Sales are increasing somewhat by volume but more than half the transactions are for cash, prices keep falling, foreclosures are increasing, and the overall economy shows little sign of improvement.
Real Estate & Development
City Marketplace in Receivership; Public Sale of the Palm Coast Development Set for August
City Market Place, where Palm Coast has its municipal offices, has been mired in foreclosure proceedings since 2009. The changes aren’t expected to affect tenants except, perhaps, for the better.
20% Down Mortgage Requirement Would End Middle Class Home-Ownership As We Know It
If a proposed Qualified Residential Mortgage Rule (QRM) of 20% down and spending less than 28% of monthly gross income on the mortgage takes effect, Marc Morial of the National Urban League argues, middle class home ownership will be a thing of the past.
Sprawl-Fighting State Oversight Agency Is Dissolved, To the Delight of Local Developers
The Florida Department of Community Affairs, created in 1969 to manager growth, is being diluted into other agencies, leaving local governments much freer to develop as they choose.
Coquina Defund: Palm Coast’s Desalination Hopes Dry Up As Last Partners Drop Out
The Coquina Coast Seawater Desalination project unveiled 14 general sites where the plant might be located in Palm Coast, but it may be a moot discussion as the city’s financial partners are quitting, and Palm Coast can’t afford it on its own.
When Will That Walmart Open on Old Kings Road? “Nobody Knows”
Expanding Old Kings Road was to guarantee Walmart’s opening by 2011, with 400 to 500 jobs. Instead, the city is left holding a bag-full of empty promises–and a $6.3 million loan from its utility fund.
Scott Signs Development Bill That Virtually Eliminates State Oversight of Local Planning
Local governments will get to decide how and where to grwo with little or no interference from the state growth-management regulators, whose role is now severely limited.
As Palm Coast Talks Development, Housing Prices Hit New Low, Falling 4.2% in 1Q
Housing prices fell to levels not seen since 2002 as double-dipping prices hit new recession lows. Meanwhile, the Palm Coast City Council discussed approval of a plan that would add 12,000 housing units to the local hosing stock.
In a Shift, and Despite Glut, State Approves 5,000-Home Palm Coast Development
Old Brick Township to Palm Coast’s northwest is just one of several planned developments and existing lots that would add 40,000 new homes and 9 million square feet of commercial and industrial zones, more than doubling Flagler’s and Palm Coast’s populations.
Hurricane Tallahassee: Environmentalists Survey Wreckage of 2011 Legislative Session
Developers gained more power in environmental disputes, state regulation of development was scaled back, the Department of Community Affairs is all but history as the Florida Legislature diminished the state’s growth management role in favor of development.