PALM COAST, FL-Unprecedented demand for waterfront condominiums facing the Intracoastal Waterway here generated a total $53.2 million in home and lot sales during the grand opening weekend of the planned 300-family Yacht Harbor Village at Hammock Beach, about 150 miles north of Downtown Orlando.

The developer, The Ginn Co. of Celebration, FL, sold all 88 units in the project’s first phase for $484,000 to $675,000 per unit, producing a total sale of $48 million. Another $5.2 million came from individual lot sales.

“The demand for these condominiums at Yacht Harbor Village was truly remarkable, even for our industry,” says Jim Matoska, executive vice president of Ginn Real Estate Co. “Many factors influenced our customers, including the fact that this is the first new marina to be built on the Intracoastal Waterway in more than two decades.”

Construction of the 200-slip marina is expected to be completed in early 2005.

About 75 buyers, arriving from around the country, went home without sales contracts after the inventory was sold out, Matoska says. “The success of this weekend’s (sales) launch solidifies Hammock Beach as one of the premier club communities on Florida’s First Coast,” he adds.

Yacht Harbor Village expects to comprise 184 single-family home sites and a collection of condominiums and townhomes. Hammock Beach, Ginn’s fast-selling, 1,000-acre undertaking directly across A1A from Yacht Harbor Village, “has emerged as Florida’s hottest-selling oceanfront community,” Matoska says.

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