Tuesday, June 14, 2005

June 14 Update -

An early tropical storm was all over the news last week but turned out to be an anti-event. Hurricane season is high on everyone's radar and should be on buyers' minds as they select properties. Storm damage was inconsistent and there were quite a few properties that suffered NO damage during last year's active season. The market has not rewarded these storm-tested properties with a price premium but they should, in my opinion, command a higher price than properties that suffered storm damage. Be sure to ask your agent about a property's performance during last year's storms before making your offer.

There has not been a lot of change in our activity since my last update. Rate of sales is pretty constant and the activity is still concentrated in the under-$500,000 range. We have a 48 week supply of over-$500,000 condos at the current sales rate and a 17 week supply of under-$500,000 units. Mortgage rates dropped once again last week to their lowest level of 2005 at an average of 5.66% nationwide for a 30 year fixed rate. Our strong appreciation rate continues for the lower priced properties but we are seeing some resistance to ever-increasing prices in the high end.

MLS statistics for Cocoa Beach and Cape Canaveral

Active listings:

__over $500,000____120

Single family homes___55
__over $500,000______34

Contracts in the last 14 days

__over $500,000______5

Single family homes___4
__over $500,000______4

If you have specific questions about our market or properties, you can email me at larry@southcocoabeach.com or call me at 321.917.5786. Be aware of the sun and the heat when you're out there in our beautiful Florida outdoors and take cover at the first sign of an approaching thunderstorm. A lightning strike will ruin a good day at the beach or the golf course.

Here's one of our new buildings in south Cocoa Beach. Oceanfront penthouse, 3 bedrooms, 4 baths, 3400 sq. ft. with rooftop deck; $1,700,000.