October 18, 2025 “Real Estate Matters” Video Podcast – Marineland Infrastructure Hurdles

Real Estate Matters, for more than 11 years, the voice of real estate for Palm Coast and Flagler County. Sponsored by Veranda Bay, the new luxury Intracoastal Community in Flagler Beach.

Marineland Infrastructure Hurdles: Homebuilders’ Legislative Priorities

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Raw Show Notes

Our behind-the-scenes guide to the show’s flow, covering many topics we didn’t have time to get to on the show. This is raw and likely contains typos. Data reflects the date of the show’s recording.

Show Notes 10-18-2025

Recorded 10-17-2025

Welcome to Real Estate Matters, for over 11 years, the voice of real estate in Flagler County and Palm Coast. Welcome to the quiet side of Florida.

I’m Toby Tobin, the publisher of GoToby.com, contributor to the Palm Coast Observer, and a Florida-licensed Realtor with The Landmark Group at Compass. Co-host, Annamaria Long, with the Flagler County Homebuilders Association, is in the studio with me today.

Thanks to Our Sponsors:

• Our Lead Sponsor is Veranda Bay – A private developing community of lots and luxury homes on the Intracoastal Waterway in Flagler Beach, featuring custom homes by Olsen Homes, AR Homes by Arthur Rutenberg, ICI Homes, and Hulbert Homes. Newly opened sections feature homes by Toll Brothers and Dream Finders. To learn more, visit VerandaBay.com.
• Flagler County Home Builders Association
• Hammock Community Church – On A1A in The Hammock – Small enough to know you but large enough to serve you. North of the toll bridge with the message sign out front. It’s not just for Hammockians. Like me, many people cross the bridge.

Early October

• 113 Homes sold via the Flagler MLS at $379,900K vs 196 homes at $359,495K last October DOM= 85 this year
• $250K and lower = 6, 1 were cash, DOM 46
• $1M or higher – 6, 2 for cash, DOM 52
• Homes listed – 1,289
• Homes Pending – 311
• Median Price of homes pending – $380,000
• GINNdex is down from 4.9 in July to 4.1
• 30-yr fixed mortgage rate is 6.27%

Analysis

While home prices over the past two years have risen slightly in other markets, the local market, until recently, has seen a decline in the number of sales while prices have remained stable. The median sales price and the number of homes sold have risen in the most recent three months. Meanwhile, other sunbelt markets have seen price decreases.

Flagler home prices remain below the Florida median of $388K, which is below the national median of $437K.

The percentage of cash sales at both the low end and high end of the local market has declined. At the low end, it signals fewer investment buyers. At the high end, it likely means buyers are less willing to trade market equity and liquidity for less liquid real estate.

News

Marineland bankruptcy auction

Marineland went under contract via a bankruptcy auction on October 13. A hearing is scheduled for the 27^th. A stalking horse bid had been accepted from the Hutson Companies, a Jacksonville-based development company.

The winning bid of $7.1M came from Delightful Development LLC. One of the provisions is that the successful bidder relocates the dolphin within 90 days.

The stalking horse bid had been $3.5M with a breakup fee of $70,000 if another party is awarded the sale.

The current Mexico-based owner purchased the property from the Georgia Aquarium in 2019 for $3,750,000. The property appraiser’s website lists a True Value of $4,376,206. The facility first opened in 1938.

Marineland background.

Purchased by Jim Jacoby in 1999. He rescued the facility after hurricane damage. Jacoby sold the facility to the Atlanta Aquarium, which, in turn, sold the facility to the Mexican company.

There are three primary properties in Marineland:

1. University of Florida’s Whitney Laboratory for Marine Bioscience
2. The dolphin adventure theme park, recently under contract via a bankruptcy auction
3. The Jacoby holdings

Any development will require expansion of the water and sewer services, likely from Palm Coast. A current project is extending city sewer service north to Bing’s Landing.

• Jacoby to Centex in 2004 for $13M
• Centex to Jacoby in 2015 for $5.5M

Any significant development will require expansion of water and sewer services, likely from Palm Coast.

Other Centex properties of that time period:

Palm Coast Resort and Marina

Palm Harbor Golf Course

• Tidelands condominiums
• Marineland
• Bulow Shores – Optioned but never closed, later bought by Ginn then sold to Seaside Landings
• Hammock Beach Golf Course
• Villas at Hammock Beach
• Cinnamon Beach condominium
• Centex had envisioned a Resort Complex connected via water taxies
• Centex had envisioned a Resort

A rivalry developed between Lowe and Ginn

Flagler County Residential Development Map

Chipotle Restaurant

Chipotle has filed a technical site plan with Palm Coast to build a restaurant at the closed gas station property at the corner of Belle Terre and Palm Coast Pkwy (Publix that used to be an Albertsons).

That Publix does not have the traditional Publix floor layout. It is reversed because that’s the way Albertson’s did their stores.

Speaking of Publix, they are reportedly looking to build a new store at US1 and Matanzas Woods.

How will the government shutdown affect the housing market?

Cannot issue new flood insurance. Could result in the cancellation of sales.

E-Verify not working

No new applications for H-2B visas

No permits from the Army Corps of Engineers

IRS response will delay mortgage applications

Economic data will not be issued

Filler News:

• WalletHub ranked four Florida cities among the best cities to retire. Orlando #1, Miami #4, Tampa #5, and Fort Lauderdale #7
• Homeownership Costs Have Jumped 26% Over 5 Years as Hidden Expenses Rise. Typical monthly expenses for homeowners surged by more than a quarter in the five years through 2024, a comprehensive new report from the U.S. Census Bureau has revealed.
• The median monthly ownership costs for U.S. homeowners with a mortgage jumped to $2,035 last year, according to new American Community Survey data released by the bureau on Thursday.
• That was up nearly 7% from a year earlier in nominal dollars, and a 26% increase from 2019, when the typical monthly cost for mortgage holders was just $1,609.

Wrap up:

Video podcasts of Real Estate Matters are now available on GoToby.com. Click on Podcasts on the top navigation bar.

If you have a question or a suggestion for Real Estate Matters or GoToby.com, reach out to me.

(386) 931-7124 or email me at Toby@GoToby.com

I’m Toby Tobin and I approve this show.