Wednesday, October 24, 2012
Catch-up on October activity
During the two weeks there has been brisk activity in the Cocoa Beach and Cape Canaveral real estate market, mainly in condos. A total of 22 units closed in my absence. Sales ranged from a high of $347,500 for a remodeled and fully furnished, direct ocean 6th floor Emerald Seas 3/2 to $42,776 for a foreclosed Lamp Post 1/1 that was listed for $29,900. That's 43% over asking price. Competition in the lower price ranges has become fierce as supply has dried up. A slightly larger Star Beach foreclosure closed for $35,700.
A couple of short sale 3/2 units on Orlando Ave. one block from the beach were picked up by an investor for $65,000 and $85,000. Both sold for $6000 over asking.
A Portside Villas 2/2 ground floor sold as a short sale for full asking price, $89,900. It took about 2.5 months from contract to close. This particular unit sold new in 2006 for $229,900.
A direct ocean, top floor (5th) Sand Dunes in Cape Canaveral sold as a short sale for $305,000. It is a 3/2 with 1612 square feet and a garage. This particular short sale was previously approved by the bank with another buyer at $325,000. When that buyer walked I presented an offer for my client for $305,000 and we were able to get approval at the $20,000 lower price.
A 4th floor Treasure Island Club 2/2 in Cape Canaveral overlooking the manatee canal sold for a remarkable $110,000 as a court ordered sale. It has 1200 square feet and an excellent view.
In another short sale, someone bought a 1st floor direct ocean Sand Pebbles 3/2 with 1375 square feet and garage for $195,000.
A gorgeously remodeled 2/2 Beachwalk canal-front unit with deeded boat slip and garage sold for $165,000. It has 1479 square feet. This sale pushes the comps up in this complex after the last two sales recorded for $130,000 each.
A 3rd floor 2100 Towers 2/2 with a peek of the ocean closed fully furnished for $168,000. It has a remodeled kitchen but no garage.
Another of the Sea Spray townhomes in Cape Canaveral sold as a foreclosure for $91,000 which was $1100 above asking price. These units sold new in 2006 for $315,000. Garage, 1702 square feet and 3 bedrooms and 3 baths.
A direct ocean North Triton Arms 2 bedroom 1.5 bath, 2nd floor unit in downtown Cocoa Beach closed for full asking price, $175,000, after two days on the market.
Buyers take note. If you see "bank-approved" price on a short sale listing it usually means that the first buyer walked after the bank issued the approval letter. There are many reasons for walking away. Sometimes the buyers have found something else during the often-long wait but many times the bank approved price is higher than their initial contract and they refuse to move up to the approved price which may still be in "smoking deal" range. What it means for the next buyer is that, if they are good with the approved price, they can usually close in less than a month. Just because the first buyer walked doesn't mean the approved price is not a deal.
I will resume my usual schedule of updates now. Wind is honking in Cocoa Beach and the island I just left is preparing for Tropical Storm (soon to be Hurricane) Sandy.
"One of the unique things about planes is you can put them pretty much
anywhere you want. They just might not be in the configuration you'd
prefer by the time they get there." ___anonymous