Mortgage rates continue their upward climb with the 30 yr. fixed rate, national average at 5.95%, as reported by Freddie Mac. This is the fifth consecutive weekly rise in rates. In our beach market, new listings continue to pour into the market. In the 14 days since my last update, 164 new listings (condos) have hit the MLS in Cocoa Beach and Cape Canaveral. Of those 164 new listings, 51 are above $500,000 and 63 are new (built 2004 or later). This confirms the trend that I mentioned before; that our condo market is making a significant shift towards bigger and more expensive units. I continue to believe that this shift presents an opportunity in the older, under-$500K condos. As buyers are pushed out of the high-end market, demand in the lower-priced units has increased, driving prices ever higher. I continue to buy units in desirable river and oceanfront complexes. By the way, in this same 14 day period, only 4 units over $500,000 went under contract indicating a continuing shift towards a buyer’s market in high-end units.
Investor resale units are still languishing in several projects with 25 units now active in Portside Villas. A few of these units have been assigned but new listings continue to appear. Even with this over-supply, I believe that these units are attractively priced at these levels, ($210,000 - $290,000).
Single-family home prices continue to climb with prices of the 35 listed homes in Cocoa Beach ranging from $295,000 to $1,700,000. Cheapest waterfront home currently active is a 2/2 on Esther Drive for $489,000.
If you’d like to investigate investment possibilities in Cocoa Beach or Cape Canaveral properties email me at larry@junkbeach.com or give me a call at 321.917.5786. As always, I'm on the front line to represent you.
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