Wednesday, August 13, 2008

New waterfront Cocoa Beach homes

If you've been waiting for the market bottom to pick up a new waterfront home in Cocoa Beach for less than $900,000, your list of possibilities has been whittled down to one. Two of the three that were available closed in the last two weeks and there are none under construction. It will likely be some time before someone risks building a spec home of this type again and prices will have to be higher than these last two closed sales for it to be a profitable venture. The never-lived-in house at 1011 Minutemen pictured below closed this week for $570,000 or $146 per square foot. If we take out the value of the land ($300,000) this very nice new house was purchased for around $70 per square foot. Original asking price two years ago when it was completed was $1,250,000. I presented an offer earlier this year more than $100,000 over the eventual selling price. Click here for a slide show of the house.

The other new house to sell was a 5 bedroom 3.5 bath on Esther pictured below. It closed two weeks ago for $580,000. Original asking price in March 2007 was $799,900. Click here for a slide show of that one.

Last remaining new waterfront home in Cocoa Beach asking less than $998,000 is a 2 year old, 4 bedroom, 2.5 bath on Blakey, asking price $549,000. If you must have new construction and are willing to give up the waterfront, you could always go for a 3 bedroom 3 bath, brand new 3495 square foot beauty at the Enclave across the street from the beach with no view for $995,000. Several available.

I'll parse the condo activity in my next post. The inventory at the moment is looking like a picked over bowl of popcorn. The good stuff has been eaten and unpopped kernels (unbending sellers) make up most of what's left.

MLS inventory Aug 16, 2008 Cocoa Beach & Cape Canaveral

Condos, all prices_____739
over $500,000________92 - 27 sold since New Year's Day
Single family homes___121
over $500,000_________44

" I look at a hundred deals a day. I pick one." Gordon Gekko