A Brief Palm Coast Florida History

 Palm Coast Florida

 

Palm Coast is a city in Flagler County, in the State of Florida. The city was originally developed in 1969 by the ITT Community Development Corporation. Palm Coast Florida has the largest population of any city in Flagler County, with a population of 68,013 as of 2006. In 2007, Palm Coast Florida was designated as a principal town of the Palm Coast, Florida Metropolitan Statistical Area. The area has experienced a rapid growth in population in recent years, with the population of Palm Coast Florida in 1990, at 32,732, increasing by more than 17,000 to 49,832 by 2000 (all population figures are from the records of the US Census Bureau). Many of the local residents of Palm Coast Florida work in the nearby cities of Jacksonville and Orlando and make daily commutes to and from these areas. Additionally, the city is a bedroom community of sorts for workers from Daytona Beach and St. Augustine.

Development History

The total land area originally owned by ITT spanned 68,000 acres, but ITT’s development plan only included about 42,000 acres, and included plans for 48,000 homes. That plan also included paved streets, central water, and a sewer system to serve all of the originally planned lots. ITT also designed a water management system to replenish the 46 miles of freshwater and 23 miles of saltwater canals that make up the water table of the area.

In 1985, the Palm Coast Fire burned down 131 homes in one of the city’s subdivisions. The same subdivision was struck again by fires in 1998. An evacuation of the entire county was ordered, displacing 45,000 people. However, a massive suppression effort, in which 44 states participated, minimized the destruction caused by this fire to only 71 homes.

Development services, a fire department, the construction and maintenance of streets, parks, and recreational services are all provided by the city. Law enforcement is provided by the Sheriff’s Office of Flagler County. Plans for the construction and development of a town center, new fire stations and City Hall, and parks are currently being implemented.

Recent History of Palm Coast Home Prices

The median prices of homes in Palm Coast Florida have fluctuated greatly over the past five years. From 2005 to 2006, median home prices increased steadily. Starting at around $190,000 in the first quarter of 2005, the median price had risen to about $260,000 by the first quarter of 2006, and were around $270,000 or higher by the end of the fourth quarter of 2006. Home prices reached their highest point in recent years at around $280,000 in the first quarter of 2007.

During the rest of 2007, however, home prices began to drop. By the last quarter of 2007, they had fallen to around $215,000 and have continued to gradually decline since then. By the first quarter of 2008, they had fallen below the median home price in the first quarter of 2005, and by the end of 2009, the median price was around $135,000.

Current Statistics

As of January 2010, 1,936 new and resale homes were on the real estate market in Palm Coast Florida according to Trulia. For the week ending January 20, 2010, the average price of homes that were for sale was $315,098.

The history of real estate prices in Palm Coast Florida has certainly been hectic in recent years. However, this reflects the situation in other parts of the country, and the real estate business in the area is hopeful for the future of Palm Coast Florida.

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Palm Coast Florida