Property sales remained strong in September with 17 single family homes and 51 condos and townhomes closed in Cocoa Beach and Cape Canaveral in the month. Of the 68 sales, five were bank-owned and one was a short sale. Eight of the single family homes were over $430,000 and only five sold for less than $337,000. Highest sale was $700,000 for a remodeled waterfront 3/2 on Danube River. Lowest price paid was $195,000 for a handyman special on Park Dr.
Condo sales were concentrated in the lower price range with over 70% of units closing for less than $186,000. Only two units closed for more than $400,000, both direct ocean units above the third floor. Direct ocean units above the ground floor in good condition in older buildings have been commanding $240 to $295 per square foot depending on condition and size. When we begin to see sales of pristine units in newer buildings again (built since 2000) we can expect those units to bring considerably higher dollars per square foot, up into the mid-$300s.
Inventory of condos and townhomes in our two cities this morning stands at 189 units with another 69 under contract awaiting closing. Eight of the condo listings are bank-owned and one is a short sale. There are 53 single family homes for sale with no short sales and only one bank-owned.
We can probably expect the good surf to persist through the month as more storms pass offshore. The mullet are still running along the beach although the waves have made for challenging surf fishing. Fishing in the river is on fire with redfish, snook and trout there for the taking. Get out and enjoy some or all of it. This is the best month of the year in Cocoa Beach with no crowds, warm water and pleasant air temps. I am remined every day why I love this place.
According to Morgan Housel there are four types of investment returns:
- Consistently bad.
- Mostly bad and occasionally good.
- Mostly decent and occasionally good.
- Consistently good and fraudulent.