	1
Palm Pointe	2	0	0
Pine Lakes Villas	4	0	0
Plaza Caribe	2	0	0
Shangri-La	1	0	0
South Beach	2	0	0
Surf Club	12	0	1
Tidelands	7	1	1
Woodhaven	7	0	0
Yacht Harbor Village	6	0	1
All Condominiums	275	11	25

Add your comments.

European Village
Can anyone tell me why European Village condos are so inexpensive?
We are looking at investing in a unit, what are the pros and cons?

Posted by Need Answers

CONDO'S
HOW ABOUT RIVERVIEW IN GRAND HAVEN. I WORK AT THE GOLF COURSE AND KNOW THERE ARE SEVERAL SHORT SALES AND FORCLOSURES.

Posted by DON

Reply to Don
Yes, there have been foreclosures and short sales, but in the past. Currently, there are NO Riverview units listed for sale in MLS; which is precisely the point of my article. Most of the distressed properties have been flushed through the system with plenty of eager buyers ready to quickly snatch new arrivals.

Posted by Toby