Saturday, November 02, 2013
Sold Condo Price Ranges
Side view and partial ocean view units have been selling mostly in a range from $150 to $205 per square foot with the average at $170/sf. The higher range has been represented by units in buildings in good repair and/or remodeled interiors. Side ocean view units bringing above the average were in buildings including Artesia, Stonewood, Windward East, Royale Towers and Sandcastles.
Direct ocean units above the ground floor with unobstructed views have sold in a range of $196 to $281 per square foot with an average of $235 per foot. I did not include in the average the two highest sales at the Meridian which sold for $313 per square foot and the low which was a 1/1 at Triton Arms downtown Cocoa Beach with no garage that closed for $172 a foot. Like the side view units, units in well-maintained and/or newer buildings commanded the higher end of the range. Those included Michelina, Meridian and Solana Shores.
These averages and ranges are a good starting point for trying to put a fair value on a unit but they can't be definitive because of the many variables among the sold units. For those looking to buy or sell, it makes sense to be realistic about all the conditions affecting valuation. An otherwise identical unit that is not remodeled can't be expected to fetch the same price as the neighbor's remodeled unit. Garages, contents, age of appliances and AC systems, quality of view, existence of shutters, etc. all affect value and should be taken into consideration.
For units yet to be sold/purchased, there are constants, however. In almost all instances, sellers will expect their unit to command top of the range or beyond regardless of condition. This is especially true at present as prices have been moving up. Buyers on the other hand will be seeking to pay at the bottom end of the range or below, again, regardless of condition. When offering, including well-researched comparable sales with adjustments for variables, will go a long way towards bridging the gap between the opposing desires. Throwing a lowball offer without good justification is a waste of time. Likewise, a listing asking 20% above recent comparable sales better have some believable rationale if they expect to sell. If you're buying or selling, do your homework and be prepared to prove the case for your number. The comps are available for everyone. As I've said before, the Property Appraiser's and Zillow's estimates of value are not to be take seriously.
Somehow, even with our depleted inventory and abundance of unrealistic sellers, 50 condos and townhomes closed in the month of October in Cocoa Beach and Cape Canaveral. There are 282 units for sale this morning with 9% of the total distressed (short or foreclosed). We look to easily exceed last year's record sales of 612 units making 2013 the biggest year for number of sales since 2005. I'm not sure what next year will bring but I think it's safe to say that prices will be higher and inventory will continue to be in short supply. New mortgage rules and flood insurance uncertainty will both impact buyers hoping to finance a purchase. Cash will almost certainly continue to dominate the closed sales.
"My definition of art used to be narrow. Now, I consider anything that conveys intent to be art. It's a wide open door, I feel no anger towards stuff that's obscure. There's far too much effort put into things that are downright backwards and evil to harbor any ill will toward artists." unknown Redditor