Centex Finds Market for Tidelands Condos Remains Strong

Now they’re considering building more units

October 9, 2007 – Palm Coast, Florida – Is the Palm Coast, Flagler County real estate market dead or is it just overpriced? Centex’s recent experiences at their Tidelands project would indicate the market is alive and well, but only at the right price and with amenities as incentives.

Tidelands is a project conceived during the red hot housing market. It’s a complex of condominiums on the west side of the Intracoastal Waterway about a half mile north of the toll bridge. Many buyers eagerly jumped into preconstruction contracts. All 254 units available in phase one were sold out in July 2005. By the time the units were completed, the market had turned sour, prices were dropping, and about 75 buyers failed to complete their contracts, leaving Centex with an inventory of unsold units.

Centex did two things. First, they evaluated the current market and adjusted pricing accordingly. Second, they incorporated memberships at the Hammock Beach Club and Golf Courses as incentives. In addition, Centex’s incentive package significantly reduces the cost of membership and association fees for two years. This package uncovered a slew of ready buyers. With 35 sales in the last month alone, the existing units are now essentially sold out. In contrast, 32 condominiums sold in Flagler County through MLS in the three months of July, August, and September. About 1/3 of the new Tidelands buyers opted for the golf membership while nearly all picked up the Beach Club membership.

This unexpected success leads Centex to reconsider building more units. The PUD allows for eight more buildings totaling 134 units at Tidelands. Centex is considering a plan to offer 30 more Town House units (3 buildings of ten units each) on a pre-sale basis. Provided the current sales strategy continues to be successful, a Centex representative assured me that they intend to complete all of the remaining units at Tidelands.

For the same reasons, sales have perked up at the Harborside Resort condominium, where 25 of the 72 units are sold. And they still have several Hammock Beach golf and Beach Club memberships available.