[table "15" not found /]

It is very easy to do market statistics when there is zero to report on the sales side.  There were no sales of any property in Hammock Beach, Yacht Harbor Marina or Ocean Hammock in the Month of January….zip, zilch, nada.   I would say this is an indication that the properties are still overpriced in the eyes of buyers…however, there do look to be some excellent deals on condos in both Hammock Beach club and Yacht Harbor…depending…and this is a big “DEPENDING” on what the health is of the Home Owner’s and Condo Associations.

A bank owned unit listed for $114,000 at Hammock Beach Club did catch my attention…looks to be very cheap and is the least expensive unit in the complex by $55,000….but on the flip side, when you take into consideration the taxes and condo association fees the picture may not be as compelling.   Plan on paying upwards of $900 per month in Taxes and HOA dues on a unit that is priced at $114,000…seems a bit steep to me.

[table "14" not found /]

Hammock Dunes Market Report ~ January 2010

January was a slow month for closed sales in Hammock Dunes.  O homes and 0 lots were sold while 3 condos did close sale, but at a very significant price discount and after being on the market for an average of 588 days…yikes! I want to take a closer look at the condo sales in Hammock Dunes in January due to the deep discounts off the last list price.

11 Avenue De La Mer # 1603 Hammock Dunes

A 2/2 oceanfront condo featuring 1490 living square feet sold for $350,000, a discount of $99,000 off the list price of $449,000.  That is a discount of  22% off the last listed price.  The condo was on the market for 148 days, was not a distressed sale and was advertised as in “Excellent” condition.

7 Avenue De La Mer #605 Hammock Dunes

Last listed @ $695,000 this 3/2 oceanfront condo with over 2000 sq feet of living space lingered on the market for 534 days, finally being purchased for $525,000…that is a discount of $170,ooo or 24% off the last listed price.  This condo was not listed as a distressed sale and was last sold in 2003 directly from the developer for $635,000 according to public taxrolls.

28 Porto Mar #101 Hammock Dunes

This is an interesting sale.  It is an uncompleted 4/4 condo with over 4500 living sq ft.  The unit was offered as a shell in need of cabinetry, countertops etc.  This unit was owned by the developer WCI and hung out on the market for a whopping 1082 days when it was originally listed for $1,050,000.  The last listed price was $900,000 and the unit sold this January for $500,000.  That equates to a discount of $400,000 or 44% off the last listed price…quite the savings indeed.

Other interesting factors

What I take away from this information is to not let the list price on real estate in Palm Coast ~ Flagler County dissuade you from making any offer on a home…you never know what the seller may settle for, especially on the higher end properties…it is still a very strong buyer’s market for luxury properties.

The other tidbit I decipher from this data, sellers on the upper end of the market are still listing their properties for much more than the buyer’s are willing to pay or what they are worth.  Seller’s must remember that appraisers will utilize past sales in determining current market values and these sale have set a new market standard in the value of Hammock Dunes Condos.

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Interesting little tidbit about January’s real estate stats. Check out the price discount average off of  the last list price for the OceanView/Front category. 38% off last listed price?    hmmm…that is a pretty significant discount.   So let’s dig into it a bit deeper.  There were only 2 sales in this category for January.

2023 S. Central Avenue ~ Flagler Beach, Florida

The first sale was in Flagler Beach @ 2023 S. Central Avenue. The House is small, only 784 square feet and was advertised as Oceanview.  The house was on the market for 1 day before going under contract and was sold and listed by the same company. Listed as a short sale for $164,000 the final sale price was $140,000, a discount of $24,000 or 15%.

3171 N. Oceanshore Blvd, Northern Peninsula, Palm Coast, Florida

The second sold home for January was on the Northern Peninsula and is direct Oceanfront, not just Oceanview. 3171 N. Oceanshore Blvd looks like it may have been a pretty awesome deal. With 5 Bedrooms, 3 Bathrooms and over 2800 square feet, the listings states that it can accommodate up to 20 ppl . The home also includes a Mother-in-Law suite with it’s own kitchen. It is important to point out the the house was listed as in “FAIR” condition, which is an indication that the home may require a significant amount of TLC, but with Oceanfront lots selling for what they are,  I still think this may have been an excellent buy for someone. The house was listed for $750,000, on the market for 70 days and sold for $430,000…wow. That is a discount of $320,000 or 43% off the last list price. This home was also listed and sold by the same company. This does show that even though prices have really fallen since the height of the market, list prices are still negotiable and that buyer’s are willing to step up and purchase for the right price.

Other interesting factors to consider

I do find it a bit disheartening at the lack of actual closings in January, especially considering the amount of pending sales.  As you can see, the pending sales are comprised primarily of short sales.  Many of these short sale pending homes have been pending for several months and it is appearing more unlikely that they will actually make it all the way to closing.  Pending sales during the boom period of the market were an excellent indicator of future closed sales, but not so much anymore.  I believe that pending sales numbers are still important, but are no longer a reliable benchmark to base the health of the real estate market in Palm Coast and Flagler County…in fact pending sales may be to the contrary.  These homes are off the market, but they are not actually selling…so they lead to a false inventory count.  We may see several of these currently pending properties come back on the market or continue into foreclosure and then become available at a later date as a bank owned sale.

Weekly Real Estate Market Statistics - Palm Coast Waterfront & Flagler Beach ~ January 2010
Neighborhood	Saltwater Canals	Intracoastal	Oceanfront/Front	Flagler Beach
For Sale Listings
# of Total Listings	130	70	80	138
#Bank Owned	0	2	0	2
# Short Sales	18	5	5	18
Distressed Listings
Total # Distressed	18	7	5	20
% of Distressed	14%	10%	6%	14%
Pending Sales
Total # Pending	27	7	8	18
#Bank Owned	0	0	0	1
#Short Sales	19	5	6	14
% Distressed	70%	71%	75%	83%
Just Sold
Total # Sold	1	1	2	2
# Bank Owned	0	0	1	0
# Short Sales	0	0	1	1
%Distressed	0%	0%	100%	50%
Price Statistics (Active)
Low Price	$190,000	$114,000	$115,000	$73,000
High Price	$2,295,000	$2,750,000	$5,450,000	$1,695,000
Median Price	$399,900	$839,000	$665,500	$425,000
Price Statistics (SOLD)
Low Price	$240,000	$550,000	$140,000	$125,000
High Price	$240,000	$550,000	$430,000	$140,000
Median Price	$240,000	$550,000	$285,000	$132,500
Price Per Sq Foot
% Discount Off Last List Price	0%	19%	38%	13%
Other Important Facts
Average Days on Market	12	82	35	37
# Taken Off Market/Did NOT Sell	12	3	0	0