Palm Coast, Florida, Housing Market Bottoms Out as Inventory Shrinks and Sales Contracts Increase
Palm Coast, FL (PRWEB) April 7, 2008 -- The City of Palm Coast in Flagler County, northeast Florida, was the fastest growing city in the country from 2000 to 2007. Flagler was the second fastest growing county for the same period. The housing bubble was very apparent, as was the following slump. The market peaked in December 2005 when the median selling price for single-family homes reached $259,950. By January 2008, it had dropped to $161,500, a level that has attracted the attention of buyers.
In its March newsletter (http://www.gotoby.com/news/March_2008_Real_Estate_Newsletter.htm), the popular on-line source for real estate news and information, GoToby.com (http://www.GoToby.com), suggested that the market might be hitting bottom based on the declining inventory of unsold homes and increase in the number of pending sales. "In the supply and demand world of residential real estate, decreasing inventory and increasing sales signal a turnaround," says real estate commentator Toby Tobin.
Just as the housing bubble was bigger in Palm Coast than in most other areas, the decline was more sudden and steeper. For the past year, buyers with cash waited on the sidelines, unwilling to commit, concerned that prices would continue to decline. But in January, the buyers came out of the bushes in droves. "It's as if they had a secret meeting and decided that now is the time to jump in," says Tobin.
It's not only the bottom fishers that focus on lender owned foreclosed property that became active. The excitement flowed into all segments with mid-level and luxury properties also getting buyers' attention. At the locally held Ginn Tournament, a PGA Champions Tour event, the Ginn Company recently sold four oceanfront tower condos for prices between $1.4 and $1.6 million. Currently, there are pending sales for 270 single-family homes, more than double December's level. Median selling prices rose to $169,000 in both February and March. Meanwhile, the inventory of unsold homes dropped by 10 percent. Early April numbers indicate further selling price gains.
Tobin explains the flurry of activity. "Median prices in Palm Coast are not only lower than the Florida median, they are lower than the national median, making the area the least expensive warm climate location on the east coast."
About GoToby.com LLC:
GoToby.com (http://www.gotoby.com) is the popular on-line news source for Palm Coast and Flagler County Florida's residential and commercial real estate markets, offering news, commentary, newsletters, articles, property listings, recent sales, and interesting rumors.
Contact:
Don "Toby" Tobin, Publisher
GoToby.com LLC
(386) 931-7124
www.GoToby.com
# # #
This press release has been reprinted from PRWEB per the terms and conditions of the copyright notice.
|
|
 |
 |
Tennis Channel Teams with California Giant Berry Farms to Promote Network's Inaugural Wimbledon Coverage
Tennis Channel and California Giant Berry Farms have developed a national co-branding effort that will coincide with the television network's first-time coverage of Wimbledon, one of the most prestigious - if not the most prestigious - tournaments in the sport. The partnership, titled "The Sweetest Match," includes a national retail campaign, multimedia outreach and a "Win a Trip to Wimbledon" sweepstakes that offers the chance to attend the 2009 event. The promotion opens May 9 and runs through the conclusion of this year's competition, set for June 23-July 6.
Southern California's Legendary Golf Resort Launches New Website with Tools to Help Travelers Plan Their Trip
Rancho Bernardo Inn Golf Resort & Spa (www.RanchoBernardoInn.com) launches new Website to announce their $25 million dollar resort renovation. This beautiful Southern California Golf Resort and Conference Center is located within minutes of Southern California's famous Beaches, Wild Animal Park, Sea World, world-famous San Diego Zoo, Legoland, championship golf and more.
Booster Juice Continues Expansion to Northern California's Greater Sacramento Area
First Nor Cal store opened in Rocklin's Blue Oaks Town Center June 2nd, 2007. It didn't have to wait too long for customers, as they were knocking at the door early Saturday morning.
Media Advisory: World's Elite Software Developers Face-Off in Las Vegas for 2008 TopCoder Open
120 finalists from 30 countries match skills May 12-15, competing for global recognition, top honors and $260,000 in prize money.
California Fiscal State of Emergency & "The Bondage Of Bonds" A Full Disclosure Network® Special Cable TV and Internet Series (Preview 3 min)
The Full Disclosure Network® is releasing a three minute video preview of a special series of News Videos examining the use of non-voter approved and voter approved government Bonds in California over the last decade. The Bond series is entitled "The Bondage of Bonds.....The Taxpayers Burden" featuring government officials and experts directly involved in the issuance, expenditure and oversight of billions in government indebtedness . Available for viewing on the Internet at the URL: http://www.fulldisclosure.net/Blogs/commercial-bondbondage.php Also available on DVD.
The Worlds Elite Golf Courses
We all here different opinions of great challenging golf courses around the world, full of history and storytelling of great games and tournaments between the legends of the professional world. Every year we hear of new championship courses opening but in my opinion they have a lot to live up to if they want to stand alongside the old greats.
Arizona Mortgage Company Leads National Trend in Hybrid Agents Real Estate Sales Professionals Double as Mortgage Loan Officers
Real Estate agents can be trained as mortgage loan officers, providing seamless and professional service to their buyers.
Central Florida Family Law Lawyers Appel & Gaines Offers Creative and Collaborative Divorce Solutions
The lawyers at Appel & Gaines, LLP experience first hand their client's struggles with the emotionally challenging, destructive and costly process of divorce in Florida. Therefore, their attorneys frequently suggest to clients that they initiate a "collaborative" approach to resolving their family law issues.
Arizona's Standard X-Ray Continues to Set "A Higher Standard" for Medical Imaging Industry
Arizona based x-ray sales and service company, Standard X-Ray, launches a new website. The website showcases various types of x-ray equipment (film and digital x-ray) and related supplies as well as offers education about new medical imaging technologies.
National Mortgage Crisis' Latest Victims: College Students -- South Florida Team Showing Smart Parents How To Obtain Loan-Free Financial Aid for Thei
College Planning Experts, Andrew Lockwood, J.D. and Peter Ratzan, M.B.A., are helping financially-strapped college bound students pursue and afford a four year college degree without depleting their parents' savings or retirement accounts, and without resorting to high fee, high cost student loans. To educate parents about the financial aid process, Lockwood and Ratzan offer free workshops, titled "How to Pay For College Without Going Broke," at several locations in Broward County, Florida.
|
 |
|
