Wednesday, March 05, 2008

Less is More

March has started with a bang with 21 residential contracts executed in the first 12 days in Cocoa Beach and Cape Canaveral. This is on the heels of a February that exceeded February 2007 in closed sales. Certainly not evidence of a bottom, but, encouraging nonetheless. Closed sales so far in March worth mentioning are;

Emerald Seas 3/2 closed for $340,000 - was asking $529,000 June/2006
A small Cape 3 BR beach cottage, 2 blocks from the beach $148,000
Canaveral Sands direct ocean, 2nd floor 2/2 furnished sold for $270,000
and, drum roll please, a Solana Lake 2/2 sold for $235,000 after being purchased one month earlier for $195,100.

MLS inventory March 12, 2008 Cocoa Beach & Cape Canaveral

over $500,000________124
Single family homes____139
over $500,000________51

Closed sales in February

over $500,000________2
Single family homes____9 (3 were foreclosures)
over $500,000________1

In memory of John D. MacDonald I will close with a quote from John Maynard Keynes, who Travis McGee fans will recognize as the namesake of the boat of Travis' economist friend, Meyer.

"The market can stay irrational longer than you can stay solvent."