Palm Coast Florida : Waterfront & Flagler Beach Real Estate Market Update ~ January 2010

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.