Saturday, October 20, 2007

October Price Reductions

Here are a few of the more remarkable price reductions since October 1st in Cocoa Beach and Cape Canaveral.

A 3/2 ground floor Stonewood unit: Listed Jan. 2006 for $499,000 and reduced this month to $349,900.
A 1/1 furnished Dolphin Beach unit: Listed July 2006 for $207,000 and dropped this month to $139,900.
A 2/2 furnished Canaveral Towers unit: Listed August 2006 for $495,000 and reduced this month to $399,000.
A 2/1 furnished Diplomat unit: Listed the first time August 2005 for $285,000 and now at $168,000.
A brand new 3/2.5 Ocean Club unit: Listed for $734,000 in Feb. 2006 and reduced this month to $499,000.

There have been a total of 80 price reductions in condos since October 1st. Judging from the size of the reductions, the reality of the changed market is beginning to sink in for at least some sellers. Probably every one of the examples above could have sold for more than the current price had they gotten aggressive earlier in their attempt to sell. During the entire time that these units have been on the market, we have seen condos closing at a rate of about one per day. The market is not dead but it is selective. Not to sound like a broken record, but, if you're selling, price it right and you stand a good chance of selling. I don't know who said this, but, it applies. "Many an opportunity is lost because a man is out looking for four-leaf clovers."

According to Wikipedia, "The function of a market requires, at a minimum, that both parties expect to become better off as a result of the transaction." Good luck out there, it's still a challenging market but deals are being made every day.