Wednesday, April 13, 2016
Real estate sales in Cocoa Beach and Cape Canaveral this month have slowed somewhat since 69 condo units and nine single family homes closed in March. Only 23 condos and townhomes and 3 single family homes have closed in the two cities since April Fools Day. All three of the houses were non-waterfront Cocoa Beach homes that sold for less than $300,000. Seven direct ocean condos have closed, most at prices in the mid-$200s per square foot. We continue to see premium furnished units commanding prices of $300 per square foot and higher. Sellers expecting to get anywhere near $300 per foot better have a new or nicely updated unit with nice furnishings, a great view, and a garage. So far this month the highest price per square foot was again at the nine year old Meridian with a super nice, beautifully furnished 2nd floor unit there bringing $342 a foot. Contrast that with two good but not updated 24 year old Emerald Seas units that sold for $236 a foot or the 50 year old 1st floor Crossway that sold for $164 per foot.
For sale condo inventory has dropped back to 280 total condos and townhomes in Cocoa Beach and Cape Canaveral while single family home supply has increased to 80. If history holds, it's reasonable to expect sales to continue at this slower pace through May and then pick up during the summer months through Labor Day. Those who have only visited Cocoa Beach during the snowbird or summer seasons might enjoy late April and May here. There is very little traffic, restaurants are uncrowded and the weather is close to perfect. I am digging it.
"A vacation spot out of season always has a very special magic." __Max von Sydow