All Realty Services Inc. of Orlando
Licensed Real Estate Broker

Flagler

Property Address County Asking Price Sign Code 
Karas Trail, Palm Coast, Florida 32164 Flagler Make an offer
Fieldstone Ln, Palm Coast, Florida 32137 Flagler Make an offer
Poindexter Ln, Palm Coast, Florida 32164 Flagler Make an offer
Sea Spiral Path, Palm Coast, Florida 32164 Flagler Make an offer
Sea Spiral Path, Palm Coast, Florida 32164 Flagler Make an offer
Olive Ave, Bunnell, Florida 32110 Flagler Make an offer
Papaya St, Bunnell, Florida 32110 Flagler 9,500
 Birchview Pl, Palm Coast, Florida 32137 Flagler Make an offer
Chanway Rd, Lake Helen, Florida 32744 Flagler 17,000 696
Point Pleasant Dr, Palm Coast, Florida 32164 Flagler 32,000 680
Beckner Ln, Palm Coast, Florida 32137 Flagler 22,000
Seneca Path, Palm Coast, Florida 32164 Flagler 24,500
Apple St, Arcadia, Florida 34266 Flagler 14,000 1702
Zonal Geranium Trail, Palm Coast, Florida 32164 Flagler Make an offer
Rainbow Ln, Palm Coast, Florida 32164 Flagler 72,900 681
SOLD 
Baylor Ave Flagler SOLD
Meadowland Drive Flagler SOLD

COVERSTORY from New Homes Guide

New home market returns


AFTER YEARS OF LITTLE ACTIVITY, MORE BUYERS ARE LOOKING AT BUILDING THEIR DREAM HOMES
By Linda Weaver
The new home market appears to be making a vibrant rebound after a few years of minimal activity. The inventory of resell property is currently low, with a 4.4 months inventory, explained Nancy-Ellen Otte with Century 21 Sundance Realty and president of the Daytona Beach Area Association of Realtors. When the inventory is under six months, it's a seller's market.
“If buyers can't find what they want in the resell market, they are turning to new. New construction is a great option for them,” she said.
Permitting for 2015 is up 16 percent in Flagler County, said Jason DeLorenzo with Flagler Home Builders Association.
“Overall the market is pretty good, we're going in the right direction,” he said.

Anthony Viscomi from Viscomi Construction agrees with the upward direction.
“2015 was by far the strongest year for Viscomi Construction since 2007,” he said. “I feel very bullish about next year's market as well. If the interest rates stay down, 2016 will be better than 2015.”
Besides the low inventory of established homes, several individuals prefer the idea of creating their own dream home.
George Whelan of Atlantic Ocean Realty in Flagler Beach believes that a buyer can get just what they want when building a home, and with less expenditure.
“I'm going to give him more than he asks for with less than his budget. You can only do that with a new home,” he said.
“You can't buy an ocean view house in Flagler Beach for what we can build it for.”
Furthermore, he explains, a new home built on beachside would have the high impact glass, hurricane roof trusses, hurricane clips, energy efficiency and block construction, which would keep insurance and energy costs to a minimum.
“When you're building new, you can do all that. If you try to add it to an existing house, you'd have to take it apart to get it done,” he said.
Besides just efficiency, buyers know what they want in their homes. An open floor plan, a split bedroom plan and high ceilings seem to be consistent favorites. Additionally, technologically advanced homes are becoming desirable.
“The younger generation is into smart wiring. They love to be able to turn the TV and AC off by cell phones. I'm seeing a lot of technology going into homes now,” said Viscomi. “And they are also wanting theater rooms.”
Quartz countertops are becoming more popular than granite, said Donna Concannon of NSB Homes.
“More of the whites versus the browns and golds with color adding to the top of it with accents,” she said.
Concannon believes that of equal importance to the actual house, is the lifestyle that is being offered.
“The house is secondary to the neighborhood,” she said.
The Cottages at Flagler include 12 new homes to be built by Walters Construction on North Causeway in New Smyrna Beach. One year from the release of the renderings, all 12 sold. No model was built.
“There is a very high demand for quality built new homes,” said Concannon. “The new homes are walking distance to Flagler and Canal. That is what I attribute to why they sold so quickly.”
The hub of New Smyrna Beach is booming, she said. There are no neon lights and no franchises.
“It's fun to stroll and see your neighbors,” Concannon said.
Also, the homes with style and charm, as with The Cottages of Flagler, are what people are looking for, explained Concannon.
Custom wood cabinets, tin roof, high ceilings, stainless steel upgraded appliances, granite or quartz countertops and quaint craftsmanship hold great appeal.
“No cookie cutter homes. They want the old world charm in the new,” she said.
Whelan believes that Flagler beachside is one of the coveted areas.
“Customers come here and say 'Wow.' There are no high rises, no chain restaurants, no chain hotels. That's unique. Where do you find such a place?” Whelan said.
Although the beachside lots are limited, there are still a few available.
“Soon the ocean front lots will be gone. In Palm Coast, go west and there is a staggering amount of land. Along the coast, it is not so.
There is a finite amount of LAND left,” he said.
Newberry Homes will start construction on one of the last subdivisions available for new construction in Ponce Inlet with five single-family homes.
Robert Greene of Greene Realty of Florida, LLC has been selling real estate in West Volusia for 35 years. He has seen the development of several new home communities in the past few years.
“New home communities are more of a lifestyle than just a parcel of land to build a home on,” he said. “Generally we're running through the inventory of vacant lots.”
Newcomers and locals alike are purchasing new homes.
“I see two things,” said Viscomi. “We are seeing northerners returning to Florida from New York, Connecticut, Massachusetts and the mid-Atlantic states and also the younger generation, people in their 40s, in the field of medicine are buying homes, and buying larger homes. Traditionally retirees have dominated the market, now you're seeing younger families as well.” Greene finds that generally newcomers to the area are purchasing the new homes." "They look at the resells and decide on new,” he said.
Whelan has seen an influx from the crowded areas in South Florida, as well as New Jersey and Chicago. He said that he receives calls about resells and shows the inventory. He then discusses the advantages of building.
“I had a couple from New York and I was able to prove to them that for the same money or less, you can have what you want. And soon, the oceanfront lots will be gone,” he said.
The only agreed upon drawback to building is the time required. Once all permits are secured, it takes approximately six to eight months to build a home.
“And the time frame doesn't start until the permits are issued,” said Whelan.
Whether it is a new or established property, another agreed upon opinion is that Florida is the place to be.
“There were five places in the country with the biggest growth and four of the five are in Florida,” said Whelan. “No place is positioned better than Florida. We just have so much to offer.”
2015 was by far the strongest year for Viscomi Construction since 2007. I feel very bullish about next year's market as well. If the interest rates stay down, 2016 will be better than 2015.

Anthony Viscomi

 

FLAGLER COUNTY COMMISSION

Flagler County continues moratorium on transportation impact fees

County to resume collecting parks and recreation surcharge

 
Published: Monday, October 5, 2015 at 5:41 p.m.
Last Modified: Monday, October 5, 2015 at 5:41 p.m.

BUNNELL — For the third time in three years, Flagler County commissioners voted not to collect a transportation fee applied to new developments. But this time, they lifted the suspension of a parks and recreation surcharge.

The vote came during today's County Commission meeting inside the Government Services building. Commissioners approved an indefinite moratorium on what is called the transportation facilities impact fee, a one-time levy assessed on new homes and businesses built in the county and used to pay for road improvements needed to accommodate that growth.

County officials in October 2012 originally installed a two-year freeze on collecting the impact fees, which were historically used to fund major transportation as well as parks and recreation facilities. Today's vote reinstates the parks and rec fees for new structures. They will go into effect Saturday, a day after a one-year extension on the moratoriums expires. County leaders approved the extension a year ago.

The continued suspension of the transportation fee pends a study as county officials recalculate the formula for setting the rates. County Administrator Craig Coffey said the study will also seek to determine if the county even needs to assess the transportation fee any longer.

The county began collecting the transportation impact fee in 1990 and used it to fund public resources needed to meet future transportation needs arising from new development, such as road widening and resurfacing. Officials said the concept behind the fee was “new development should pay the costs associated with growth,” while existing residents covered costs to upgrade old roadways.

For residents, the transportation fee is generally a $1,400 to $1,600 charge the county imposes on home builders when they apply for permits to build a house. The one-time cost is then passed on to those who purchase the houses. Officials said there is also a school impact fee of about $3,600 and the parks and rec fee, which is nearly $250.

County Commissioners stopped collecting the transportation and recreational fees in 2012 as a way to entice builders to the county. The new ordinance states the effects of the national recession have eased and building permits are on the rise, calling for the reinstatement of the parks and recs fee.

Officials first discussed the measure during a Sept. 15 workshop at the Emergency Operations Center in Bunnell. Coffey noted several variables used to determine the transportation impact fee have changed since it went into effect 25 years ago. Most notably, the fact that the City of Palm Coast stepped away from the countywide fee, conducted a study of its own, and began collecting a city transportation impact fee in 2004.

Also, many of the roads and thruways once maintained by the county have been absorbed by the city. Even more roads are on track to move from county to city jurisdiction in the near future.

The ordinance applies to unincorporated areas of Flagler County as well as Bunnell and Flagler Beach, both of which have interlocal agreements with the county. Officials said the county has forgone $810,000 in transportation impact fees and about $145,000 parks and rec impact fees over the past two years.

'REPAIRED' HOUSING MARKET

Volusia, Flagler home prices jump

Median sales prices rise to highest level since 2007-08, Realtors report

Published: Thursday, October 22, 2015 at 12:42 p.m.
Last Modified: Thursday, October 22, 2015 at 9:12 p.m.

Number of existing single-family homes sold and the median sales price:
VOLUSIA COUNTY
SEPTEMBER 2015: 863; $154,500
SEPTEMBER 2014: 781; $129,950
FLAGLER COUNTY
SEPTEMBER 2015: 201; $189,000
SEPTEMBER 2014: 200; $145,500
SOURCES: Florida Realtors, Flagler County Association of Realtors

DAYTONA BEACH — Home prices rose in September to the highest level since 2007 in Flagler County and the highest since 2008 in Volusia as the supply of available homes continues to dwindle.

Realtors in Volusia County sold 863 existing single-family homes last month, up 10.5 percent from the number sold in September 2014, while the median sales price for those transactions — meaning equal numbers sold for more and for less — jumped 18.9 percent to $154,500, according to data released Thursday by the Florida Realtors association.


Home sales in Flagler County held steady, with 201 existing homes sold last month, compared with 200 in September 2014, but the median sales price soared 27.1 percent to $189,000, the Flagler County Association of Realtors reported.


Area Realtors attribute the rise in home prices to a combination of the improving economy, an influx of newcomers relocating here from other parts of the country and mortgage rates that continue to hover near historic lows.


"The market has repaired itself," said Nancy Cortez, a real estate agent with Adams, Cameron & Co. Realtors in Ormond Beach.
Cortez, who has been a Realtor for 11 years, said while the number of homes she has sold so far this year is about the same as last year, her income has increased 32 percent, thanks to the increase in home sale prices. She said she has already matched the income she made all of last year with three months still to go.


"I expect to have my best year (income-wise) since 2007," she said, adding that one of the homes she sold in September was a riverfront home in Ormond Beach that fetched $1.13 million, just shy of its original list price of $1.3 million. The home, sold to "a local professional who was up-sizing," was snapped up just six weeks after being listed, she said.


Homes in both Volusia and Flagler counties sold at a brisker pace last month, according to Realtor association reports.
The median days on market for homes sold in Volusia last month was 45 days, down from 61 for homes sold in September of last year. In Flagler, the median days on market last month shrank to 49 days, down from 60 a year ago.


The average percent of original list price received for homes sold in Volusia last month improved to 93.3 percent, up 1.1 percent from a year ago, and improved 1.0 percent to 94.2 percent in Flagler.


The supply of available homes on the market in Volusia now stands at 4.0 months, down from 5.3 months in September of last year. The months supply is the estimated time it would take for the entire inventory to be depleted if no new listings were added at the present pace of sales. In Flagler, the supply of available homes now stands at 4.8 months, down from 6.0 months a year ago.


September's median sale price for Flagler County is the highest since July 2007, when the median was $190,000, said Matthew Wilson, president of the Flagler County Association of Realtors. Average sale prices for homes sold still remain well below what they were a decade ago during the last real estate boom, he said.


"Our average sales prices were 45 percent higher than they are now," Wilson said, adding that in Flagler County home prices peaked sometime in late 2006, when the median sales price for the year stood at $207,000.


In terms of number of homes sold, Wilson, a Realtor with Coquina Real Estate & Construction in Flagler Beach, said 2015 is shaping up to be "the best year since 2005" in Flagler County.


Homes in Volusia County are selling for the highest amounts since 2008, when the median sales price stood at $186,250 in January of that year but quickly fell to $131,975 by that December, according to Ryan Tucholski, association executive for the West Volusia Association of Realtors. Tucholski said the Florida Realtors association didn't start reporting county-wide median sale prices for Volusia until 2008.


Mark Dougherty, association executive for the Daytona Beach Area Association of Realtors — which reported that the median sale price for homes sold in the Daytona Beach area in September rose to $180,000, up 15.2 percent from a year ago — said home prices locally likely peaked sometime in the first half of 2006, but said he didn't know what that peak median sales price would have been.


The median sales price at the end of 2006 for the Daytona Beach area was $219,900, up from $205,500 at the end of 2005, he said.


"We have not fully recovered (price-wise) from the peak because at the peak values were over-priced," Dougherty said, adding that the local home sales market right now is "very healthy."


"I think the big takeaway (from the September home sales report) is the months supply: 4.0 months, that's ridiculous," he said. "That means we have way more buyers than we have homes for sale."


Dougherty said a 6.0 months supply would be a "balanced market."


Realtors associations do not include new homes in their monthly sales reports.



The state of Florida has repealed its 30-year old growth management law (also called "smart growth," "compact development" and "livability"). Under the law, local jurisdictions were required to adopt 

which was already high), Oregon, Washington, Phoenix, Las Vegas, parts of the Northeast and Florida. In these markets, the demand from more liberal lending standards was much greater than
the land available for development under growth management plans and government land auctions.
 By contrast, house prices generally stayed within historic norms in metropolitan areas where land supplies were not constrained by growth management programs, such as Dallas-Fort Worth, Houston, Atlanta, Austin, Indianapolis, Kansas City and elsewhere.

Housing Price Escalation in Florida: In 2000, the four Florida metropolitan areas with more than 1,000,000 population had Median Multiples (median house price divided by median household income) near or below the historic norm of 3.0. By late in the next decade, all four metropolitan areas reached unprecedented levels of unaffordability. In Miami, the Median Multiple reached 7.2. In Orlando, the Median Multiple peaked at 5.2, 70 percent above the historic norm. In Tampa-St. Petersburg, the Median Multiple peaked at 4.8, 60 percent above the historic norm. The peak in Jacksonville was a more modest 3.6, though this was still an 80 percent increase.

By 2010, the Median Multiple has declined to hear the historic norm in Orlando and Tampa-St. Petersburg and slightly below in Jacksonville. The Median Multiple remained well above the historic norm in Miami, at 4.7.

When Supply Lags Behind Demand: Florida's housing cost escalation may have been surprising, since Florida has a reputation for liberal land-use regulation. However, the growth management act had long since turned the state toward a shortage of land supply relative to demand as described by Wachovia Bank in a 2005 analysis.

"While all the stars seem to be perfectly aligned on the demand side, the supply of housing in Florida has been much more problematic. Even though residential construction has soared to new highs recently, the supply of housing has lagged woefully behind demand in recent years. This has been particularly true for single-family homes, where population growth, a rising homeownership rate, and strong demand for second homes and vacation properties created a demand for 560,000 new single-family homes between mid 2000 and mid 2004. During this period builders only delivered 540,000 units. When you add in the growing demand for townhouses and condominiums, buyers were looking to purchase 675,000 new homes during this period, while builders were supplied just 570,000 units. No wonder prices have been surging!

The chief impediment to new construction has been a shortage of developable land. The shortage primarily results from a growing resistance to new development. The state is not running out of space. Nearly every community in Florida and the state itself are looking at some type of limitations on new residential development. While well intentioned, these initiatives are making it more time consuming and expensive to build homes in Florida. Others are taking land off the market, designating areas for green space, or preserving space for industrial development. The net result has been dramatically higher land prices across much of the state."

The point of the Wachovia analysis is that unless there is a sufficient supply of land, the price of housing is likely to rise. Having a lot of land is not enough. There must be enough land to accommodate demand at affordable land and housing prices (Note).

The Florida action is the most successful reversal of house price increasing growth management regulations to date.

Other Advances: There have, however, then more modest advances.

After taking office in 2003, Minnesota Governor Tim Pawlenty replaced the board of directors of the Metropolitan Council in Minneapolis-Saint Paul. The previous board had been spent on the following Portland style growth management policies, including the enforcement of a variant of the urban growth boundary. The new board exhibited more liberal attitudes toward residential development, and the housing bubble did not produce the extent of housing affordability in the Twin Cities that occurred in growth management areas such as Portland, California and Florida.

The Conservative- Liberal coalition government of the United Kingdom has proposed modest relaxation of some of the world's most restrictive land use regulations, which could lead to an improvement of housing affordability in the nation. Kate Barker, who was then a member of the Monetary Policy Committee of the Bank of England was commissioned to examine land-use regulation and housing affordability in England and found a strong association between the loss of housing affordability and restrictive land use policies. This association between Britain's strong land use regulation and higher house prices was noted in the early 1970s research led by Sir Peter Hall of the University College, London.

For the Future: The relaxation of overly restrictive growth management policies could not have come at a better time. With the squeeze on the middle-class getting tighter, fewer households can afford higher   housing costs associated with growth management areas. Moreover, responsive to the political consensus for job creation, more home construction will bring return more good-paying construction jobs in Florida.

Wendell Cox is a Visiting Professor, Conservatoire National des Arts et Metiers, Paris and the author of “War on the Dream: How Anti-Sprawl Policy Threatens the Quality of Life

-----

Note: There has been a similar misunderstanding of the housing markets in Las Vegas and Phoenix, where developable land appears to stretch virtually to the horizon. However, what is usually missed is that both metropolitan areas are hemmed in by government land, some of which is periodically auctioned. During the housing bubble, the price per acre of residential land at auction in both metropolitan areas rose as much as the price for land rose over a similar period in Beijing, with its huge land price increases.