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Palm Coast Real Estate - Saltwater Canal Homes - Market Update April 2009

By
Real Estate Agent with 100 Plus Realty LLC

 

Salt Water Canals

Palm Coast, Florida

 (Park your boat in your back yard)

Active Listings Market update for April 2009

 

107 Homes for Sale

 

Active Listings:

Lowest Priced Home:        $199,900

Highest Price Home:         $1,099,000

Average List Price:              $419,548


# of Listings Bank Owned:     1

% of  Listings Bank Owned:    0.09%

Search Bank Owned Home Listings


# of  Listings Short Sale:     19

% of  Listings Short Sale:    18%

Search Short Sale Listings


Home Sold: 8

Lowest Sale: $165,000

Highest Sale: $ 407,000

Average Sale Price: $250,913


Absorption Rate:   1year & 3 Months

Type of Market:   Very strong buyer's market

Average Sales Price Per Sq Ft: $123

Sale Price/List Price Ratio: 88.01%

Sale Price/Original List Price Ratio: 70.21%


After reviewing the sales data it is clear that prices on the canals are still dropping....but now so is the inventory of available homes.  The average living square foot sales price has plummeted from $139. per square foot to $123. per square foot and yes that DOES include the lot!!!  That is a 22% decrease in per square foot price just from March to April.  More homes did sell in April on the canals than March and ...but obviously only because sellers are finally getting realistic about the values on the canals. If you want it sold...you need to price it right.

Some other factors must also be considered in these numbers for the sold homes in April. 

  • All 8 of these homes closed in April included an in -ground pool
  • The average lot price on the Saltwater Canals is $259K - What??  Do the math!! 
  • 7 of the 8 sold homes sold for Under $300K
  • 2 of the 8 sold homes sold for Under $200K
  • The homes sold for an average of about 30% off of the original sale price
  • The homes sold for an average of about 12% off of the last listing price

This is an excellent time for Buyers interested in Saltwater Canal Homes in Palm Coast, the prices are finally getting back to attractive and affordable levels.  Based on the vacant lot listings...these homes cannot be reproduced for these prices.


Area Information about the Saltwater Canals

When designing Palm Coast in 1969, ITT development group put in a unique 23 mile navigable Saltwater Canal system with access to the Intracoastal Waterway.  The saltwater canal neighborhoods are divided up into sections and most of the street names begin with the letter "C".  Most of the saltwater canals are 80' wide and can accommodate large boats.  The Saltwater Canals are all within the City limits of Palm Coast and do not have HOA fees or boat dock fees. 

 You can just pull your boat up behind your home at your own private dock.

Because of the real estate downturn of home and vacant land prices in Northern Florida...you can now find affordable saltwater canal that sold for hundreds of thousands more just a few short years ago.

A significant decrease is prices has again occurred just within the last 6 months...making the prices of saltwater canal homes very attractive


Kristi Ross - REALTOR - With over 14 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 7 years ....I have learned that information is power and I am an advocate for customer empowerment.

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.

 

The above statistical data was gathered from the Flagler county MLS and is not to be guaranteed reliable or accurate and is for informational purposes only.

The search homes information is provided through IDX. Kristi L. Ross PA, Hawk Beach Realty, My Broker or associates are not in anyway responsible for any mistaken information provided.


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