Real Estate News, Florida

Palm Coast Poised to Lead Florida Real Estate Market Recovery

Palm Coast Homes Market Report
Published on March 28, 2012

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Last week, we made our way up to Palm Coast Florida, during the 2012 Parade of Homes, to re-visit four communities featured on our website. We continue to believe Palm Coast will lead the Florida real estate market recovery because of its small town charm and quick access to the busier cities of St. Augustine and Daytona Beach. Below is a summary of what we observed plus an introduction to three neighborhoods we've added to our list of the best master planned communities.

If you're searching for new homes Palm Coast FL, ask us to connect with you our trusted colleagues to be your Buyer's Agent. “Buyers” agents work for you, to find the best possible home and negotiate the best pricing at no cost to you. They are compensated by the sellers. 

Here’s Florida real estate news in Palm Coast:

HAMMOCK BEACH RESORT

The most popular vacation resort in Palm Coast Florida is back in the press. Bobby Ginn of Ginn Development Company built this oceanfront Florida golf community in early 2000 before filing for bankruptcy in 2008 when the real estate market collapsed. Reynolds Signature Communities subsequently acquired the remaining developer lots which for the most part, have been re-sold. In 2011, Salamander Hotel & Resorts partnered with the project to manage this oceanfront resort. On March 12, 2012, the law firm Gilman Law LP filed class action lawsuit against Bobby Ginn, Ginn Development and Hammock Beach Resort’s owner Lubert-Alder LLP claiming mortgage and real estate fraud.

We wonder how this lawsuit will affect the financial wear with all of Lubert-Alder LP founded in 1997 by Ira Lubert and Dean Alder based in Philadelphia. According to their website, Lubert-Alder LP has invested $6.5 billion of equity into $16 billion in assets. We anticipate this will be a long arduous lawsuit as the Plaintiff attempts to prove these serious allegations. Buyers considering purchasing at Hammock Beach Resort should seek legal counsel and carefully review the resort’s financial reserves and annual funding of Lubert-Alder LP owned resort amenities.

HAMMOCK DUNES CLUB

We're happy to hear positive Florida real estate news about the club opening up 30 non-equity golf memberships along with adding new Legacy and Corporate Memberships to the club. This brings new excitement to an established golf club. The 30 Family & Friends Membership’s have a $20k non-refundable initiation fee and annual dues range from $ 6,625 - $ 9,805 per year, depending on the type of club membership. The new Legacy membership is available for the children of current or former Hammock Dunes Members. Legacy Members are not required to be property owners of Hammock Dunes Club. Depending on the child’s age, dues are deeply discounted until the child reaches age 55, the discounts between 40-50%. New corporate memberships are also available to non-residents of Hammock Dunes Club with a $35k initiation fee and annual golf dues of $ 9,805.

According to Palm Coast public records, there were 20 sales in 2011; 7 lots and 13 single family homes. The Florida golf communitiy on the ocean is one of the prettiest we’ve seen where we see buyers scoffing up beautiful properties. If you would like to be added to our watch list, send us know the specifics on what you’re looking for as many new homes Palm Coast FL are sold quickly before they reach the MLS.

GRAND HAVEN

We had the opportunity to observe the Grand Haven Croquet Club in action during our visit last week. The two championship lawns at the Grand Haven Creekside Athletic Club is where the croquet social club practices and prepares to compete nationally. During our tour, we saw the new pergolas being built at The Village Center resort-style swimming pool patio. The tennis courts were recently resurfaced and at the Grand Haven Golf Club, new golf carts and landscaping are additional community improvements. No progress has been made since my visit last year regarding the unfinished condominiums built by Whitehall Homes overlooking the 10th fairway adjacent to the golf clubhouse. This Florida golf community is working hard to figure how to solve this issue.

Grand Haven Golf Club was selected as our 2012 Bliss Award Winner for Best Florida Community of the Year. We chose Grand Haven because of the comprehensive well maintained community amenities, affordable home options and its east side location in close proximity to Flagler Beach. According to public records in 2011, there were 73 single family homes sold. 

PALM COAST PLANTATION

We were pretty hard on Palm Coast Plantation last year when we toured the waterfront community as we felt things were a bit disorganized and didn’t see much construction taking place on the vacant lots. We knew the community had potential being directly on the Intracoastal Waterway and chose to include the community on our list of the best master planned communities. Since then, Allen LeBeau joined the team and has helped by bringing property owner’s closer together and improve communication. Amenities are now member owned and there are 12 homes currently under construction. The POA has invested money in their community by making capital improvements to the lakeside clubhouse, swimming pool and tennis courts without financing or reducing the community reserve funds. These improvements are expected to be completed by the summer.

According to Palm Coast public records in 2011, there were 12 closed sales; 5 single family homes and 7 lots. Buyers searching for non-golf communities and new homes Palm Coast FL close to the beach should make the time to see Palm Coast Plantation. 

HIDDEN LAKES 

If you talk with locals, about the only thing missing from Palm Coast Florida is a mega shopping mall. Don’t get us wrong, you can find Target and brand name free standing box stores in Palm Coast, but the new urban Town Center at Palm Coast is the talk of the town. Located just west of Interstate 95, this urban town center is planned to have over 3,000,000 square feet of commercial space. Many buyers consider nearby shopping an important attribute of where they choose to buy. This is why we included the lake community Hidden Lakes on our list of the best master planned communities. Via a quiet back road, this neighborhood east of Interstate 95 is less than a mile from a new urban town center.

The conservation areas surrounding Hidden Lakes provide a sense of privacy and a well designed neighborhood. Two lakes with spraying fountains are the centerpiece of Hidden Lakes. Well known builders such as DR Horton Homes are builders at Hidden Lakes where you can find brand new homes under $200k. Lots are priced under $50k. According to Palm Coast public records in 2011, there were 14 closed sales; 11 lots and 3 single family homes.

TIDELANDS ON THE INTRACOASTAL

Cash is king at this undervalued Florida waterfront community. We had to check the numbers twice when we saw the prices condominium’s sold. Because Tidelands on the Intracoastal Waterway had a high number of condominium foreclosures over the years due to the real estate market collapse, traditional bank financing is nearly impossible on the condominiums, for now. This hasn’t stopped bargain hunters from buying these undervalued units, those who are able to pay cash. According to public records in 2011, there were 10 closed sales; 2 single family homes, 4 condominiums and 4 lots.

This Palm Coast neighborhood borders the west side of the Intracoastal Waterway. It is divided into two distinct sections, single family homes on one side and mid-rise condominium buildings on the other. A number of the single family homes back up to private canals or the Intracoastal Waterway or surround a centrally located lake. Tidelands on the Intracoastal has two clubhouses, two resort-style swimming pools, tennis courts and a mile long walking trail along the Intracoastal Waterway. If you are considering purchasing a maintenance free condominium in Palm Coast Florida, let me connect you with our trusted colleague who can share with you the history behind the Tidelands on the Intracoastal and where to find the bargains today. Just ask us to introduce you. 

Write info@communityfinder.com or call us toll free at 866.384.1799.