According to the National Association of Realtors, Brevard County had the largest percentage drop in housing prices in the last quarter of any major market in the United States. At the same time, the rate of sales for condos has been in an uptrend since July in Cocoa Beach and Cape Canaveral. For the period of July through October, the MLS shows 11 more sales in 2007 than in 2006; 138 this year compared to 127 last year. The two stats are obviously directly related. This time last year there was much more denial among sellers about their property values, prices were too high for the most part and the buyers weren't playing. As the reality check has progressed and prices have come down, more buyers have eased back into the market. I expect this trend to continue, but, as always, I could be wrong. I am reminded of a quote by John Kenneth Galbraith, "The only function of economic forecasting is to make astrology respectable."
The asking prices are still all over the map. This morning I can find a direct ocean, 2/2 with 1153 sq.ft. in a 34 year-old building for $450,000 and a 3/2.5 with 2100 sq.ft. in an 11 year-old building for only $9000 more. Care to guess which one will sell first?
Smoking deal of the week: one year old, 3400 sq.ft. direct ocean penthouse with rooftop deck for $725,000. This one is bank-owned. Somebody at the bank obviously gets it and wants this one off the books.
MLS inventory Nov. 24, 2007 Cocoa Beach & Cape Canaveral
Condominiums_______864
over $500,000_______117
Single family homes___160
over $500,000________70
If you're in the area this weekend, try to make it to the art festival in downtown Cocoa Beach, Saturday and Sunday. Here's this year's poster and t-shirt design by Bruce Reynolds. I'm off to see the show.
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