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.