Wednesday, March 23, 2005

March 23 - Where is the action?

One question that I get almost every day is, "What area of the market is hottest now and where are the opportunities?" According to our MLS, in Cocoa Beach and Cape Canaveral, 73 condos under $400,000 have gone under contract in the last 30 days compared to 16 condos over $400,000. Most expensive unit was a 3 bedroom 3 bath unit at Ocean Oaks in Cape Canaveral. Out of the total of 89 units contracted, 57 were under $300,000. Based on this and my own perceptions of trends I see with the buyers I work with every day, I believe the biggest opportunity right now is in river or oceanfront condos under $400,000. The ever-increasing supply of high-end units continues to push buyers into this range and it looks to continue in the near future. High demand should continue to push prices upwards. If you'd like to receive alerts of new units as they appear or a current list of available units, give me a call at 321.917.5786 or email me at

March 22 - Fed Raises Rates on Tuesday - Fed Raises Rates on Tuesday

RISMEDIA, March 23 – The Federal Reserve Tuesday raised interest rates again, boosting the federal funds rate by a quarter percentage point to 2.75%.

While the mortgage markets already increased their rates anticipating the Fed action, similar increases throughout the year could impact real estate sales.

"We see the Federal Reserve continuing to raise rates for the next five meetings," says Lawrence Yun, senior economist for the National Association of Realtors. "The cycle … will slowly impact the mortgage rates."