October 25, 2025 “Real Estate Matters” Video Podcast – Flagler Development History

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.

Flagler County development history includes Centex, Lowe, Bobby Ginn

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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 10-25-2025

Recorded 10-24-2025

Welcome to Real Estate Matters, the voice of real estate in Flagler County and Palm Coast, Fla., for more than 11 years. 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.

Late October

• 164 Homes sold via the Flagler MLS at $362.495 vs 196 homes at $359,495K last October DOM = 85 this year
• $250K and lower = 9, 3 were cash, DOM 35
• $1M or higher – 7, 3 for cash, DOM 55
• Homes listed – 1,285
• Homes Pending – 314
• Median Price of homes pending – $385,000
• GINNdex is down from 4.9 in July to 4.1
• 30-yr fixed mortgage rate is 6.19%, the lowest in more than a year
• Existing home sales – 121 at $365K, $191.50/SF
• New construction – 40 at $358K, $192.15/SF

Analysis

Wait until the world settles down and the economy becomes more predictable.

News

Marineland bankruptcy auction

Marineland went under contract via a bankruptcy auction on October 13. A hearing is scheduled for this coming Monday.

Any updates on the FHBA impact fee lawsuit?

Centex properties since 2000:

• Palm Coast Resort and Marina – Demolished the hotel and built one condo tower and the parking garage
• Palm Harbor Golf Course – Demolished the clubhouse and ripped up the golf course. Gave the course to the city which spent $5M to rehabilitate
• Tidelands condominiums – built 252 units, 134 remain unbuillt
• Marineland never developed
• Bulow Shores – Optioned but never closed, later bought by Ginn then sold to Seaside Landings
• Hammock Beach Golf Course – bought it from Lowe and sold it to Ginn
• Villas at Hammock Beach
• Cinnamon Beach condominium
• Centex had envisioned a Resort Complex connected via water taxis
• Players Edge in Grand Haven

Bobby Ginn once worked for Lowe. A rivalry developed between Lowe and Ginn when Bobby bought phase III of Hammock Dunes out from under Lowe. Later, Lowe would not sell the Hammack Beach golf course to Ginn. Lowe sold it to Centex, which later sold it to Ginn.

Flagler County Residential Development Map

Thanks to an introduction article by Flagler Live, the map has received over 6,700 views. You can find it on GoToby.com on the first page. Click on the map image to reach the live map page.

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 Parkway (the Publix that used to be an Albertsons).

That Publix does not have the traditional Publix floor layout. It is reversed because that’s how Albertson’s ran its stores.

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

How is the government shutdown affecting 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:

• A growing share of young adults are moving back home instead of striking out on their own. Nearly 1.5 million more adults under age 35 live with their parents than 10 years ago, a 6.3% increase that is more than double the growth rate for the young adult population overall.
• 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 Census Bureau. 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.
• Affordable housing, the Tobin Plan – explain how opening up the mobile home ownership model to traditional homes will make homeownership more affordable.
• The typical home buyer’s FICO credit score was 735 in the third quarter of this year, according to Realtor.com; that’s roughly 20 points higher than the national average.

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.