Saturday, November 19, 2011
It's the week before the Space Coast Art Festival in downtown Cocoa Beach and historically a slow time for property sales. Not so this year as sales are maintaining the brisk pace of the record-setting October. So far this month, twenty MLS-listed condos and five single-family homes have closed in Cocoa Beach and Cape Canaveral. Only four of the condo sales were for less than $100,000 as inventory in that segment of the market continues to shrink. Magnolia Bay units continue to move with two closed so far in the month for $340,000 and $365,000. Direct ocean units above the ground floor in older buildings with garages are selling in the $163 to $193 per square foot range.
Prices at the uber-luxury Villa Verde building on the Banana River in south Cocoa Beach have been slashed to almost a third of their original asking prices. This 2007 project was a victim of bad timing and no units sold until last month. Prices for the 2875 square foot 3/3 units now start at $345,000 or $120/square foot. In my opinion, an incredible price for this level of construction and amenities.
The bank is selling the last of the developer units at 5 year old Mystic Vistas in Cape Canaveral at prices below $200,000. For a 5 year old luxury 3/2 condo with a peek of the ocean this is quite an aggressive price (under $113 per square foot). There are five left as of this morning.
A very fortunate buyer was able to get a 3rd floor Cape Winds 1/2 foreclosure for $90,000 before it ever hit the MLS. These units rent for as much as $900 a week. The math is quite attractive at a $90K purchase price.
Other notable sales included;
A third floor Constellation 3/2 in south Cocoa Beach that closed for $348,000.
A side view 2nd floor Solana Shores 3/2 with 2095 square feet for $277,500.
A nicely remodeled 4th floor direct ocean Waters Edge 2/2 in south Cocoa Beach for $260,000.
A 4th floor direct ocean Ocean Pines 2/2 short sale for $230,000.
A 4th floor direct ocean Canaveral sands 2/2 for $220,000.
A 1650 square foot 2nd floor 3/2 canalfront Captain's Cove in Cocoa Beach with a deeded boat slip and lift sold for $175,000.
There are quite a few interesting deals under contract that haven't closed yet that I'll detail in a later post. Be sure to try to make it to the Art Festival in downtown Cocoa Beach Thanksgiving weekend. If it's like years gone by, a good time will be had by all.
Husband points are like Frequent Flier Miles. You can earn a bazillion of them but there is always a blackout period when you really need to use them. ___Dr. Guano