Developers buying large parcels, builders pulling permits in numbers not seen since 2005-2006, another hospital, a resort hotel in Flagler Beach, Site Development at Beachwalk, and more.
Palm Coast, FL – December 4, 2020 – There is no doubt that Palm Coast and Flagler County are again on the map. Our market was the poster child of the housing bubble on both the upside and the downside. We’re back but in a good way.
Unlike the speculator and easy credit-driven boom of the early 2000s, today’s robust market is built on a firm foundation. Buyers are end-users rather than flippers, either occupying their purchase or putting it into a rental program. While loosening somewhat, credit still requires creditworthiness. Tax breaks, Covid-19, and riots have negatively affected the northeast and upper Midwest the most, prompting many residents of these cities and states to review their lifestyle options well before retirement. Southern and western states, particularly Florida, are the net beneficiaries.
Builders buying land
New Smyrna Beach-based Geosam closed two significant transactions during November. Geosam purchased three parcels totaling 62.12 acres on Old Kings Road S from Old Kings Ventures (Jim Cullis). The $1,500,000 transaction closed on November 13. The property fronts Polo Club West.
Geosam’s second purchase was on November 23 of 293.9 acres near the south end of Colbert Lane. The seller was Waterford Investment Properties, Inc. from Orlando. The transaction closed for $4,285,000.
November 19 saw Florida Landmark Communities close a $3,060,000 sale for 299.49. The buyer is Payzen PC LLC, of Port Orange. These parcels have been under contract twice over the past several years. They are designated for single-family homes.
Single-family building permits are up by one third over the first 11 months last year.
A Second Hospital for Palm Coast
The Palm Coast City Council approved on first reading a proposed Hospital Campus on the west side of US Route 1 opposite the west end of Palm Coast Pkwy. The parcel is referred to as South Palm Coast Park. There has been no release of information regarding the proposed developer/buyer.
Flagler’s Board of County Commissioners finally approved the development of The Gardens. Phase one will consist of residential homes on the east side of John Anderson Hwy.
Flagler Beach Resort
The Flagler Beach Planning Board unanimously recommended City Council approval of a 97-room hotel plus 10 for rent townhomes. Remarkably, the planning board meeting saw no citizen objections. The project is well planned and in sync with Scenic A1A development guidelines. It will be located at the site of the former farmer's market in Flagler Beach.
Beachwalk on Jungle Hut
Site development is well underway on the 50 single-family home development on Jungle Hut Rod in The Hammock named Beachwalk. The builder will be Richmond American Homes.