Tuesday, August 28, 2007

Florida Insurance Reductions

Cocoa Beach Sunrise, August 25, 2007

Even with the mortgage market in turmoil, sales are closing. So far this August, we've had seven closed sales of MLS-listed, single-family homes in Cocoa Beach and Cape Canaveral. Three of those were in the tiny Harbor Heights neighborhood in Cape Canaveral. The other four were in Cocoa Beach, two on canals and only one over $500,000.

We have had 22 MLS-listed condos close in the same area since August 1, on pace with the first half of the year, roughly one a day. (Actually, since today's Julian date is 240 and total condo sales so far for the year are 288, the exact number is 1.2 per day.) The only 2 sales over $500,000 were new units at Meridian on the ocean, one for a whopping $1,049,900. I understand that closings of pre-construction contracts there are in full swing although only a fraction were listed in the MLS and will not show up in the MLS data. So far, none have shown up on the Brevard Property Appraiser's site. Overall condo inventory continues to slowly shrink, down over 10% from the high point reached in May 2006.

MLS Inventory - August 28, 2007

  • Condominiums______900 all prices
  • __________________147 over $500,000
  • Single family homes__176 all prices
  • ____________________73 over $500,000
Owners of detached single-family homes in Florida are finally getting a break on their insurance rates. The Legislature has designated $250 million for free wind inspections that will qualify homeowners for insurance breaks with certain hardening features including hurricane doors, windows, roofs, shutters, etc. Some homeowners will qualify for assistance in getting strengthening done to their homes. I have personally heard of one homeowner getting a $4600 rebate. The program is called My Safe Florida Home. Check it out if you own a detached single-family home anywhere in Florida. Unfortunately, the program is not available for condos or businesses.

The Labor Day holiday weekend is coming up and my favorite season in Cocoa Beach begins again. Snook season opens September 1 and the mullet run starts soon with all kinds of action in the surf for anglers fishing with live mullet. This is a great time to visit as the summer crowds are gone, water is warm and the ocean is alive with fish and waves. Here's a sweet little rental condo in south Cocoa Beach if you'd like to visit.