Sunday, January 27, 2008

January's Deals and Steals

What a crazy market it's been so far in 2008. Oceanfront steals have been sparse with most of the jaw-dropping price action happening in riverfront condos and single-family homes. The most outstanding oceanfront deal so far in 2008 was a top floor Crescent Beach Club 3/2 with 1804 sq.ft. and views of both the ocean and across the Banana River to Merritt Island. Closed for $350,000.

The ever-popular Diplomat non-ocean 2/1 units have retreated to $125,000 and $130,000 respectively for the two closed sales so far this year. There were three sales of these units in 2005 for over $200,000.

A 4th floor 2/2 direct river Four Seasons closed this month for $220,000. That's $167 per square foot for a great river view in a well-maintained complex with a private garage.

A top floor 2/2, side ocean view at Chateau by the Sea closed for $255,000. These units fetch $800-$1000 per week in season and $600-$700 weekly off-season.

As I search the MLS this morning, there are remarkably few aggressively priced direct ocean units offered. I can find several deals in direct river units, however. A sampling would include a top floor over-sized 2/2 Harbor Isles overlooking the Thousand Islands for $269,000 with this view.


A side view River Lakes 2/2 for $250,000 with this view. Boat slip available for no extra charge.


A Pebble Cove ground floor direct river 3/2 for $189,000. This one was listed for $275,000 just one year ago.

Last is a 1351 sq.ft., 2/2 Rock Pointe direct river for $179,800 with garage. Needs some updating.

If you hope to pick up a property at a good price, be aware that you'll be competing with vulture investors who are actively scooping up attractive deals as they happen. They are playing hard ball with offers but, in most cases, are offering cash and a fast closing with no contingencies. As I've stated before, you better be able to support your offer with facts. Just offering 20% below the asking price and hoping for acceptance will not get the job done. Keep up with what's happening in our market so you'll know a deal when you see it. I'm still seeing sales close significantly below asking price that are not great deals. It makes more sense to pay full asking price for a $200,000 aggressively-priced listing than getting a 20% discount on a similar unit offered for $275,000. Knowledge is power. Do your homework.

MLS inventory Cocoa Beach/Cape Canaveral Jan. 27, 2008

Single family homes__127