The Flagler County real estate market is going through some changes. LandMar may be doing the same.
The Flagler County real estate market is going through some adjustments from the run-up over the past three years. Many developers grabbed land in anticipation of future needs, based on the expectations of the times. Now that things have cooled down, many developers are re-evaluating their positions. LandMar Group, a subsidiary of Crescent Recourses, and ultimately Duke Energy, may be doing the same.
Typical of many developers, LandMar uses LLC’s (Limited Liability Companies) as the entity to purchase and/or develop assets. A while back, some of their entities purchased quite a bit of land in western Flagler County, bordering Crescent Lake. Crescent Lake is a large fresh-water lake with access to the St. John’s river and, ultimately, the Atlantic Ocean and Intracoastal Waterway.
What I’m hearing is that LandMar is adjusting to the changing market environment by repositioning their western Flagler County assets. So far, the news is that they are not selling so much as juggling ownership from one ownership entity to another. These actions may be just accounting driven. They may also be driven by a need to alter development plans or schedules.
February 14, 2007 – Update. LandMAr informes me this this is simply a rumor. That they have no property on Crescent Lake.