Direct Ocean and Other Fuzzy Definitions

Here we sit with 194 total condo and townhome units for sale in Cocoa Beach and Cape Canaveral, slightly more than a three month supply at the current sales rate. We've closed that number of units since July 28. Compare this to the peak of around 1200 units for sale in mid-2006. As I've mentioned before, it's less about total inventory than the number of possibilities that match a specific buyer's criteria.

If I'm looking for a direct east facing oceanfront unit above the ground floor with at least two bedrooms and two baths I have one available asking less than $400,000. If I must have a garage, there are none below $400,000. If my budget runs to $500,000, there are five possibilities. Six units matching our search criteria above have closed in the last 30 days only one for less than $485,000.

Interesting note here; as I was searching for east facing direct ocean units I had some results that were not east facing despite being entered by the listing agent as direct ocean, east facing. I feel certain these were intentional mistakes. This is a good time to point out that consumers who find a too-good-to-be-true listing should assume that it is a deceptive listing. There are no under-priced listings in our market, only misrepresented.

Prospective buyers who don't have to be directly on the beach have sixty units with at least two bedrooms and two baths asking less than $300,000, half of them below $250,000. Most are a short walk to the beach. Buyers hoping to find a single family home here have 64 to consider, ten asking over a million and ten asking less than $400,000.

Mortgage rates have stayed in the ridiculously low range for the entire year but 47% of condo buyers so far this year have paid cash for their purchase. Multiple offers have been the normal for any desirable property asking anywhere near fair value. Those of you planning to use a mortgage should keep in mind that should you find yourself in a multiple offer situation it is very likely that your competition will be offering cash. Knowing that, try to make the other parts of your offer as shiny as possible. Don't expect to win the contest with a mortgage contingency on a lowball offer.

The Cocoa Beach Art Show is next weekend. It's always a fun time with tons of good outdoor live music and street food as well as a lot of interesting art. Hope to see many of you there.

“I'm not upset that you lied to me, I'm upset that from now on I can't believe you.” __Friedrich Nietzsche