Flagler County – Oceanside Condos – Updated July 2009
Active vs. Sold- Oceanside Condos - July, 2009
There is an astounding amount of Oceanside Condominium inventory on the market today that doesn’t appear to going away anytime soon. A quick ratio of Listings/Sales = 4 years of inventory on the market, an impossible amount to sell in any market conditions! Looking closer at the data gives us some clues as to what is selling and what is not.
Hammock Dunes and Surf Club are moving along at a decent pace, Cinnamon Beach appears to be the hardest hit. Hammock Beach was previously marketed through the developer only, therefore little re-sale information is available. It’s worth mentioning because Hammock Beach now makes up 20% of the Active Oceanside MLS Condo Listings.
Let’s just see how long it might take to sell all this inventory… with 337 Active Oceanside Condo listings in the following communities:
Condo Name
#Active
#Sold
Absorption Rate
Aliki Gold Coast 9 0 Good Grief who Knows…ugh!! Cinnamon Beach 52 6 8 years – 9 months Costa Del Sol 2 1 2 years Flagler Point 1 0 Good Grief who Knows…ugh!! Hammock Beach Club 42 0 Good Grief who Knows…ugh!! Hammock Beach Villas 25 1 25 years …. YOWZER!!!! Hammock Dunes 77 30 2 years 6 months Las Brisas 4 2 2 years Marina Bay 6 2 3 years Nautilus 8 2 4 years Ocean Beach Club 3 0 Good Grief who Knows…ugh!! Ocean Lake Villas 1 0 Good Grief who Knows…ugh!! Ocean Marina 4 1 4 years Ocean Palm Villas 3 0 Good Grief who Knows…ugh!! Ocean View Manor 11 3 3 years 9 months Oceanside (Beverly Bch) 23 0 Foreclosure on the Developer? Plaza Caribe 1 10 Remodeled and Sold in fall 2008 Southbeach 5 1 5 years Southern Shores 1 0 Good Grief who Knows…ugh!! Surf Club 35 14 2 years 6 months Village 6 1 6 years Windsong 1 0 Good Grief who Knows…ugh!! Yacht Harbor Village 16 0 Good Grief who Knows…ugh!!
Since 2006 the Sales VOLUME has been fairly predictable…with an average of 7 Condos SOLD per month or about 84 per year, Volume for 2009 has not changed. However the Average Price had fallen from a high of $610K in 2006 to a low of $449K in 2008 (Down 26%), then increased to $513K in the 1st half of 2009. Looking at individual sales of “like kind” properties from 2006 to 2009 reveals that Prices are actually down substantially more, (down ~30% in Cinnamon Beach!) and with such a large inventory on the market, they show no immediate signs of recovery. It’s a Buyer’s Market for those of you brave enough to test the Ocean’s waters. Some incredible deals can now be found at the beach!
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Palm Coast – Condos (West of ICW)– Updated July 2009
Active MLS listed – Palm Coast Condos & Townhomes - July, 2009
We’re seeing the same phenomenon in Palm Coast Condos, (West of the Intracoastal Waterway) as we saw in the Oceanside Condos listed above. A fairly steady number of sales (50 per year), but also an extraordinary amount of inventory on the market, with a quick ratio of Listings/Sales of over 4 years! The Average Price has also increased in 2009 to $170K, but this is only up modestly from the 2008 low of $158K, and still off by more than 37% from the 2006 Average Price of $273K.
With current market conditions, some of this comes as no surprise, but making matter worse are: 1) Bella Harbor, well lets just say….It is strongly advised that you obtain your own independent property inspection before purchasing ANY property! 2) European Village seemed to be doomed before it ever opened, and 3) by the time construction was completed; Tidelands wasn’t worth the “Pre-construction” price!
However, a closer look at the individual communities shows some surprising results. The lowest priced Condos are selling quickly and have gained some ground in price. It’s the higher priced Condos, mostly on the Intracoastal Waterway, that are stagnant; with one exception…Canopy Walk. This can probably be attributed to the massive price reductions in Canopy Walk of between 30% to 50% off the highs of 2006.
221 Active Palm Coast Condo listings in the following communities:
Condo Name - # Active / # Sold in 12 mos = Absorption Rate
Arbor Trace 3 4 9 months Bella Harbor 13 0 Good Grief who Knows…ugh!! Bridgewater 4 3 1 year 4 months Brookhaven 18 0 Built in 2008 Canopy Walk 29 14 2 years 1 month European Village 16 0 Good Grief who Knows…ugh!! Fairways 13 9 1 year 6 months Grand Haven 17 4 4 years 1 month Harborside Village 4 0 Good Grief who Knows…ugh!! Kings Colony 2 4 6 months Lake Forest 4 3 1 year 4 months Marina Cove 10 2 5 years Palm Club 6 2 3 years Palm Coast Resort 7 1 7 years Pine Lakes Villas 1 1 1 year Portofino Grande 1 0 Good Grief who Knows…ugh!! Savannah Square 5 2 2 years 6 months Shangri La 2 0 Good Grief who Knows…ugh!! Sunrise Villas 2 0 Good Grief who Knows…ugh!! Tidelands 39 3 13 YEARS! Waterside 7 2 3 years 6 months West Pines 1 0 Good Grief who Knows…ugh!! Woodhaven 11 7 1 year 7 months
The bottom line is: The low priced Palm Coast Condos are selling fast!And the highly-discounted Canopy Walk Condos are also on the move!
Kristi Ross - REALTOR - With over 13 years of experience in buying, selling, managing & investing in real property personally in addition to being a very active, full time REALTOR in Palm Coast/Flagler County, Florida for over 7 years ....I have learned that information is power and I am an advocate for customer empowerment.
Please feel free to search the MLS for free at my website www.Palm-Coast-Hot-Properties.com. You can sign up to be on the list of first to know when properties meeting your ideal criteria are newly listed, go pending or are sold.
* all data was collected from the Flagler County MLS.
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Deirdre Gonzales
Posted by: makati condo | September 14, 2009 at 01:45 AM
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-seff-
Posted by: Philippines properties for sale | October 20, 2009 at 12:34 AM