Roma Court, SunTrust Bank, Plantation Reserve Estates, Discovery Center
Palm Coast, FL – July 17, 2013 – The recent sale of the mostly vacant Roma Court Commercial/Retail complex on Palm Coast Pkwy SW joins a list of recent Flagler County real estate transactions over $1 million.
Such activity often indicates that the market is building momentum. Original investors purchased or developed high value properties during a peak market. In some cases, investors have met their original goal and are primed to move on. In other cases, reserves are exhausted or projects have been repossessed by lenders, leaving those investments with little potential for profits. While the original investors lick their wounds, a wave of new buyers is scooping up the assets at bargain prices. Their reduced cost basis offers a better opportunity for near term profits.
Roma Court, at the corner of Corporate Drive and Palm Coast Pkwy SW was conceived during the real estate bubble, but wasn’t completed until 2008. By then, the market had cooled significantly and the developer could not fill the project. The property’s assessed value peaked in 2009 at $4,125,985. It’s currently assessed for $1,900,000. The lender took back the property in 2011.
Roma Court has been purchased by 515 Palm Coast, LLC for $1,550,000 in a transaction that closed on June 20th. Jerry Masiello brokered the sale. The new owners are reportedly “long term hold” investors.
Another stalled development recently changed hands. Plantation Reserve Estates, located just north of Plantation Bay on the opposite side of Old Dixie Hwy, was purchased for $2,250,000 by 5 Hummingbird Circle LLC from Flagler Reserved LLC. The transaction, which included all 75 building lots, closed June 20th. The sale was brokered by Anthony Viscomi.
Inland American sold two commercial buildings to National Retail Properties for $1,682,800. One building is on Moody Blvd in Flagler Beach. The other is at SR 100 at Old Kings Road. Both buildings are fully leased by SunTrust Bank. The transaction closed on June 20th.
Wells Fargo Bank sold the Hammock Beach Discovery Center, at 1 Hammock Beach Pkwy, to Robert M Brandy for $1,500,000 on May 31st. The 26,734 square foot building was once home to Bobby Ginn and his sales and marketing team. It carried an assessed value of $3,654,225 in 2008. It is currently assessed for $1,860,000.