Driving north along A1A past Patrick Air Force Base we have the two beachside communities of Cocoa Beach and Cape Canaveral with the Atlantic Ocean to the east, the Banana River to the west and the government owned Kennedy Space Center to the north. The opportunity in distressed property shrinks even more here. Of the 350 total residential listings in the two cities only 8% are distressed. For a buyer looking for a single-family home in either, there are but three distressed possibilities. If that same buyer wants waterfront there are none to see. If he's willing to consider condos, he has a whopping list of 12 from which to choose.
Has our bargain hunter missed his chance? Not really. He does need to reconsider his mindset that bargains only exist with distressed properties. Prices across the board were dragged down when the formerly huge numbers of distressed sales worked their way through the system and are still attractive in many cases. Now that the big numbers of distressed listings have disappeared, there is no dynamic to push prices any lower and we are seeing successive sales creeping upwards. If you're looking to take advantage of the still-low prices, as always, get your pre-approval process handled before you begin your search, do your homework so you'll recognize a deal when it appears and forget about a distressed-only search. Swift action is crucial for those looking for a good property in this market. Conditions will likely change at some point as they always have but, right now, preparation and swift action are among a buyer's best strategies. An informed and involved local buyer's agent will give a serious buyer their absolute best chance at success. AND, this bears repeating, multiple offers are a fact in this market. Calls for best and highest offer in multiple offer situations are common and are not a creation of evil Realtors trying to manipulate single buyers. Withdrawing an offer out of paranoia only gives the property to the other buyer. Adapt and win.