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.”