Wednesday, January 16, 2008

Poof! Half million dollars, gone.

Yesterday's hotsheet revealed a remarkable new listing that qualifies for smoking deal of the moment. The house (pictured above) is 4130 sq.ft., 4 bedrooms, 3 baths with pool and dock room for multiple boats on 90' of open Banana River. Last sold in 2005 for $1,000,000 and listed yesterday by the bank after foreclosure for $534,900. I don't expect this one to last very long.

[update Jan. 17] I inspected the house above this morning and a more clear picture emerges. The photo above was taken some time ago as the pool is now dark green and full of algae. There is no flooring in many of the rooms, damaged sheetrock from a leaky roof, visible mold and other issues. It may still represent a great deal at this price but it is going to require quite a bit of work to restore it to livable condition. Click here to see a slideshow of photos from this morning.

[update Jan. 18] The house is under contract as of today.

Next deal today is a 2nd floor 2/2 in a small riverfront complex in south Cocoa Beach across the street from the beach. Views from the big screened balcony are across the wide part of the Banana River to Merritt Island along a beautiful shoreline (pictured below). This one comes with a deeded boat slip on the open river and is listed for $245,000. Last 2/2 unit sold in this complex this year went for $272,000 without the boat slip.

Last of today's deals is a 4th floor direct Harbor Isles, over-sized 2/2 with amazing views across the Thousand Islands for $269,000. This will break new ground in this complex as the last sale of a 2/2 direct river was for $330,000. No photos of this unit.

Email me if you'd like to receive notices of these deals as they surface.