I used to keep a log, year to year, of average sales in Flamingo Park, West Palm Beach, Palm Beach County. For some reason I stopped in 2004. Perhaps it was my own way of saying to myself that property prices/values had gotten way too out of hand. What did it matter? Values were way above the clouds; you couldn't even see land down there.
I got back to the calculator the other day. While a lot of property values hit their peak in Palm Beach County in 2005, it was 2006 that Flamingo Park hit its top. And, of course, average sales prices for 2008 were 56% off those in 2006. Very bad news for those who bought at or near the peak.
But, more interesting and encouraging is this: Property values in Flamingo Park are up from 1998 to 2008 116%. For those of us who have lived there quite a while, but still have been afraid to hear the current statistics ---- this means that we've received a 11.6% per year, on average, appreciation. Where else do you get that but in a solid, dirt (not condo), stable (and historic) neighborhood?!
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