Monday, September 22, 2008

First Day of Autumn in Cocoa Beach

Sales activity continues it's seasonal slowdown as we officially ease into autumn today. There was a slight feeling of fall in the 80 degree air at sunrise this morning and the mullet are showing up in decent numbers in the surf as their annual run begins to pick up steam.

As of this morning, September 22, sixteen MLS-listed condos have closed in the Cocoa Beach and Cape Canaveral market in the month of September for prices ranging from $75,000 for a foreclosed 2/2 at Banyan Cove in Cape Canaveral to $742,000 for a big, 3rd floor direct ocean corner 3/3 in south Cocoa Beach. Some remarkable deals are happening for those buyers brave enough to make a move to pick off a weak straggler from the fringes of the nervous sellers' herd.

MLS inventory Sept 22, 2008 Cocoa Beach & Cape Canaveral

Condos, all prices_____725
over $500,000_________82 - 28 sold since New Year's Day
Single family homes___116
over $500,000_________41

My favorite quote of the financial crisis so far comes from Mike (Mish) Shedlock's "open letter to Congress on the $700 billion bailout plan" this morning. Definitely worth a read if you want a perspective from the doubtful side of the aisle.

"If printing money was the solution to all problems, Zimbabwe would be the most prosperous country on Earth."

Mike Shedlock

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