Monday, September 10, 2018
Condo sales in August were slower than in July with 55 units closed in Cocoa Beach and Cape Canaveral as reported by the Cocoa Beach MLS. Prices ranged from $84,000 to $765,000 with a median selling price of $260,000. The lower price brackets dominated the activity with only three sales exceeding the half million dollar mark with one each at Meridian, Mystic Vistas and Stonewood. There were seven direct ocean, east-facing units above the ground floor closed in the month with most clustered in the $265 - $275 per square foot range. Only two units commanded over $277 per square foot, one at Meridian and the other a high floor Sand Dollar at Stonewood, both exceptional and closed at numbers over $340/sf.
Single family home activity increased with 15 homes closed in the month, all but one in Cocoa Beach. Highest price paid was $1,037,500 for an 11 year old beauty on Edwards Bay in Snug Harbor, south Cocoa Beach. The majority closed at prices between $300,000 and $500,000.
Casual observation tells me that showing activity has slowed across the board, not unusual in the back to school period. There are currently 69 single family homes offered in the two cities and 215 existing condo and townhouse units. The majority of sellers are still clinging to optimistic asking prices in my opinion so prospective buyers will benefit from information and research about current market value ranges of their target property type. Good luck out there.
The beginning pulse of swell from approaching Hurricane Florence is already showing on our beaches. Anticipation is high for a clean sizable swell. We've been teased and disappointed before but this looks promising for a few days of good waves in Cocoa Beach.
"Stealing is stealing. I don't care if it's the internet or you're breaking into a warehouse somewhere - it's theft." __Patrick Leahy