Palm Coast, Florida: Market Report Hammock Dunes ~ January 2010
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.
Hammock Dunes Market Report ~ January 2010
| Monthly Market Statistics for Hammock Dunes ~ January 2010 | |||
|---|---|---|---|
| Neighborhood | Hammock Dunes Homes | Hammock Dunes Condos | Hammock Dunes Lots |
| For Sale Listings | |||
| # of Total Listings | 66 | 74 | 48 |
| #Bank Owned | 0 | 0 | 2 |
| # Short Sales | 4 | 9 | 2 |
| Distressed Listings | |||
| Total # Distressed | 4 | 9 | 4 |
| % of Distressed | 6% | 12% | 8% |
| Pending Sales | |||
| Total # Pending | 6 | 6 | 2 |
| #Bank Owned | 0 | 0 | 0 |
| #Short Sales | 2 | 3 | 1 |
| % Distressed | 33% | 50% | 50% |
| Just Sold | |||
| Total # Sold | 0 | 3 | 0 |
| # Bank Owned | 0 | 0 | 0 |
| # Short Sales | 0 | 0 | 0 |
| %Distressed | Not Data | 0% | No Data |
| Price Statistics (Active) | |||
| Low Price | $249,000 | $209,000 | $90,000 |
| High Price | $5,450,000 | $2,800,000 | $2,250,000 |
| Median Price | $834,000 | $739,000 | $529,500 |
| Price Statistics (SOLD) | |||
| Low Price | No Data | $350,000 | No Data |
| High Price | No Data | $525,000 | No Data |
| Median Price | No Data | $500,000 | No Data |
| Price Per Sq Foot | No Data | No Data | |
| % Discount Off Last List Price | No Data | 33% | No Data |
| Other Important Facts | |||
| Average Days on Market | No Data | 588 | No Data |
| # Taken Off Market/Did NOT Sell | 6 | 2 | 3 |
