Housing Bubble
Hammock Beach Community - 2002 sales top $96 million
The developers of Hammock Beach, a 1,000-acre oceanfront resort community in Palm Coast, report that it generated more than $96 million in property sales last year, solidifying its reputation as one of the fastest- selling communities in Florida history.
Hammock Beach, which is being developed by Celebration, Fla.-based The Ginn Company, recorded 214 homesite sales for $55.1 million and 85 condominium sales for $30.4 million at The Hammock Beach Club, the 12-story oceanfront condominium and resort amenity complex in the heart of the community.
Included in the community's 2002 numbers are 115 homesite sales for $20.5 million at Yacht Harbor Village, the private marina community that The Ginn Company is developing directly across A1A from Hammock Beach. Yacht Harbor Village will feature a private full-service marina with more than 200 slips, scheduled to open late this year.
According to Jeff Davis, principal of Ginn Real Estate Company, since opening in June 1999, more than 800 families have purchased at Hammock Beach and Yacht Harbor Village, with a total sales volume of more than $315 million that includes more than 600 homesite and 215 condominium sales.
"Last year's success was fueled by two major weekend events that produced almost 50 percent of the Hammock Beach sales for the year," Davis said. "The first was the March grand opening of Yacht Harbor Village, which generated 75 homesite sales for $25 million. The second was the launch of the one-bedroom condominiums at The Hammock Beach Club in October, which produced 73 sales for $23 million."
The one-bedroom condominiums will be located in identical 10-story towers on the north and south wings of The Hammock Beach Club. The towers are under construction, with completion expected by early 2004.
Hammock Beach also recorded more than $11.4 million in resales during 2002, including 23 homesites for $7.8 million and eight condominiums for $3.6 million.
The 1,000-acre Hammock Beach community is located on one of the last major tracts of undeveloped oceanfront on Florida's East Coast, with 2.4 miles of beach frontage. It is destined to rank as one of the most highly amenitized resort communities in the nation, with a $4.5 million resort-style swimming pavilion, an indoor swimming pool, a world-class fitness center and spa, elegant restaurants, underground parking, a championship putting complex and much more.
Source: The Ginn Company
