Wednesday, May 14, 2008

Make me an offer....please!

I show dozens of properties in Cocoa Beach and Cape Canaveral every week to prospective buyers. I screen for available properties that fit the buyers' criteria and then sort for best value among the fits. Some can't be shown for various reasons; uncooperative tenants, incomplete or incorrect directions, keys elsewhere, and on and on. The ones that actually get shown inevitably generate a few phone calls from the better of the listing agents asking for feedback. Here's a typical call;

listing agent, "Larry, just calling to get some feedback on my Best Condo in the World listing that you showed Saturday."

me, "It's a beautiful unit. The Rockefeller's loved it except for the price. The comps are telling us that it's over-priced by at least $80,000."

listing agent, "Well, bring me an offer."

me, "Sorry, with a price so far out of the game my clients don't want to waste their time with an unreasonable seller. They chose to offer on another unit in the building that is priced closer to recent sales. I appreciate the call."

Lesson for sellers: Pricing way too high and praying for an uninformed buyer is only hurting your chances with the active buyers who are informed. Get real with your price and you have a good chance of selling.

Condo sales, though increased in the last month, continue to lag last year's numbers. Through April there were 127 closed condos sales in Cocoa Beach and Cape Canaveral compared to 153 in the same period last year. Of the 39 closed sales in April only four were for more than $400,000. A full half of those condo sales were under $200,000. Inventory of properties for sale is shrinking in all categories except for over-$500,000 condos. Supply in that troubled sector of the market continues to creep upward while sales are plodding along at the brisk pace of about one every two weeks. Sellers of luxury condos take note.

MLS inventory May 14, 2008 Cocoa Beach & Cape Canaveral

Condos, all prices_____798
over $500,000________119 - 11 sold since New Year's Day
Single family homes___131
over $500,000_________46

Welcome to the new readers in Portugal, Algeria, Pakistan, Jordan, Macedonia, Albania, Latvia, Dominican Republic, Cayman Islands, Curacao, Bermuda, Cuba and Venezuela. I would love to hear from you and what your interest in Cocoa Beach is.

"Putts get real difficult the day they hand out the money."
Lee Trevino