Sales of existing houses by Realtors in the Volusia-Flagler area slowed in July, down 6.5% from July 2020.
Residential construction, however, did not.
Builders in the two-county area obtained permits for 513 residential units (492 single-family, 18 townhouses, three apartments) in July compared to 328 units (275 single-family, 12 townhouses, 41 apartments) in July 2020, according to the U.S. Census Bureau.
Realtors reported 1,263 sales in the Volusia-Flagler area in July. The median price, with half selling for more and half for less, was at $296,250, up 18.5% from last year. Condo/townhouse sales by Realtors were at 368, down 4.4%. The median price was $274,950, up 17%.
A multitude of reasons could have caused the slow down, from the high prices to lack of inventory, or that it was just too darn hot to try to buy a house.
Builders were probably building off their continued success. Looking at the two busiest builders, Minto Communities obtained permits for 82 residences in Latitude Margaritaville in July while DR Horton obtained 80 permits for new houses across the county. Minto closed on 72 sales in July while DR Horton closed on 88 sales during the month. So, it’s obvious builders have the buyers, it’s just a matter of how many they can get built each month.
So, while the Realtors slowed down a little bit in July, the hot housing market probably continued in August.
A quick update on Millie’s Landing (formerly DJ’s Deck) in Port Orange Down Under. Co-owner Amy Chibarro said they are about two weeks away from installing a food truck to start selling food there while the restaurant is rebuilt. The old building and bait shop next door are demolished, so construction on the building as well as expanding the parking lot should start soon. Coincidental tidbit: Chatting with Amy at Millie’s, my wife, Diane, and I found out she and her husband got married at the same place as we did, the Wilbur Boathouse, a picture of which is hanging on the wall at the booth where we were sitting while having an anniversary dinner.
The commercial real estate market continues to do well. Here are some of the biggest transactions. Lennar Homes bought a chunk of the Edgewater Preserve development, which is approved for 774 residences along Volco Road and U.S. 1 in Edgewater, for $5.7 million. An Englewood, N.J., firm bought the Lakeside Village Mobile Home Park at 2700 S. Woodland Boulevard in DeLand for $1.878 million. Halifax Health sold its medical building at 2090 Saxon Blvd. in Deltona to Noon Development, which helped develop its Deltona hospital, for $1.35 million.
Assisted living facility developers bought land at 1211 W. Granada Blvd. in Ormond Beach for $1.345 million for the 150-unit Revella ALF. K. Hovnanian Homes bought a batch of lots in the new Rivington subdivision in DeBary for about $1.05 million. Silvestri Investments sold a 3.42-acre site on Callalisa Creek in New Smyrna Beach to Avex Homes of Orlando for $700,000.
Some new developments to watch include Paytas Homes proposing to build about 45 townhouses on 5.5 acres and develop a 2.5-acre commercial outparcel at the intersection of Madeline Avenue and Nova Road in Port Orange at what is now horse-riding stables. Plans submitted to the city for Caliber Car Wash to replace Sam’s Club gas station on Beville Road in Daytona Beach. CAN Community Health planning a 10,000-square-foot medical clinic at 1125 N. Nova Road in Daytona Beach.
Plans submitted to the St. Johns River Water Management District for Primeco with two, three-story apartment buildings at Cardinal Drive and Lake Helen-Osteen Road in Deltona. Plans submitted to the water district for an O'Reilly's Auto Parts store at 42 S. Charles Richard Beall Blvd. in DeBary. Vitas Healthcare is going in at 2327 State Road 44 in New Smyrna Beach. Love Whole Foods in Ormond Beach has submitted plans to the water district for an expansion. Plans were submitted to the water district for a 28.06-acre, 111 townhouse development at 2099 Airpark Road in Edgewater. Besong Business Park is planned on about nine acres at 2375 N. Volusia Ave. in Orange City.
On a final note, a couple of other items include signs going up soon for the Last Mango Theatre at Latitude Margaritaville in Daytona Beach. KW Hemp shop is going in at 504 Main St. in Daytona Beach.
Managing Editor Cecil G. Brumley has been tracking business and the economy in Volusia County for more than 24 years. Contact him at email@example.com (no hyphens) or follow him on Twitter @cecilbrumley.