- 2008 - 77
- 2009 - 137
- 2010 - 233
- 2011 - 219
- 2012 - 118 through August 31
There are 74 contracted distressed sales yet to close in the two cities and a mere 43 actively for sale. For buyers hoping to steal a distressed direct ocean condo the list is short. There are two. After burning through 784 short sales and foreclosures in Cocoa Beach and Cape Canaveral since 2008, that chapter of our market story is coming to an end. Total condo inventory is at an all-time low of 275 units. Our total residential inventory this morning including condos and single family homes is 329. Of those 43 are either short sales or foreclosures.
Take-away: we have transitioned from a declining market dominated by distressed sales to a market state of near-normalcy. It surely took long enough. Biggest issue at this point is the scarcity of desirable listings. A lot of the new inventory that would be coming on the market now got flushed out prematurely by declining prices. Buyers and sellers of real estate, adjust your expectations and strategies accordingly. Good luck in your quest. Surfers, a new swell should start showing by Tuesday with waves expected to peak at about head high on September 5 courtesy of Tropical Storm Leslie. See you in the water.
"...by using a strategy of averaging down, you are guaranteeing that your biggest positions will be in your worst trades." - Zikomo