A turning point?

Saltwater canal home breaks $1 million sale barrier, a first since the crash.

  • By
  • | 3:06 p.m. June 13, 2016
The sale of 4 Devin Court has helped Palm Coast real estate for the better.
The sale of 4 Devin Court has helped Palm Coast real estate for the better.
  • Palm Coast Observer
  • Real Estate
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Real estate all over the United States took a turn for the worst in 2007, and Palm Coast was no different. Here, 40% of the real estate value was lost from 2009 to 2012.

“Something that was $1 million dropped from $1 million to $600,000, almost overnight,” Bill Nix, of 100 Plus Realty Group, said. “Since 2012, we’ve regained about half of that.”

Palm Coast’s real estate inventory is low right now: There are more buyers than sellers. And it seems that many are looking for the same thing. “Our bread and butter in Palm Coast is a $200,000 to $250,000 pool home with three bedrooms and two bathrooms,” Nix said.

Nix recently sold 4 Devin Court, which sits on the salt water canal in The Sanctuary. This transaction is believed to be the first home to sell for over $1 million on the salt water canals since the market crashed. Nix hasn’t been able to find a sale to prove otherwise. He believes this is a turning point in our current real estate market, especially in Palm Coast.

“Now we have a comp that’s on the canal that is going to help a lot of people raise the value of their home,” Nix, said. “The market is coming back, but it’s not coming back in a rush. It’s coming back in a steady basis.”



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