- May 3, 2024
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During the nation’s economic recession, like many other areas, Palm Coast was hit hard. The lot prices of upscale communities, such as the Conservatory and Yacht Harbor Village plummeted, tumbling from an average of $400,000 to anywhere from $20,000 to $100,000. But, in the last year, according to Nick Puma, co-founder of Gold Coast Custom Homes, those values have significantly increased, and continue to do so.
“I believe the economy has corrected itself,” Puma said. “With the lack of inventory, harsh winters up north, built-up demand over the past years and an exceptional current value, many buyers are discovering the value of Flagler County. This area has so much to offer, including beautiful weather, beaches, golf courses and the luxurious communities we build in throughout the area.”
At the economy’s lowest, no homes were built in The Conservatory, but, in the last few years, that number has risen to 10-15 per year.
“We project, next year, there will be 20-30 housing starts there,” Puma added. “Buyers are taking advantage of the opportunity to live in this exclusive golf-course community. It’s easy to realize The Conservatory is one of the best-valued golf-course communities in the area.”
Going through the best and worst times, Puma and co-founder Anthony Guccione are grateful that the market has picked back up as they are extremely busy building homes in communities throughout Flagler.
“During the recession, it was like someone had turned the switch off,” Puma said. “Like most successful businesses, we had to refine processes, but things have gotten a lot better. The last couple of years, sales have been doubling year after year. We have arrived at a point where we have to control our growth. Enduring those hard years has made the good years worthwhile.”
