Sunday, March 18, 2007

Deja Vu, All Over Again

I thought I'd revisit my comments from a year ago as, by this time last year, the slowdown was beginning to catch everyone's attention. This excerpt is from March 22, 2006.

"Are there problem areas in our market? Yes, most definitely. I've been cautioning about speculation in high-end condos for some time now. I suspect that there will be a lot of pain among the pre-construction investors in high-end condos this year. But at the same time, thousands of homeowners will be enjoying Cocoa Beach for it's beaches, surf, fishing, wildlife and all the other things that make this such a special place in the world. Will the speculators' departure affect this underlying market? Probably. All markets operate on supply and demand."
Read the entire post here.

Sales in 2007 have slowed from the same period a month ago and condo inventory continues to creep upward. Single-family home inventory took another big jump and is at a record-setting 173 MLS listed homes in Cocoa Beach and Cape Canaveral. I'm happy to report that our office participated in a large number of the few sales so far in March.

Here's the steal of the week; south Cocoa Beach direct river, 2/2 condo across the street from the beach listed for $274,900 ($60,000 less than the owner paid 2 years ago). This is the view.

Cocoa Beach and Cape Canaveral MLS Stats

Sold March 1 through 18
Single-family homes_5

Active for sale
Single-family homes_173

If you have ideas for future posts or comments, please email me.