Palm Coast, Flagler County, Flagler Beach Real Estate
Archive for June, 2009
Palm Coast, Florida – Grand Haven Homes Sales -June 2009
Jun 30th
Grand Haven
Palm Coast, Florida
(A Gated, Intracoastal Front Golf Community)
Active Listings Market update for June 2009
Grand Haven is a Gated, Golf Course, Resort Style Community featuring everything from smaller patio homes, condominiums and townhomes to large, luxurious executive estates on the Intracoastal Waterway. Close to shopping, dining and only 5 minutes to the beach…Grand Haven is a highly desired community for both permanent and second home residents.
The community includes two sport clubhouses with pools and fitness centers as well as one of the finest Jack Nicklaus designed Golf courses in the Northern Florida region.
Golf membership is optional
June 94 Homes for Sale April 93
Active Listings: June 2009 April 2009
Lowest Priced Home: $164,900 $169,000
Highest Price Home: $1,299,000 $1,220,000
Average List Price: $420,954 $425,152
Search all Grand Haven Home Listings
# of Listings Bank Owned: 2 0
% of Listings Bank Owned: 2% 0%
Search Bank Owned Home Listings
# of Listings Short Sale: 11 8%
% of Listings Short Sale: 12% 9%
June May April
Home Sold: 4 7 4
Lowest Sale: $187,000 $200,000 $187,900
Highest Sale:
$300,000 $380,000 $635,000
Average Sale Price: $226,263 $309,286 $340,725
Absorption Rate: Still about the same, 1 Year 9 Months
Type of Market: Very, Very Strong Buyer’s Market
Average Sales Price Per Sq Ft: Down to $123 !!! from $144.00
Sale Price/List Price Ratio: 94.39% Up from 83.6%
Sale Price/Original List Price: 88.5% Up from 69.44%
Both the Average Price and Price Per Sq Ft continue to fall, however we note that the Highest Sale Price for both May and June was quit low for Grand Haven. Also the List Price and Original List Price to Sales Price Ratios have rebounded substantially. Sellers may finally be willing to “rip off the Band-Aid” and list their home at an appropriate price? Unfortunately these Sellers appear to be the Bank, or Sellers in trouble or already in foreclosure. Sense there are so few sales, it deserves a little closer look.
As suspected, the monthly June average of $226,263 is skewed lower by Short Sales and REO’s that make up more than 50% of the actual sales for the year. The Average Sale Price and the Median Sales Price for entire year of 2009 appear to be more in-line with the actual arm’s-length sales average at $285,000. However, the drop in Average Price may not be over as Newly Listed Homes still outpace Sales 2 to 1, and the number of Short Sales and REO’s listed in Grand Haven has once again increased.
Kristi Ross – REALTOR - With over 14 years of experience in buying, selling, managing & investing in real property personally in addition to being a very active, full time REALTOR in Palm Coast/Flagler County, Florida for 7 years ….I have learned that information is power and I am an advocate for customer empowerment.
You can sign up to be on the list of first to know when properties meeting your ideal criteria are newly listed, go pending or are sold.
The above statistical data was gathered from the Flagler county MLS and is not to be guaranteed reliable or accurate and is for informational purposes only.
The search homes information is provided through IDX and Kristi L. Ross PA, Hawk Beach Realty, My Broker or associates are not in anyway responsible for any mistaken information provided.
Palm Coast, FL – Home Sales Update – June 2009
Jun 30th
Palm Coast Single Family Homes Statistics: SOLD 2009
|
Month |
Total Sales |
Short Sales |
Low $ |
Avg $ |
High $ |
Avg Days on Market
|
|
Jan |
62 |
27 |
$65,000 |
$144,335 |
$360,000 |
148 |
|
Feb |
91 |
41 |
$63,000 |
$156,029 |
$535,000 |
120 |
|
Mar |
97 |
35 |
$47,200 |
$175,992 |
$975,000 |
129 |
|
April |
102 |
44 |
$60,000 |
$155,641 |
$635,000 |
137 |
|
May |
111 |
44 |
$56,100 |
$168,303 |
$1,060,000 |
189 |
|
June |
98 |
41 |
$70,000 |
$168,841 |
$875,000 |
181 |
* all data compiled from the Flagler County MLS.
Conditions in Palm Coast appear to have stabilized, for now. The total number of June sales should come in slightly higher after all of the months-end sales are recorded. The Average Sales price has gone up, however this average may be driven up by the sale of just a few high end homes? Also working against a recovery are the total number of new listings that continue to outpace the Sales by a margin of 2 to 1, and the DOM (Days on Market) have increased again, showing that there are still more interested Sellers than Buyers in this market.
The Short Sales (see below) and REO’s (Bank or Corporate – Real Estate Owned) still make up a huge percentage of this market. While REO’s only make up less than 3% of all single family homes listed, surprisingly they make up 24% of all closed sales this year. This means they are selling quickly, with an average DOM of only 63, a Sold to List Price Ratio of 94.48% and a discount to Original List Price of less than 10%. If you are looking for a Bank owned deal, you better have your financing pre-arranged and be ready to GO! If you’re going the Short Sale route you better be willing to WAIT! Unfortunately, the banks have not made the Short Sale processes any less painful.
SHORT SALE UPDATE – June 2009
Palm Coast Real Estate Short Sale Information
Conditions in Palm Coast haven’t gotten much better, many Florida homeowners and banks are still entering into what are called short sales. (Basically, listing the home for sale for less than the total amount of the mortgages, the s
eller asks the bank to forgive the difference.)
For the 1st half of this year, Short Sales as a percentage of TOTAL SALES spiked at 45% in Feb. then dropped to a low of 36% in March and have leveled off slightly above 40% for the past 3 months.
Of the total number of ACTIVE listed properties, Short Sales are only 34.7%, but below $200K this quickly jumps into the 60% range, and below $100K is above 75%. This means if you want a “cheap” home in Palm Coast you will most likely have to deal with a Short Sale.
Short sales in Palm Coast, Florida can be a great way to pick up an incredible bargain or get yourself into much unwanted trouble. Before you decide to make an offer on a home that is declared as a short sale, make sure you are educated on the subject to avoid painful headaches in the future…please read below for more information on short sales currently available in Palm Coast, Florida and the surround areas.
What is a Short Sale?
A short sale means the seller’s lender is possibly willing to accept a discounted payoff to release an existing mortgage. Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if the seller accepts it. The process for getting a decision from the bank regarding your offer on a short sale can be in most cases 3-6 months, however it can take up to a year to receive an answer from the bank and you should be prepared for this.
Click Below to Search for Palm Coast Short Sales by Price Range
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Be aware that the seller will need to be in default, to have stopped making mortgage payments
, before a lender will consider a short sale. Also, the seller might have over-encumbered, owe more than the home is worth, so a discounted price might bring the price in line with market value, not below it. It is always important to have a professional title search performed on a short sale property, and to be safe, you may want to pay to have the search done prior to making your offer to know what you are getting into. (if the home has more than 1 debtor attached then the chances of getting a short sale approved declines…too many cooks in the kitchen)
Important Short Sale Notice:
Based on current data approximately 10-15% of short sales that go pending in Palm Coast/Flagler County, Florida ever make it to closing. Please do your homework and work with an experienced REALTOR when purchasing or selling "Short Sale" properties.
Short Sale Prices May Be Arbitrary and False
The price that is assigned a short sale is determined by the owner or listing agent in most cases. Please keep in mind that these are not always approved prices by the bank and the price that the bank is willing to accept for these properties may be much higher than the full listing price on the property. Unfortunately in our current market…less ethical agents may place properties on the market that look to good to be true…and they are. There are currently no guidelines in place by NAR or local MLS associations to hold sellers and agents of short sale properties accountable for the advertising of these properties. This can be very confusing and misleading for buyers and other sellers that need to sell their homes.
Short sales are complicated and many factors are involved. Not only must the bank agree to the price of the property, but the bank also determines whether the owner of the property will qualify for a short sale.
NOT ALL OWNERS QUALIFY FOR SHORT SALES.
The only way to find out what a bank will accept on a short sale is to submit an offer, but you can also ask qualifying questions that will help you determine if you are wasting your time or chasing a carrot that will never materialize. Working with an agent that is experienced with the process of short sales and the games played by some of the owner’s and listing agents will save you many headaches and heartaches when purchasing these types of properties.
When purchasing short sales…you must be patient. It can take up to 6 months to get an answer from the bank on if your offer is accepted. Keep in mind that you may also lose out on other excellent values and properties while waiting to know if your offer has been accepted. Short sales are not for the faint of heart or for buyers who may become emotionally attached to a specific property. If you do not feel that short sales are right for you…bank owned properties are often times a better value and the process is much smoother.
When looking at short sales make sure to have all of your financing or proof of cash funds in order..otherwise you are wasting your time. Short Sale and bank owned properties will not entertain any offers without proof of pre-approved financing or proof of cash funds.
Kristi Ross – REALTOR - With over 12 years of experience in buying, selling, managing & investing in real property personally in addition to being a very active, full time REALTOR in Palm Coast/Flagler County, Florida for 7 years ….I have learned that information is power and I am an advocate for customer empowerment.
Please feel free to search the MLS for free at my website www.Palm-Coast-Hot-Properties.com. You can sign up to be on the list of first to know when properties meeting your ideal criteria are newly listed, go pending or are sold.
*DICLAIMER: The above statistical data was gathered from the Flagler county MLS and is not to be guaranteed reliable or accurate and is for informational purposes only.
**Disclaimer: The search homes information is provided through IDX and Kristi L. Ross PA, Hawk Beach Realty, My Broker or associates are not in anyway responsible for any mistaken information provided.
May & June 2009 – Salt Water Canals – Palm Coast
Jun 29th
Salt Water Canals
Palm Coast, Florida
(Park your boat in your back yard)
Palm Coast Saltwater Canal Market update for June 2009
Homes for Sale
Active Listings: June (110) vs. April (107)
Lowest Priced Home: $ 189,900 $ 199,900
Highest Price Home: $1,099,999 $1,099,000
Average List Price: $ 420,420 $ 419,548
Search all Saltwater Canal Home Listings
# of Listings Bank Owned: 1
% of Listings Bank Owned: 0.9%
Search Bank Owned Home Listings
# of Listings Short Sale: 15 18
% of Listings Short Sale: 14% 18%
Sold Homes Data
Homes Sold 6 in May 11 in June
Lowest Sale: $177,000 $165,000
Highest Sale: $975,000 $ 407,000
Average Sale Price: $327,524 $250,913
Absorption Rate: 10 MONTHS!!! 1year & 3 Months
Type of Market: Still a very strong buyer’s market !
Average Sales Price Per Sq Ft: $149 $123
Sale Price/List Price Ratio: 88.19% 88.01%
Sale Price/Original List Price Ratio: 71.38% 70.21%
After reviewing the sales data for Palm Coast Saltwater Canal Homes, it is clear that a seasonal increase in sales volume has occurred….however the inventory of available SWC homes is still increasing. The average sold price went up substantially to $327,524 (up 27%), also up to $149 per square foot (up 20%), but the Median Price looks more realistic at $284,760 (still up a strong 13%). A good sign that water front property on the canals in Palm Coast is at least “seasonably stable” and the worst may be over… it may also be a good sign that more Short Sales were closed, than came on the market, in May & June. However, the average listed price is still $93,000 more than the average sold price… are only the least expensive homes selling, or do prices still need to come down?
I still agree with the April commentary: “This is an excellent time for Buyers interested in Saltwater Canal Homes in Palm Coast, the prices are finally getting back to attractive and affordable levels. Based on the vacant lot listings…these homes cannot be reproduced for these prices.”
gn="center">Area Information about the Saltwater Canals
When designing Palm Coast in 1969, ITT development group put in a unique 23 mile navigable Saltwater Canal system with access to the Intracoastal Waterway. The saltwater canal neighborhoods are divided up into sections and most of the street names begin with the letter “C”. Most of the saltwater canals are 80′ wide and can accommodate large boats. The Saltwater Canals are all within the City limits of Palm Coast and do not have HOA fees or boat dock fees.
You can just pull your boat up behind your home at your own private dock.
Because of the real estate downturn of home and vacant land prices in Northern Florida…you can now find affordable saltwater canal that sold for hundreds of thousands more just a few short years ago.
A significant decrease is prices has again occurred just within the last 6 months…making the prices of saltwater canal homes very attractive
Kristi Ross – REALTOR - With over 14 years of experience in buying, selling, managing & investing in real property personally in addition to being a very active, full time REALTOR in Palm Coast/Flagler County, Florida for 7 years ….I have learned that information is power and I am an advocate for customer empowerment.
You can sign up to be on the list of first to know when properties meeting your ideal criteria are newly listed, go pending or are sold.
The above statistical data was gathered from the Flagler County MLS and is not to be guaranteed reliable or accurate and is for informational purposes only.
The search homes information is provided through IDX. Kristi L. Ross PA, Hawk Beach Realty, My Broker or associates are not in anyway responsible for any mistaken information provided.
