Wednesday, May 02, 2012
There were 12 single family homes closed in the month with all but one in Cocoa Beach. Only one of the twelve was distressed, a foreclosed nine-year old, 4 bedroom, 3 bath with 1900 square feet and a 2 car garage 2 blocks from the beach close to downtown Cocoa Beach. It sold for $240,000.
The highest priced home sale was a Cocoa Beach beauty on .83 acres of direct ocean with 5518 square feet, 6 bedrooms, 5 baths and 2 half-baths thrown in for good measure. Closed for $1,095,000 cash.
Other waterfront homes ranged from a well-cared-for, small canal-front 3/2 on DeLeon that sold for $230,000 to a 3926 square foot 3/3/2 on Danube with pool and 150 feet of open waterfront that sold for $500,000. A small older 3/2 on the open river in south Cocoa Beach closed for $333,000.
Of the 51 sold condos, thirteen sold for less than $100,000. Lowest price was a 513 square foot Essex House in Cocoa Beach that sold for $35,000. The other sub-$100K sales were in Morgan Manor, Canaveral Breakers, Atlantic Gardens, Highland House, The Oaks, Twin Towers, Villages of Seaport and the Saturn.
There were nine direct river units closed in the month, all but one in Cocoa Beach. Lowest price paid was $117,500 for a nicely remodeled, fully furnished, third floor 2/2 with 1200 square feet at Treasure Island Club in Cape Canaveral.
Others included; a ground floor 2/2 Sunset Harbor with 1323 square feet and garage that sold for $141,000.
A top (5th) floor Seminole Landings 2/2 with 1080 square feet and garage for $145,000.
A 1st floor Banana Bay 2/2 with 1344 square feet and garage for $158,000.
A foreclosed 8 year old, 2nd floor Solana on the River 2/2 with 2055 square feet and garage for $169,900.
A new 3/3 West End unit (behind Sunset Cafe) with 2084 square feet and garage for $285,000.
A 2nd floor Magnolia Bay 3/3 with 2108 square feet and a 2-car for $320,000.
AND...two more Villa Verde super luxury 3/3.5 square foot corner units closed for $345,000 and $399,000. Note that there may have been buyer rebates. That makes seven of the eight available units closed. One left unless the top floor comes available.
Sales of note in oceanfront buildings included; a 5th floor side view 2/2 Driftwood Villas on Ocean Beach Blvd. with 1101 square feet and open parking that sold for $165,000.
A partially remodeled ground floor 3/2 La Mer corner that sold for $175,000. Had 1616 square feet and garage. The identical floor plan on the 3rd floor also closed for $226,500.
A 3rd floor north view Windrush 2/2 with garage and 1256 square feet closed for $190,000.
A sparsely furnished and partially remodeled 2nd floor south view Canaveral Towers 2/2 with carport sold for $205,000. Weekly rentals allowed.
A 3rd floor south view Cape Winds 2/2 with the wide balcony and open parking sold for a surprising $225,000. That pushes the comps at Cape Winds back up. Weekly rentals allowed.
A 10th floor Stonewood 2/2 with 1317 square feet and garage closed for $225,000.
A nice north side 2nd floor Sandcastles 2/2 with 1286 square feet and garage closed for $235,000. That has to make the last two purchasers of other same floor plan units there very happy. I represented both. One was a ground floor that sold in March for $140,000 and the other was right next door to the recent sale except that it closed for $70,000 less just a few months ago. The comps are bumped considerably upward at Sandcastles with this closing. Weekly rentals allowed.
A direct ocean 2nd floor Shorewood 2/2 with 1663 square feet and garage closed for $285,000.
An 8th floor Constellation in south Cocoa Beach with 2126 square feet and garage closed for $350,000. Was in mostly original condition. A 5th floor same size foreclosed unit closed for $315,000.
AND...the high ocean condo sale of the month was a 2nd floor Meridian 3/2 with 2072 square feet and garage that closed for $539,000 cash after just seven days on the market.
As of this morning there are 308 total condo and townhome listings in Cocoa Beach and Cape Canaveral. Of those, 21 are short sales and 23 are foreclosures (11 in the Pier Resort alone). Distressed sales now make up just 14% of the condo market. There are 61 MLS-listed single family homes for sale this morning. Five are short sales and there are no foreclosures. That's 8% of the single family home market distressed.
If you're looking to buy, the current trend is obvious. Could that change? Absolutely. Can anyone accurately predict where prices are headed? Yes, but only in the absence of a black swan event. With no tidal wave of foreclosures or other economic Armageddon our prices should continue to stabilize. They have already begun to turn upwards in some complexes. Don't forget that all complexes are not in the same health as evidenced by the foreclosure listings. The Pier Resort is still under the weather while other condos like Mystic and Magnolia Bay have recovered from their flu and are breathing easier. Do your homework and beware your own confirmation bias. If you're expecting the world to end, you tend to look for evidence to support that.
Teach the children quietly for some day sons and daughters.
Will rise up and fight where we stood still.