Saturday, April 30, 2011

Waterfront & Golf in Palm Coast & Flagler Beach, FL

   It's another gorgeous Saturday, here in the Palm Coast, Flagler Beach, and Ormond Beach, Florida area... 

      I just showed a nice guy from New Jersey (currently living in Central Florida) one of our amazing listings on Oceanshore Blvd (A1A) in Flagler Beach.  I got there early, turned on all the lights, and sat on the upper deck porch, being lulled into peacefulness by the waves, the breeze, and the blue-cloudless 82 degree day...

     Our potential buyer pulled up in a convertible - good choice for a great day in a beach town.  Unless I'm losing my touch, I think he loved it... and what's not to love?  4 Bedrooms, 3 Full Baths, Pool, Lots of Tile, Metal Roof,  2 Car garage (a Big Deal on the beach to protect your Bentley... or whatever), 2 levels, Huge Porches and Ocean and River views, 2,465 feet under air/heat, and on a half acre lot with pristine lawn and landscaping... for $489,000!  Are you kidding me?  It's crazy, because just the LOT would have been way more in 2005!  I'm hoping he calls me back and says his wife and family want to see it...
     Here are some Real Estate facts about Flagler County, Florida that should get your attention:

  • There are lots of Ocean properties, all the way up to $7,700,000 right now, however, there are 27 single family homes today that are either "Oceanfront," or "Ocean View,"  for between $179,900 and $499,900.
  • How about over 300 homes on "Saltwater Canal, Intracoastal Waterway, River, or Lake" ... with 100 of them being below $300,000!
  • Or over 100 homes on our area's beautiful Golf Courses, 31 of which are priced between $105,000 and $299,000!
     If you have a "Florida Itch," or more specifically, a "I Want a Great Buy on a Florida Ocean, Water, or Golf Course Property Itch" - We'd love to hear from you!
  • Frank Zedar or Maritssa Vazquez
  • Parkside Realty Group, Flagler Beach & Palm Coast, FL
  • Cell/Text:  386-931-1987
  • email:                                            

Friday, April 15, 2011

"Palm Coast, FL, Housing is Back!"

For those of you who read this blog, you know I watch the "S&P Case-Shiller Index," as the most perceptive peek at where the real estate and housing markets are trending.  In a 3/28/11 CNN-Money piece, these are the snippets that jumped out at me:

  • If all the noise you're hearing about housing has you totally confused, join the crowd! One day you'll read that owning a home has never been more affordable. The next day you'll see news that housing starts have plunged to nearly their lowest level in half a century... (as headlines announced in March)... After four years of falling prices and surging foreclosures, it's hard to know what to think. Even Robert Shiller and Karl Case can't agree. The two economists, who together created the widely followed S&P/Case-Shiller Home Price indices, are right now offering sharply contrasting views of housing's future. Shiller recently warned that the chances were high for a further double-digit drop in U.S. home prices. But in an interview with Fortune, Case took a far brighter view: "The lack of new home building is a huge help that a lot of people are ignoring," says Case. "People think I'm crazy to be optimistic, but housing is looking like "The Little Engine That Could."
  • Foreclosure markets: The outlook is brightening
The true disaster areas for housing since the bubble burst have been Sunbelt cities such as Las Vegas, Phoenix, Miami, AND MOST OF FLORIDA -- places that boasted great job and population growth in the mid-2000s, only to suffer a housing crash that swamped them with empty homes and condos and crushed their economies. But people always want to live in those sunny locales, and their job markets are starting to recover, albeit slowly. In foreclosure markets the inventory problem is far greater because it includes not just traditional resale homes but millions of distressed properties. Fortunately those houses are now such a screaming deal that investors, including lots of mom-and-pop buyers, are purchasing them at a rapid pace.
  • Even with investors jumping in, buying activity in foreclosure markets hasn't yet increased enough to bring inventories down. But, it will soon... Prices will fall a couple of percentage points lower in the distressed markets in the short run. "But that will be overshooting," he says. "It's like an elastic band (Remember The Elasticity of Demand, from Econ 101?) - If prices do drop this year, they will need to bounce back because they'll be far too low compared with rents and replacement cost." Renters will come off the sidelines to purchase homes in the years ahead, precisely the opposite trend of the past few years.
  • So let's state it simply and forcibly: Housing is back!  Think about it.  The trend has been down for five and a half years in most of Florida.  It's time...


Tuesday, April 12, 2011

"Ormond Beach & Flagler Beach, FL - Ocean Condos"

The following will give you a peek at the current condo market in Flagler Beach, FL and Ormond Beach, FL, to include Ormond By The Sea.  For purposes of this blog post, I have included ONLY those condos which offer an "Ocean Front or Ocean View" frontage:

(*Financing Note:  It's more difficult to obtain financing for condos in these challenging financial times.  It's not as tough as Miami, yet not a piece of cake either.  Because of high "Rental to Owner Occupant" ratios, as well as condo fee defaults, short sales, etc., "cash is king."  FHA loans are very tough and often require 35% down (well above the old 20% norm).  Your mortgage professional can guide you, regarding these matters.)

Flagler Beach:
Flagler Beach is a great town in Flagler County and offers a waterfront and beach counterpoint to the "old Florida" County Seat of Bunnell and the newcomer/fastest growing US city of Palm Coast.  Because of zoning and city ordinances, high rises are few, limited to one North of the pier and a small handful South of the pier, near the landmark water tower.
  • There are currently 170 ocean front - ocean view units For Sale.
  • They range from $99,000 (a 425 square feet, 1BR and the lone unit under $100K) to a high of $2,800,000.
  • The upper end units tend to be at the Northern Peninsula end of town in exclusive gated, golf course communities.  They are often referred to as "Flagler Beach," but are actually a Palm Coast mailing address.
  • A challenge to investor buyers (and a perceived blessing to some full time residents) is that renting a unit can be a city ordinance violation.  One must be in possession of a coveted "Rental License."  If your unit is not grandfathered, they are tough to come by... perhaps easier if you are in the city's "Tourist Commercial" area, between 9th Street, North and 9th Street, South.
  • There are 24 units listed below $200,000.
  • Past six month statistics:  
    • Sold Prices
      • Low = $101,000
      • High = $1,150,000
      • Avg = $343,000
      • Median = $273,000
    • Price Per Square Foot
      • Low = $90
      • High = $300
      • Avg = $177
      • Median = $169
    • Days on the Market
      • Average = 272 days
Ormond Beach - Ormond by the Sea:
Ormond Beach is a great beach town which basically extends South from Flagler Beach and ends at Daytona Beach.  For our purposes, we'll say that the "Ormond Beach Peninsula" extends a short way up A1A from Route 40 (Granada Blvd.) and comprises the direct beach front high rise condos.  "Ormond by the Sea" condos are low rises and are on the West side of A1A, with access to the beach by way of "dune walkovers."

  • There are currently 88 condos For Sale.
  • They range in price from $95,000 to $699,000. 
  • 55 of them are under $200,000.
  • Generally, with the exception of some of the pricier high rises, these units are easier to rent than their Flagler Beach cousins.  Most have a rental restriction of a 1 week to a 1 month minimum.  How strictly these are enforced, varies from condo to condo.
  • Past six months statistics:
    • Ormond by the Sea:
      • Sold Prices:
        • Low = $79,000
        • High = $319,000
        • Median = $139,000
        • Average = $150,000
      • Price Per Square Foot:
        • High = $150
        • Average = $108
        • Median = $108
      • Days on the Market:
        • Average = 192
    • Ormond Beach (North of Rt. 40):
      • Sold Prices:
        • Low = $82,000
        • High = $240,000
        • Median = $170,00
        • Average = $165,000
      • Price Per Square Foot:
        • Average = $124
      • Days on the Market:
        • Average = 385                                                    
...So there you have it!  What does this mean?  You can get a great condo with a great ocean view... or direct ocean front, for under $200,000.  Many of these were selling closer to $500K in 2005/2006. Call me if you have questions... or want to go see property for yourself:
Direct: 386-931-1987  or  email: 

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