Sunday, August 12, 2007

More Deals and Steals

Two weeks into August and sales are plodding along even as the credit markets try to adjust to the changing conditions. The fallout directly affected me this past week when one of my wife's pending deals had to quickly shift gears when the lender that supplied the pre-approval abruptly stopped lending. Things appear to be back on track with another lender but, with things changing daily, it's not done until it's done. Like this little gator I shot yesterday at the Cocoa Beach Country Club, lenders are wary of biting off more than they can handle.

Eleven closed sales have recorded through the MLS since August 1 in Cocoa Beach and Cape Canaveral and the prices are all over the map. Click on the highlighted listings to see photos. A gorgeous 2120 sq.ft. pool home on the golf course in Cocoa Beach closed for $375,000 after being first listed for $525,000 last September. On the same day, a new 2180 sq.ft. unit in the Meridian condo on the beach closed for $659,900. A one bedroom unit in Villages of Seaport that sold in July 2004 for $131,000 closed for $110,000. At Sandcastles condo on the ocean in Cocoa Beach, prices are showing remarkable resilience. A 5th floor, 1286 sq.ft., 2/2 unit sold for $400,000. Sandcastles, like the few other condos that allow weekly rentals, can command a higher price because income can be substantially higher with short-term rentals. A non-waterfront 2/2 unit at Cape Shores on the river that was aggressively priced at $139,000 got a contract in 3 days and closed for $137,000 4 weeks later.

A 2158 sq.ft. 4/2 home on the open river with unobstructed views of the islands and with a dock closed for $550,000 after only 14 days on the market. It was listed for $575,000. My office sold a 2/2, 2nd floor Four Seasons overlooking the pool for $159,000. Rounding out the good deals was a Jamaica Cove 2/2 that cracked the $200,000 barrier for waterfront condos and closed for $195,000 after being first listed for $259,900 last October.

Cocoa Beach and Cape Canaveral MLS Inventory - August 12, 2007

  • Condominiums_______935 all prices
  • ___________________150 over $500,000
  • Single family homes__171 all prices
  • ____________________72 over $500,000

Another of the locals at the Cocoa Beach Country Club, a Florida soft shell turtle crossing the fairway looking for a better lake. These guys lay their eggs in the sand traps in the summer.