Failure to Grok

Financial system rescue. On the one hand we have Treasure Secretary Hank Paulson telling us that quick action is imperative to avert imminent disaster while others are expressing skepticism about the immediacy of the problem and the cost-effectiveness of the plan considering the scale of the taxpayers' commitment. And of course we have those who are politicizing this issue, either criticizing or cheerleading the plan, depending on their own agendas. From the caliber of questions I saw being asked yesterday in the Congressional hearings, the average Congressman has as firm a grasp on the issue as a caveman has on Avagodro's constant (top of page). Thanks to Steve H. for bringing up this number. Don't ask.

How will a bailout or lack of a bailout affect the Cocoa Beach and Cape Canaveral real estate market? To be honest, I'm having trouble sorting out the possible impact. I've listened to the brain trust on CNBC parsing the plan and I've read as many commentaries as I could cram in between taking care of everyday business and I'm stumped. I want to believe that the smart guys in control will fix everything but then I remember that it was the smart guys who got us in this mess. Meanwhile, in Cocoa Beach and Cape Canaveral, MLS activity is steady but slow despite the doomsday rhetoric on the tube with 27 closed residential sales so far in September. While I continue to absorb info and postpone opinion, I think I'll walk over to Coconuts on the ocean for a seared tuna sandwich and watch the waves. Armegeddon can wait.

The drop below 6% for mortgage rates didn't last very long and the nationwide average is well off it's brief low of last week.



There are no new listings or price drops in the past week that I think worth mentioning other than a direct ocean 2/2, 2nd floor unit with a wide-open view in south Cocoa Beach for $282,500. The 2nd floor direct ocean 2/2 at Waters Edge is, remarkably, still available at an asking price of $219,000. Someone picked off a 2nd floor, 2/2 south view at River Lakes for a shocking $162,500 and a top floor A building Mystic Vistas unit is under contract for less than some of the auction prices back in May in the C and D buildings.

"The sad truth is that opportunity doesn't knock twice. You can put things off until tomorrow but tomorrow may never come. Where will you be a few years down the line. Will it be everything you dreamed of? We seal our fate with the choices we take, but don't give a second thought to the chances we take."
__Gloria Estefan