January Home Sales up 46.1% Over Year Ago

The first January in three years without a significant drop in median selling price.

Palm Coast, FL – February 3, 2010 – Palm Coast and Flagler County’s 2010’s January single-family residential home sales represented the best January in three years. 101 homes were sold (thru MLS) in Palm Coast and the rest of Flagler County this year compared with only 69 one year ago. These sales represented a total dollar volume of $16.7 million, up 52% from $11.0 million over the same period last year. It was also the first January in three years without a significant drop in median selling price.

The Palm Coast, Flagler County real estate market has begun showing signs of a turnaround in some sectors, particularly the single-family homes under $200 thousand. Distressed properties (lender-owned via foreclosure and short sales) still dominate the market (61% in January) but buyers are pursuing them more aggressively. The 20 lender-owned homes spent an average of only 29 days on market. Seven fetched selling prices above the list price, an indication of a very strong market for that product.

More building lots were sold in January 2010 than in January 2009. 29 lots were sold this year vs. 24 during the same month last year. Significantly, the median lot’s selling price rose this January to $23 thousand from $15 thousand last January. Lot sales indicate impending plans to build.

The arrival of distressed high-end properties on the market had the predicted effect; dropping prices and renewed interest from buyers who have been waiting on the sidelines. We should see an increase in the number of luxury homes and condos selling this year.

Palm Coast and Flagler County Home Sales

European Village

A small cadre of restaurant and shop owners kept the EV dream alive when the condo/hotel dream failed. Problems have plagued EV for a couple of years. Challenges remain, but there is some good news.

  • CVB Homes and Cinnamon Beach Realty have opened a new office on the north side of the enclosure.
  • The Red Sphere Asian Restaurant will be opening soon next door to CVB. The Red Sphere has gotten rave reviews since opening recently in Roma Court, but that location was not suitable. European Village will now offer the largest concentration of quality restaurants in Palm Coast.
  • It’s rumored that Peter Roehr’s original partner may be rejuvenating the hotel lobby in a move to resurrect that dream.
  • Rentals, primarily younger people looking for long-term leases rather than overnight guest quarters, have begun to occupy some of the upper floor residential condos.
  • A new Residential Condo board has been constituted.

Brookhaven at Town Center, a new advertiser on GoToby.com announced special pricing coinciding with the commencement of construction of the new 14-theater EPIC Movie Theater in Town Center, just a short distance from Brookhaven. Brookhaven is offering the next 10 buyers prices beginning in the $250s. Check out their website: (click here)

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