(02/03/2010 - Palm Coast, FL)
Real Estate is not dead... it merely sleeps!
Remember 2003-2005? Palm Coast, FL was the biggest city (OK, biggest small city) in Flagler County - "The Fastest Growing County in America!" We were flying high and getting plenty of national face time.
Investors were swarming and money was flying. Magnificent towers at the beach rose from the sand and condos sold for $$Millions. Ginn was God. Hammock Dunes. Island Estates. Yacht Haven. The Sanctuary. Surf Club. Salt Water Canals. Intracoastal Waterway. Beach Front Lots. Tidelands. Palm Coast Resort. Canopy Walk. Grand Haven. The Polo Club. The Reserve. Equestrian Estates. Just to name a few...We were full of ourselves, to be sure.
I'll never forget our office sales meeting at RE/MAX Oceanside in December, 2005. We all looked at each other like squirrels running back and forth in front of oncoming cars. Something was amiss and we just knew it wasn't going to be good. Boy, were we right! But guess what? Markets go up... and markets go down. Some are bumps in the road and some are monsters. We've been down for four full years now... and although we still have a foreclosure mess, there is light at the end of the tunnel. (I know what you're thinking. Very funny. No, it is NOT a train)
There is very good news out on the horizon. That is because Palm Coast, FL is like a hibernating grizzly bear. Like the bear, we put on as much fat as we could for years. It's what is sustaining us through this mess. When it's time to wake up - and that is coming sooner than we think - we will be hungry, rested, and ready for action! There is a tremendous force building of pent up demand for this area. "Up North" is still a rust belt, is cold, and is covered with ice and snow. Florida (specifically Palm Coast, FL), on the other hand, is still warm, tropical, and surrounded by beaches. I can ride my motorcycle in February. Try that up in "Joisy."
We have over 800 houses for sale, priced under $199,000. They'll be coming. We don't know exactly when, but they'll be here.
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