In July 2008 we listed a beautiful home on one of our salt water canals for a little over $700,000. It sat on a tip lot at the convergence of four canals, had 2,600 plus feet of living space, a heated pool and a spectacular view. It sold in a cash transaction 119 days later for $660,000. The new owners immediately put another $100,000 into the property. Two years later the house went back on the market but this time for under $600,000. It sold quickly but for a price closer to $500,000. Such is the sad state for salt water canal home sellers in Palm Coast, FL-buyers, on the other hand, couldn't be happier.
A few years ago, Palm Coast, FL was the fastest growing community in the country. Salt water canal homes were prime properties that were listed and sold quickly for big dollars. A study done by one of the Realtors in our office showed that in 2006 the median sale price for a salt water canal home here was $525,000. By the end of 2009, the median selling price had dropped to $250,000 or 52% below where things stood in 2006-another victim of the housing bubble bust.
The homes are still beautiful, the settings are spectacular and, to the joy of local Realtors and sellers, the price trend is starting to move upward. If you are a buyer with money to spend, now is the time for a trip to Palm Coast, Fl for some truly great salt water canal home bargains.
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