Friday, December 21, 2007

December Triple Witching Deals and Spills

As of this triple-witching Friday, Dec. 21, 2007 we've had 20 closed sales recorded in the MLS in Cocoa Beach and Cape Canaveral since the first. Here are a few that I thought interesting.

A classic 3/2, 1950s Florida concrete block home on a wide canal, totally remodeled for $318,000.

A crummy rundown home across the street from the beach, $215,000.

A 2/2 top floor Cape Winds for $260,000. These units rent for $800 to $1100 per week. The view below.

A remodeled, 1244 sq.ft. 3rd floor River Lakes (one of my favorite river complexes) for $250,000. Boat slips, ramp, boat storage and the coolest riverfront pool in town make this complex special. Here's the view across the islands.

A 1316 sq.ft. Canaveral Sands side ocean view for $175,000.

A furnished 3rd floor, 1286 sq.ft. Sandcastles for $285,000. Rents for $800 to $1200 per week.

There were other good ones but these stood out. I'm happy to report that my little office represented the buyers in 4 of these outstanding deals. If you're looking to buy now, do your homework and make sure you understand this market. Not every deal this month has been a good one for the buyer. If you hope to buy low, you better be able to justify your offer. The better your research, the better chance you'll have of convincing the seller of the prudence of accepting your offer. I write a one or two page letter with justifying reasons for my price for every offer I make. An unjustified low offer will get a negative reaction every time. A well written cover letter with comparables, market trends, time costs and other inductive arguments will give a low offer a much better chance of at least being considered and hopefully accepted or countered.

This will likely be my last post of 2007. I'm off for a well-deserved rest with family elsewhere. I hope you all have a very happy and safe holiday season. I'll do my traditional year in review post in early January. I expect some of the stats to be shocking. Until then, Sanon.

Thursday, December 13, 2007

Ahhhh-Choooo, sniffle sniffle

If you've not been in Cocoa Beach or the other beaches of central east coast Florida in the last month you've missed our most unwelcome visitors of the year, billions, if not trillions, of the dinoflagellates, Karenia brevis, also known as red tide. The photo above is of one of the tiny boogers. In the massive blooms like the one we are currently experiencing, the irritants released into the air and atomized by the surf induce coughing and sneezing fits. Some outdoor beachside establishments like the Beach Shack have actually closed on particularly bad days. Luckily, I can only remember 3 outbreaks like this in the last 20 years. Some of the Gulf coast communities of Florida have to deal with this on a much more regular basis.

On a brighter note, our inventory has dropped to it's lowest level of 2007. Single family home supply is almost the same as at our peak in March this year but condo supply has been reduced by over 150 units since that time. November sales were below last year's with only 16 closed condos and 5 single family homes. I am continuing to put deals together at a steady pace as sellers are becoming more willing to accept the reality of the market.

MLS inventory Cocoa Beach/Cape Canaveral Dec. 13, 2007

Single family homes__156

I enjoyed seeing many of you at our office Christmas party last week. A good time appeared to be had by all. I was a little tardy making it to the grilled shrimp station and missed out completely. I hear they were outstanding. Thanks to all the artists who showcased their art.