FL Real Estate in Flagler County Selling Home Foreclosures
FL real estate in Flagler County is a poster child for the Florida boom and bust. The county was once the fastest growing county in the US, fueled by a runaway real estate bubble due to a large increase of home foreclosures on the market. Now the county has the highest unemployment rate in Florida and continues to endure tough economic times along with the rest of the state. The European Village in Palm Coast is a perfect example of how things have changed.
The development was intended to be an upscale condo and business development, but units that were once selling for $300,000 each are now in foreclosure and being rented out as low-income rentals for $500 per month. Other units have been sold for one-fifth of the asking price that they fetched just a few years ago. For example, one property at European Village that was originally selling for $148,000 has been reduced to $89,000, and has yet to find a buyer.