Saturday, September 10, 2005

Between Storms

An interesting thing happened this past week. Buying activity picked up significantly after being pretty much flat for weeks. We have seen 5 houses over $500,000 go under contract in just the last 7 days. I can't say for sure what spurred this burst of activity but the expected easing of Fed policy in response to the Katrina damage and the projected, prolonged low interest rate scenario could have eased some fears of a cooling market. Maybe buyers are realizing that whatever happens to the housing market in general, if you want a place in Cocoa Beach, now is better than later. We are seeing a still-increasing supply of homes and condos on the market but activity has picked up in a normally slow time of year.

MLS Stats for Sept. 10, 2005

contracts last 14 days

condos over $500,000____ 5
condos under $500,000__ 40

homes over $500,000____ 6
homes under $500,000___ 0

active listings

condos all prices_______455
condos over $500,000__ 134

homes all prices_______ 64
homes over $500,000__ 37

I received the pre-construction pricing for the Magnolia Bay third building this week. Ten percent down and a ten percent note held by the developer. One building left to be released. Expected completion, late 2006. If you'd like to receive the price list, email me. As always, be careful in your negotiations and do your homework. I'm off to catch the last of the Hurricane Ophelia swell.