Thursday, September 20, 2012
The average selling price of the 35 closed sales was 96% of asking price with six properties selling for full or greater than asking. Only six of the total sold for less than 91% of asking. Keep this in mind when preparing your offers but don't neglect to do your homework and know what a property is worth TODAY before deciding what to offer. Many of the current active listings are unsold because they are overpriced.
Distressed sales continue to be a high percentage (34%) of closed sales, not because there are a lot of distressed listings, but because of the backlog of short sales that contracted earlier this year and last that are just now coming to the closing table. I received notice of approval of two short sales this week, one of them from the first week of March. Only 12% of the current residential inventory in Cocoa Beach and Cape Canaveral is distressed, either short sales or foreclosures.
Our condo inventory has bumped back up from the recent all-time low of 266 units to 283 this morning. That increase is due almost entirely to 16 new listings in a yet-to-be-built Puerto del Rio building. This building, if they're able to sell any pre-construction units, will be direct Banana River with the larger floor plan 2436 square foot 3/2 units. Asking prices are between $299,000 and $399,000. Of the total condo inventory, 21 of the listings are in not-yet-in-existence buildings.
The mullet run is in full force with millions of finger mullet running south down the beach with plenty of big predators taking advantage of the easy meal. The surf has finally calmed down enough to make surf fishing not quite so challenging as recently. Fishermen using live mullet or mullet-looking artificials in the surf will be rewarded, hopefully with a legal snook. To keep a snook, fishermen must have a snook stamp and the fish must be between 28 and 32 inches nose to pinched tail. Daily bag limit is one fish per person. Good luck and good eating.
"Bigger is not necessarily better but better is always better." __Jason Goldberg