Tuesday, November 04, 2008

Reason # 81 to Love Cocoa Beach

I took the photo above of the Living Bread Fellowship, a tiny church in south Cocoa Beach and my official polling location during the voting rush before work this morning. Note the long lines of voters. I was able to stroll in, vote and be out in about 15 minutes in what will likely be the heaviest election turnout in American history. Just another in the long list of benefits of small town living and, specifically, of living in Cocoa Beach.

We had a total of 23 closed MLS-listed condo sales in Cocoa Beach and Cape Canaveral in the month of October and 6 single-family home sales. That number could drift slightly higher as tardy listing agents update their listings. There were no sales for more than $500,000. In fact, and not surprisingly, there has been only one closed condo sale of over $500,000 since August 1.

Among sales of note, was a 4 bedroom, 2 year old Oak Park townhome in Cape Canaveral for $180,000. Sold just 2 years ago for $299,900. A very cute, remodeled, 2nd floor, 1/1 at Sutton Place on the Ocean in south Cocoa Beach was picked off for $110,000.

Mortgage rates continue to be volatile with 30+ basis point swings happening three times in the last 30 days. We are currently hovering around 6.3% for 30 year fixed rate mortgages, just below the 5 year high set in July of this year. That rate could change quickly and significantly in either direction if the recent volatility continues.

There remains a dearth of decently-priced direct ocean condos. If you're looking, be prepared to wait but be ready to move when something attractive does come on the market. There are quite a few buyers on the sidelines waiting for a decent deal. The total number of listings is shrinking as many sellers write off the last quarter of the year when sales are at their yearly lows and pin their hopes on the snowbird season which cranks up in force in Cocoa Beach and Cape Canaveral in January. Expect more new listings then.

"Perhaps we are asking the wrong questions."
______Agent Brown - The Matrix