Beachfront Properties Start to Move

4.08 ACRES OCEANFRONT SELLS FOR $5,500,000 IN ORMOND BEACH, FLORIDA

The sale of 4.09 acres with 600 feet of beach frontage located at 839 South Atlantic Avenue, Ormond Beach, Florida is one of the largest land transactions on A1A (Atlantic Avenue) of oceanfront property in Volusia County since the economic decline of the market in 2007. The purchaser of the property is Trust for Public Land which closed on the property and will transfer the ownership to the City of Ormond Beach in October for their first oceanfront park.

The demand for oceanfront property is increasing, according to Thomas Corso with Charles Wayne Properties, which represented the seller, Carolina First Bank. With this sale of commercial oceanfront land, and three other recent transactions over the last ninety days of comparable oceanfront property the market is showing signs of stabilization. The property owners are starting to make the necessary reductions in price for transactions to occur with this first wave of buyers getting excellent deals on oceanfront parcels, Corso states. Typically, public entities like the City of Ormond Beach cannot afford these type of commercial parcels in a normal market. In this case, the Trust was able to purchase the property for $9,170 per front foot- less than 20% of value three years ago. “Volusia County’s coastal cities need to realize the opportunity for these transactions is now and may only be available for a limited time as demand increases.” states Corso.

Charles Wayne Properties, Inc. is one of Central Florida’s largest commercial real estate brokers. It manages leases or owns in excess of 2,000,000 sq. ft. of retail and office properties, and has offices in Orlando, Deland, Melbourne, Ocala and Daytona Beach.