Whatever lull the housing market in Volusia County was experiencing went away quickly in October.
Realtors in the Volusia/Flagler area did better in October with sales of existing houses up 2.8% and the median price, where half sold for more and half less, up 4.7% from October 2018. Condo sales were up 2.8% from last year as well and the median price was up 7.2%.
Apparently builders got a good weather forecast for the fall and winter in the Volusia/Flagler area. The U.S. Census Bureau reported homebuilders obtained permits for 614 new residential units (322 single-family) in October compared to 254 (244 single-family) in October 2018. That's with about 65% of the area reporting.
Retiring baby boomers are still driving a lot of the housing growth as evidenced by the continued success of Latitude Margaritaville. The 55-plus community, with most houses selling for more than $250,000, has averaged selling about 40 houses a month this year.
The boom of older baby boomers bedding down in the area has a big impact on the area, of course, as they tend to need more healthcare services, but are still adamant about staying active and hit the attractions, cinemas, gyms, restaurants and stores. So, that creates the opportunity for even more people to buy new or existing houses.
So far it looks like the upward swing in the housing market will continue in November. On just one day last month, builders filed notices of commencement for 75 houses.
An update on the ever-evolving Consolidated-Tomoka Land Co., which has invested about $38.8 million in the initial public offering of Alpine Income Property Trust Inc. and gave it five properties, giving it a 22.3% interest in the newly created company. C-TLC also sold the new company 15 properties for $125.9 million, which the company intends to redeploy in income property investments through the 1031 like-kind exchange structure.
Daytona Beach-based Consolidated-Tomoka, of course, will manage Alpine and has a contract locked in to do that for at least five years. Alpine’s shares trade on the NYSE American exchange under the symbol PINE.
A few other items of note include Meritage Homes has bought another batch of lots at Coastal Woods in New Smyrna Beach for $1,956,100. The Hub Cycling is moving next to Jimmy John's at 3661 Clyde Morris Blvd. in Port Orange from 3751 Clyde Morris Blvd. Captain's Quarters, a 91-unit residential subdivision, has been proposed in the 800 block of North Clyde Morris Blvd. in Daytona Beach.
Managing Editor Cecil G. Brumley has been tracking business and the economy in Volusia County for more than 22 years. Contact him at email@example.com (no hyphens) or follow him on Twitter @cecilbrumley.