|We had quite the electrical storm over the ocean yesterday|
It looks like those large numbers of foreign buyers are active elsewhere in Florida. Of the 49 sales I examined only four buyers were from other countries, two Canadians and two Europeans. Twelve of the buyers listed the property as their mailing address which usually indicates that it is for their primary residence. Of the 33 remaining, eleven were Florida residents, sixteen were from eastern states and six were from states west of the Mississippi.
While I was at it I thought I'd revisit the Property Appraiser's "market value" as compared to the actual selling price. The average variation wasn't as great as the last time I looked but the outliers were still extreme. One condo was valued by the PA at 204% of the amount that it actually sold for. Another had a "market value" that was only 51% of the selling price. The PA's average market value for the 49 sales was 81% of the selling price which is right in the range that they hope to be. However, as long as the ends of the scale are off by a factor of two, "market value" should be used for entertainment purposes only, the same as Zillow.
Total condo inventory this morning is 283 in the two cities. Thirteen percent of those are either short sales or foreclosures with eleven of the foreclosures in the Pier Resort complex. We're down to 46 single family homes for sale with a lone distressed sale in the mix.
Someone caught a mixed-up130 pound yellowfin tuna in 140' of water off Port Canaveral from a 19' boat last week. They fought the fish for four hours but finally landed it and brought it back to the dock to everyone's surprise. We usually have to go to the other side of the Gulf Stream for these tunas, a trip of 60+ miles each way, and a 130 pound fish is a monster. Yours truly made a freediving, spearing trip yesterday and managed his first mahi on the spear, quite the accomplishment, at least in his own little mind. We also got a hefty cobia and some snapper on the spears. Summer fun in Cocoa Beach and tasty fare for the families.
“It almost looks like we’re in cahoots in the sunshine,” CB commissioner Skip Williams